The FASB had multiple meetings in May. It started with a Public Roundtable Meeting on CECL. They also discussed contractual sale restrictions, the equity method of accounting, accounting for and disclosure of intangibles, nonrefundable tax credits, mortgage servicing rights, and subjective acceleration clauses. They also hosted an Investor Advisory Committee meeting, a public roundtable on DISE, and a Public Markets Advisory Committee meeting. The FASB also issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818) in May.
The GASB met with the AICPA’s State and Local Government Expert Panel this month, in addition to its regular meetings. They focused their attention in May on revenue and expense recognition as well as the Going Concern Uncertainties and Severe Financial Stress project.
The AICPA held a host of meetings this month for its major standard setting committees. The ASB met this month and approved SAS 150, External Confirmation Procedures. We expect this to be issued later this summer. The ARSC also met in May to discuss Consistency of Limited Assurance Standards.
PEEC met in May to discuss Public interest entities, Alternative practice structures, PEEC’s strategic plan for 2027—2030, Engagements subject to SSAEs, Firm mergers and acquisitions, International: Tax services, and also had an IESBA update.
We are still (not so) patiently waiting for the 2026 Compliance Supplement.
