August 1, 2023
Newsletter August 2023
August 2023 witnessed significant developments in accounting standards. The FASB released ASU 2023-04, addressing specific SEC sections within ASC 405, Liabilities, in response to SEC Staff Accounting Bulletin 121. Additionally, the FASB issued ASU 2023-05, focusing on Business Combinations - Joint Venture Formations, to enhance financial reporting practices for joint ventures. The 2023 Investor Outreach Report highlighted FASB's engagement efforts with investors, showcasing proactive interactions and the expansion of the FASB Investor Advisory Committee. Furthermore, the FAF announced appointments and reappointments to the Private Company Council, while the FASAB sought feedback on proposals to enhance note disclosures in financial statements, aiming to improve clarity and consistency.

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August was an active month for the FASB, with notable events including the release of two ASUs.

Early in the month, the FASB introduced ASU 2023-04. This update focuses on specific SEC sections within ASC 405, Liabilities, prompted by the issuance of SEC Staff Accounting Bulletin 121.

Two weeks later, the FASB presented the 2023 Investor Outreach Report. This report highlighted the growth of the FASB Investor Advisory Committee, the only advisory group solely composed of a single stakeholder category. The committee expanded with three new members. The report showcased FASB’s proactive efforts, including over 435 instances of interactions with investors in the year leading up to June 30, 2023.

Furthermore, on August 23, the FASB issued ASU 2023-05, focusing on Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. This update aims to provide better insights to investors and allocators of capital in a joint venture’s financial statements, while also reducing variations in financial reporting practices. Under ASU 2023-05, newly formed joint ventures will initially value their assets and liabilities at fair value, with exceptions aligned to business combinations guidelines. This change becomes effective for all joint ventures formed on or after January 1, 2025, with early adoption allowed.

Other notable activities in August include the FAF announcing appointments and reappointments to the Private Company Council. Brad Hendricks was nominated for a three-year term, while Robert Messer and Doug Uhl were reappointed for three-year terms starting January 1, 2024.

Finally, on August 25, the Federal Accounting Standards Advisory Board (FASAB) began seeking feedback on a proposal to enhance note disclosures in financial statements. This proposal aims to reduce repetition, improve clarity, and ensure consistency in note disclosures. It also includes consolidating guidance for management’s discussion and analysis (MD&A) standards. Stakeholders are encouraged to provide feedback until November 27.

Stay tuned for more updates in the upcoming month!

August 2023

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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.