January 2024 Newsletter
January 1, 2024
In January, the FASB appointed new members to its Not-for-Profit Advisory Committee (NAC) and the GASB issued Statement 102, Certain Risk Disclosures. The NAC welcomed six new members for a four-year term. GASB's Statement 102 aims to enhance risk disclosure in government financial statements, effective for fiscal years starting after June 15, 2024. Additionally, anticipation builds for the release of the new Yellow Book and the 2024 Compliance Supplement in the coming months.
Genuine Learning Newsletter January 2024

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Happy New Year! Although January has been a quiet month for the standard setters, the FASB has appointed new members to its Not-for-Profit Advisory Committee (NAC), and the GASB issued a new statement on risk and uncertainty disclosures.

On January 4, the FASB announced the new members of the NAC, effective January 1, 2024. Melisa rolled off the committee as of December 31, 2023. The new NAC members are Jeanne Dee, Robert Dobbins, Andy Gutierrez, Anat Kendal, Ellen Labita, and Sheryl Madden. Each new member is appointed to a four-year term ending on December 31, 2027.

In January, the GASB issued Statement 102, Certain Risk Disclosures. This disclosure standard will provide users of government financial statements with information about risks related to a government’s vulnerabilities due to certain concentrations or constraints. Statement 102 defines a concentration as a lack of diversity related to an aspect of a significant inflow of resources or outflow of resources. A constraint is a limitation imposed on a government by an external party or by formal action of the government’s highest level of decision-making authority.

Statement 102 is effective for fiscal years beginning after June 15, 2024, and all reporting periods thereafter. Early application is encouraged.

We expect the new Yellow Book to issue early next month, and the 2024 Compliance Supplement is expected to issue in May!

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.