April 2024 Newsletter
April 30, 2024
April saw limited activity from standard setters. The FASB made appointments to committees, including the Investor Advisory Committee and the Small Business Advisory Committee. Additionally, the Emerging Issues Task Force (EITF) welcomed new members. The FASB's Private Company Council (PCC) discussed potential research areas, such as debt modifications and lease accounting simplifications. GASB planned to review a draft of the final post-implementation review report for Statements No. 67 and No. 68 on May 6. Overall, April was marked by committee appointments and preliminary discussions on accounting topics.
April 2024 Genuine Learning Newsletter

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April was a slow month for the standard setters! Overall, the FASB, GASB, or the AICPA’s Auditing Standards Board did not officially issue anything, but the FASB appointed new members to various committees.

The FASB’s Investor Advisory Committee (IAC) named John Puchalla, CFA, Associate Managing Director of Moody’s Investors Services and Brad Rexroad, CFA, Principal and Equity Analyst of Assay Research, LLC to the committee.

Additionally, the Small Business Advisory Committee (SBAC) welcomed Mark Hamel, Principal of Assay Research, LLC, Urooj Khan, Associate Professor from the University of Texas at Austin – McCombs School of Business, and Bob Ruckh, Managing Director of Alvarez & Marsal to the committee.

The FASB also announced its newly reconstituted Emerging Issues Task Force (EITF) members. The members of the reconstituted EITF are:

  • Thomas Barbieri, Chief Accountant, PricewaterhouseCoopers LLP
  • Paul Beswick, Chief Accountant, Ernst & Young LLP
  • Jack Ciesielski, President, R.G. Associates
  • David Gonzales, Vice President—Senior Accounting Analyst, Moody’s Investors Service, Inc.
  • Robert Malhotra, Chief Accountant, KPMG LLP
  • Kevin McBride, Corporate Controller and Chief Accounting Officer, ServiceNow
  • Dan Palomaki, Managing Director, Citigroup
  • Jeremy Perler, Managing Partner, Schilit Forensics
  • Matthew Schell, Chief Accountant, Crowe LLP
  • Kate Sturgess, Controller and Chief Accounting Officer, American Electric Power
  • Curt Weller, Chief Accountant, Deloitte & Touche LLP

Congratulations to all newly appointed members!

In addition, on April 18, the FASB’s Private Company Council (PCC) met to discuss various topics. PCC members supported conducting preliminary research on the following areas:

  • Debt modifications and extinguishments
  • Credit losses—short-term trade accounts receivable and contract assets
  • Lease accounting simplifications such as practical expedients or accounting alternatives for private companies
  • The presentation of conditional retainage and overbillings as contract assets and liabilities.

In other news, the GASB will meet on May 6 to discuss a draft of the final post-implementation review report for GASB Statements No. 67, Financial Reporting for Pension Plans, and No. 68, Accounting and Financial Reporting for Pensions.

Stay tuned for more updates next month!

Jaclyn Veno CPA | Auditing Level Training | CPE

Melisa Galasso, CPA, CSP, CPTD

Melisa F. Galasso is the founder and CEO of Galasso Learning Solutions LLC. A CPA with nearly 20 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting.

Her passion is providing high-quality CPE that is meaningful, creates efficiencies and improves quality, and positively impacts ROI. She also supports essential professional development, audit level training, and train the trainer efforts.

Melisa is a Certified Speaking Professional, a Certified Professional in Talent Development (CPTD), and has earned the Association for Talent Development Master Trainer™ designation. Her passion for instructional design and adult learning techniques is one of the differentiators that set her apart from other CPE providers.

She also serves on the FASB’s Not-for-Profit Advisory Committee (NAC), AICPA Council, and the AICPA’s Women’s Initiative Executive Committee (WIEC). She also serves as a Subject Matter Expert for the Center for Plain English Accounting. She previously served on the AICPA’s Technical Issues Committee (TIC), the VSCPA’s Board of Directors, and is a past Chair of the NCACPA’s A&A committee. In addition, Melisa is the author of Money Matters for Nonprofits: How Board Members Can Harness the Power of Financial Statements by Understanding Basic Accounting which is available on Amazon or anywhere you purchase books online.

Melisa received a Top 50 Women in Accounting Award in 2021 by Ignition, is a 2020 Enterprising Women of the Year Award recipient, and was honored as a “40 under 40” by CPA Practice Advisor in 2017, 2018, and 2019. She was also named the 2019 Rising Star by her regional NAWBO chapter, received the Don Farmer award for achievement in technical content instruction, and earned several other awards for public speaking and technical training.