It was a quiet month for the FASB. They issued no ASUs or exposure drafts. They did make some appointments to various committees. They held one meeting where they discussed digital assets and environmental credit programs. However, there are a number of expected issuances in Q3 so September should be quite busy!
GASB was busy in August tackling several big projects. The Board dug deeper into revenue and expense recognition, debating how governments should measure progress and confirming that protective rights and termination clauses won’t change the rules. They also revisited infrastructure assets, clarifying the line between true infrastructure and buildings like stadiums. On subsequent events, GASB agreed governments should share both numbers and narrative impacts when something significant happens after year-end. Looking ahead, the Board continues to apply its “essentiality” lens, with pensions, OPEB notes, and cybersecurity on the research horizon.
The AICPA has released new resources to help firms prepare for the upcoming December 15, 2025 deadline to establish systems of quality management (QM) under the new standards. To support implementation, the AICPA updated its 2023 practice aid, Establishing and Maintaining a System of Quality Management for a CPA Firm’s Accounting and Auditing Practice. The updated aid now provides expanded guidance on SQMS No. 1, walking firms through the full QM process—from initial design to evaluation—and highlighting important considerations for small firms and sole practitioners. In addition, the AICPA introduced a second new practice aid, The Monitoring and Remediation Process for a Firm’s System of Quality Management. This resource focuses on the requirements for monitoring and remediation, offering practical application guidance and tips for ongoing improvement. The AICPA has also released several new tools and scheduled online learning opportunities to help firms streamline the process. Both practice aids are included with AICPA membership and available for download.
This month, PEEC held its quarterly meeting on August 6–7. The committee covered several key areas, including alternative practice structures with a focus on private equity, digital assets, artificial intelligence, and simultaneous employment or association with an attest client. Updates were also shared on engagements subject to SSAEs, with discussion on how these connect to IESBA’s sustainability requirements. In addition to these U.S. topics, PEEC reviewed international matters. IESBA provided updates on its sustainability projects, the use of external experts, firm culture and governance, technology, and private equity investments in firms.
While the 2025 Compliance Supplement has not been formally issued, the AICPA’s GAQC did obtain a draft which they did share with AICPA members. You can catch our blog on the updates but stay tuned for a FINAL version!
