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June 2025 Newsletter
June 27, 2025
June 2025 brought fewer standard-setting developments than expected. The long-awaited 2025 Compliance Supplement remains unreleased, and no ASUs were issued by the FASB, despite earlier expectations—now delayed to Q3. FASB did hold meetings on government grants and interim reporting. GASB released Implementation Guide No. 2025-1, addressing key topics like leases, compensated absences, and financial reporting improvements, while also advancing projects on revenue recognition, subsequent events, and digital taxonomy. PEEC issued an exposure draft clarifying independence requirements for SSAE engagements, with comments due by September 5. Although the Auditing Standards Board approved a draft on fraud considerations, it has yet to be published. All signs point to a packed Q3—stay tuned!
Newsletter

June was a month where we were expecting a lot but we actually saw very little standard setting. The 2025 Compliance Supplement is still missing in action despite many statements that it would be early this year. In addition, the FASB did not issue any ASUs so far this month. However, we had expected a couple but the FASB has updated their website to indicate Q3 for issuance! They met with FASAC early in the month and had 2 meetings on accounting for government grants and interim reporting. Stay tuned for a VERY busy Q3.

The biggest news out of the GASB this month was the issuance of the Implementation Guide No. 2025-1. The guide addresses questions and answers related to many of the recently implemented standards, including leases, compensated absences, financial reporting model improvements, and more. At their June Board meetings, GASB also affirmed simultaneous receipt and consumption as a valid basis for over-time recognition and approved optional use of a reperformance test under the Revenue and Expense Recognition project. For Subsequent Events, the Board refined definitions and clarified disclosure expectations. Lastly, for the Voluntary Digital Financial Reporting Taxonomy, the Board reviewed a foundational structure for the digital model covering governmentwide and fund financial statements.

On June 5, PEEC issued an exposure draft related to engagements subject to the Statements on Standards for Attestation Engagements (SSAEs). The exposure draft is the first of a five-phase approach to clarify independence requirements for engagements subject to SSAEs. Among other revisions to reflect the application to SSAE engagements, the exposure draft also provides additional examples to illustrate how independence requirements apply to SSAE engagements. Comments are due September 5, 2025.

While the Auditing Standards Board voted at their last meeting to issue an exposure draft related to the auditor’s consideration of fraud, it was not been issued publicly. So this will likely also be a Q3 item. So the moral of June 2025 is stay tuned!

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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.