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!
