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!
