February 1, 2023
Newsletter February 2023
In February 2023, the FASB affirmed changes to lease accounting for related parties and plans to issue the new ASU by the end of March. GASB issued an exposure draft on subscription-based IT arrangements. AICPA's SAS 149 on group audits is imminent, targeting an effective date after December 15, 2026. Concerns arose over proposed legislation in Minnesota to lower CPA licensure credit hour requirements.

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Happy February! While no new standards were issued this month, there were some interesting developments at the FASB, GASB, and AICPA.

On February 15, 2023, FASB met and affirmed the proposed changes to Topic 842, Leases for related parties under common control. The FASB indicated that the new ASU should be issued by the end of March. We also expect an exposure draft around cryptocurrency before the end of Q1.

GASB conducted a 3-day meeting in Norwalk, CT. In February, they also issued an exposure draft on a single question for the proposed implementation guidance on subscription-based information technology arrangements (SBITAs). The question provides guidance on evaluating cloud computing arrangements in the context of a SBITA. Comments are due March 10, 2023.

The AICPA voted on SAS 149, Group Audits. SAS 149 will provide a risk-based approach to planning and performing a group audit. It is expected to be issued very soon and will be effective for audits of group financial statements for periods ending on or after December 15, 2026.

Finally, the profession is beginning to take sides on issues related to the pipeline. The 150 credit hour rule required for CPA licensure is starting to be challenged by states, and NASBA and the AICPA are responding. In particular, Minnesota proposed legislation that would allow CPA candidates with only 120 credit hours to be qualified for licensure in the state of Minnesota, provided that they have two years of experience. The AICPA has responded and expressed concerns over the implications and real-world impact of not adhering to the 150 credit hour requirement. We will continue to follow the developments and keep you posted!

February 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.