January 2025 Newsletter
February 2, 2025
The FASB had a busy start to 2025, issuing an Invitation to Comment (ITC) on January 3rd, inviting stakeholders to provide feedback on the Board’s future agenda by June 30, 2025. On January 6th, FASB released ASU 2025-01, clarifying guidance for non-calendar year-end entities regarding ASU 2024-03, and on January 22nd, issued an exposure draft proposing improvements to the FASB Codification. Meanwhile, the AICPA updated its digital assets practice aid in response to FASB's ASU 2023-08, and the GASB held a quieter month, preparing for their February meeting.
January 2025 Newsletter

Happy New Year! Although January was a quiet month for the AICPA and GASB, the FASB was very active as they issued an Invitation to Comment (ITC), a new ASU, and an exposure draft.

The FASB rang in the New Year by publishing an Invitation to Comment (ITC) on January 3. This ITC is an excellent opportunity for stakeholders to provide feedback on the FASB’s future standard-setting agenda. Stakeholders have until June 30 to provide comments. The process for this ITC is very similar to the 2021 ITC agenda consultation, where topics such as digital assets, the disaggregation of financial reporting information, and intangible assets were identified as priorities for the FASB, and resulted in numerous new ASUs.

In other exciting news, the FASB issued its first ASU of the year! ASU 2025-01 was issued on January 6, and it clarifies the interim effective date of ASU 2024-03, Disaggregation of Income Statement expenses for non-calendar year-end. Additionally, on January 22, the FASB issued an exposure draft on improvements to the FASB Codification. The proposed ASU is issued as part of the Board’s technical agenda project to make small incremental improvements to GAAP.

The AICPA had a quieter month in terms of standard setting. However, on January 14, the AICPA updated its digital assets practice aid to assist practitioners with newly effective FASB standards. The practice aid, Accounting for and Auditing of Digital Assets, includes a new definition for digital assets, new and amended accounting questions, and the introduction of new terms. The updates are in response to FASB Accounting Standards Update (ASU) No. 2023-08, Intangibles — Goodwill and Other — Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. The ASU took effect on December 15, 2024. The ASB also met in January and is scheduled to vote for two new exposure drafts today. The PEEC is scheduled to meet next month.

Similarly, the GASB also had a light month. The GASB met last in December, but they have an upcoming meeting February 4-5. During this meeting, the Board will review the pre-ballot draft of a Preliminary Views, Severe Financial Stress and Probable Dissolution Disclosures. Additionally, the Board will continue deliberating the satisfaction of a Category A performance obligation and the methodology for selecting the applicable mode of transfer of control of goods or services (over time or at a point in time).

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.