March 2024 Newsletter
March 31, 2024
March brought significant updates to the accounting world. The FASB issued ASU 2024-01 and ASU 2024-02, Jackson M. Day was appointed FASB's Technical Director, the 2024 ACFE Report to the Nations was released and the SEC adopted a rule for climate-related disclosures. Read more in our March 2024 newsletter.
March 2024 Genuine Learning Newsletter

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Spring is in the air, and so are exciting updates in the world of accounting! Welcome to our March Madness edition of the Genuine Learning Newsletter. This month, the FASB has issued a new ASU and named a new Technical Director, the 2024 ACFE Report to the Nations was released, and the SEC adopted new rules for climate-related disclosures.

On March 20, the FASB issued ASU 2024-01 to reduce diversity in practice in accounting for awards as either share-based payment arrangements under Topic 718 or similar to cash bonus or profit-sharing arrangements under Topic 710. ASU 2024-01 addresses this by providing an illustrative example intended to demonstrate how entities that account for profits interest and similar awards would determine whether a profits interest award should be accounted for in accordance with Topic 718. For public business entities, the ASU is effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods.

On March 29, they also issued ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements which makes narrow improvements to the Codification.

Additionally, Jackson M. Day was named Technical Director of the FASB. Mr. Day has had an exciting 38-year career at EY, and has also served as both the deputy chief accountant and acting chief accounting at the SEC from 2000-2003.

In other exciting news, this month the 2024 ACFE Report to the Nations was released. This fascinating and informative report is based on 1,921 real cases of occupational fraud. The data was obtained from 138 countries and territories and includes 22 major industry categories. It explores the costs, schemes, victims, and perpetrators of fraud.

And finally, this month the SEC adopted a long-awaited rule for climate-related disclosures. The final rule, “The Enhancement and Standardization of Climate-Related Disclosures for Investors,” was adopted after a 3­ to 2 vote by the SEC commissioners and becomes effective 60 days after being published in the Federal Register.

Stay tuned next month for more updates!

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.