Genuine Learning Blog

The Genuine Learning Blog is a video series designed to keep you abreast of the latest developments in accounting and auditing.  This is a not a teaser, marketing tool.  This blog breaking down new proposals from GASB, FASB, and the AICPA into short manageable videos.  Watching this series will make you better informed than your peers!

 

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GAO: Government Efficiency and Effectiveness Report

GAO: Government Efficiency and Effectiveness Report

GAO has issued their annual report about ways the federal government can reduce inefficiencies and redundancy across a wide variety of programs and departments. The report gives a status update on the 1,299 actions GAO has recommended since 2011 to address billions of dollars in inefficient and duplicative spending.

2022 FASB Investor Outreach Report

2022 FASB Investor Outreach Report

The FASB has issued their 2022 Investor Outreach Report detailing their interactions with investors throughout the 7/1/21 – 6/30/22 period. It provides details on the advisory groups with investors as well as the feedback from the ITC for agenda consultation.

Revised Statements on Standards for Tax Services Proposal

Revised Statements on Standards for Tax Services Proposal

The AICPA’s Tax Executive Committee has proposed changes to the Statements of Standards for Tax Services (SSTSs). The proposal has two parts. Part 1 is an Exposure Draft of proposed revisions to the SSTSs. Part 2 is an Invitation to Comment on how the AICPA could potentially introduce quality management in the tax realm. Comments are due by December 31.

Investments in Tax Credit Structures

Investments in Tax Credit Structures

FASB has issued a niche proposal to expand the use of the proportional amortization method to more types of income tax credit structures so long as certain conditions are met. This will help align the accounting for more types of arrangements. Comments are due by October 6, 2022.

2021 FASB Agenda Consultation Report

2021 FASB Agenda Consultation Report

The FASB has issued their 2021 Agenda Consultation Report to provide an update on how the feedback received from their ITC last year influenced the current standard setting agenda. The report provides insight into the top priorities of various stakeholders and the ultimate decisions of the board based on the feedback.

Celebrating National Nonprofit Day

Celebrating National Nonprofit Day

Galasso Learning Solutions was pleased to celebrate National Nonprofit Day and the official launch of Money Matters for Nonprofits with alumni from recent graduating classes of the ASC’s Cultural Leadership Training (CLT) Program. CLT is the only program in the region that specializes in training and placing community members on boards of nonprofit arts and cultural organizations. Before the event, Melisa had a few minutes to catch-up with Beth Allen, a CPA and business leader with deep ties to the local nonprofit community.

GASB ED: Certain Risk Disclosures

GASB ED: Certain Risk Disclosures

The GASB has issued a proposal around disclosures related to certain risks. The proposal provides disclosure requirements for certain concentrations and constraints. Comments are due September 30, 2022.

ESG Merger Completed

ESG Merger Completed

This week marked a major consolidation in the ESG standard setting arena. The IFRS Foundation completed its consolidation of the Value Reporting Foundation (VRF). The IFRS Foundation is the parent entity to the IASB who writes IFRS. It will now also be the parent to the new International Sustainability Standards Board’s (ISSB) which is working to develop a comprehensive global baseline of sustainability disclosures for the capital markets and will leverage the resources of the VRF as part of this consolidation.

AICPA Proposes Changes to CPA Exam Blueprint

AICPA Proposes Changes to CPA Exam Blueprint

The AICPA has provided more details about the upcoming transition for the CPA exam which is scheduled for January 2024. The new blueprint provides details on the types of skills expected of newly licensed CPAs as well as the design of the exam. Comments are due September 30th.

Q2 2022 In Review

Q2 2022 In Review

The second quarter of 2022 is behind us and it was a very busy one for standard setters. The AICPA issued its suite of standards related to quality control. They also issued a SAS related to NOCLAR, which corresponds to changes recently made to the ethics requirements. GASB issued 3 final standards in Q3 and FASB issued 1 final standard.

PEEC Conforming Amendments

PEEC Conforming Amendments

The AICPA’s Professional Ethics Executive Committee (PEEC) has proposed changes to a few interpretations to align the verbiage around ownership with previously issued interpretations related to loans. The proposed changes address three sections of the ethics code. Comments are due July 5.

Ethics Interpretation Proposal: Compliance Audits

Ethics Interpretation Proposal: Compliance Audits

The AICPA’s Professional Ethics Executive Committee (PEEC) has proposed some new independence rules related to compliance audits. The AICPA is aware that much of the new COVID-19 related funding is causing many entities who have no been subject to audit requirements or single audit requirements historically to now be subject to them. They add 2 definitions and revise the definition of financial statement attest client to help identify which independence rules apply to these engagements. Comments are due September 1, 2022.

FASB ITC: Government Assistance for Business Entities

FASB ITC: Government Assistance for Business Entities

The FASB has issued an Invitation to Comment to gather feedback about the operability of leveraging IAS 20 for government grants for for-profit entities in the US. The ITC does not include any preliminary views but is to help the FASB staff gather information from stakeholders about any benefits or issues that should be considered in the project. Comments are due September 12, 2022.

Engage 2022

Engage 2022

The GLS team had a great time this week in Las Vegas for the ENGAGE conference. The team was able to interact with clients and colleagues both at the exhibit booth and at various evening functions. We also had a wonderful client reception on Monday, which included the cover reveal of Melisa’s new book Money Matters for Nonprofits. This book demystifies financial statements and basic accounting, empowering nonprofit board members and other stakeholders to better advise their organizations and make an even greater difference in the world. At ENGAGE, Melisa enjoyed presenting on Nonprofit Hot Topics and attending some CPE for a change. But all good things come to an end. The team is heading home with ideas to build on this momentum.

AICPA Issues TQA on OI

AICPA Issues TQA on OI

The AICPA issued a TQA in May addressing reporting and dating issues related to Other Information (OI) received after the date of the auditor’s report. SAS 137 added some additional performance and reporting requirements. The TQA clarifies some common questions the AICPA was receiving with regard to these changes.

FAF Issues Draft Strategic Plan

FAF Issues Draft Strategic Plan

The FAF has issued a draft strategic plan for the FASB, GASB and FAF for public comment. The draft reviews the vision, mission and values of the FAF and also 6 key goals that they hope to achieve. Comments are due July 22, 2022.

GAO 2022-2027 Strategic Plan

GAO 2022-2027 Strategic Plan

GAO has issued its 2022-2027 Strategic Plan. It includes the identification of 12 trends impacting the United States as well as 4 key efforts which are near-term priorities to provide the Congress with timely and fact-based analysis of the most important issues facing the nation.

Disclaimer:  The information contained within this blog is provided for informational purposes only.  Viewing this material does not qualify for CPE credit.  Additionally, this general knowledge is not intended to substitute for obtaining accounting, legal, or financial advice from a professional accountant with specific knowledge of your organization.  Finally, watching this blog and/or subscribing to the newsletter do not create an accountant-client relationship. 

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