The FASB issued two new ASUs this month. The first, ASU 2025-03, Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, moves away from rules to a principles-based approach to acquirer determinations. The second addresses a practice issue in ASU 2025-04, Clarifications to Share-Based Consideration Payable to a Customer. The comment letter deadline for Intangibles and Debt Exchanges closes today. Next month, the ITC for agenda consultation closes. We’re still anxiously awaiting the CECL relief that has been voted on but is still scheduled to be issued later in Q2. We expect four final ASUs and an exposure draft in Q4. Stay tuned!
The GASB remained relatively quiet in May. On May 1, the GASB Board met with the AICPA’s State and Local Government Expert Panel for a collaborative session focused on the challenges and opportunities facing governmental accounting today. The discussion highlighted ongoing implementation issues, the evolving federal funding landscape, and the continued need for clarity and practicality in financial reporting. The meeting also touched on workforce pressures in the public sector and the importance of balancing transparency with reporting burden. As GASB progresses, stakeholder input from sessions like this remains central to shaping effective and relevant standards.
This month, PEEC met twice on May 12 and 22. During their May 12 meeting, they discussed alternative practice structures, simultaneous employment, engagements subject to SSAEs, and records request Q&A. On May 22, they discussed digital assets and an IESBA update since PEEC has the goal of convergence with the international standards.
Finally, the ASB met May 14-16th in Minneapolis, which included a passing of the torch from Sarah Lord to Catherine “Halie” Creps as ASB Chair. A large portion of the meeting was devoted to the fraud proposal, which was voted to be exposed on Day 3. However, progress was also made on the sustainability update for the attestation standards. We expect the fraud exposure draft to be issued this summer.
