The start of 2023 offers CPAs many opportunities to get involved in standard setting. The Private Company Council (PCC) is currently accepting nominations and the FASB is also searching for its next Board member. We welcomed two new members to the Not-for-Profit Advisory Committee (NAC) in January, but more spots will open next year, so stay tuned for an announcement here.
In January, the FASB announced that access to the Codification will soon be free for more users, which will help smaller organizations access the information they need without having to go through their CPA. Expanding access to this critical information is a positive step! The due date for comment letters related to the exposure draft proposal to change lease accounting passed this month. FASB received less than 30 letters, but we still expect it will take some time to address the issues identified, so stay tuned for more information. GASB met multiple times in January but issued no standards or exposure drafts. However, the financial reporting model seems to be making significant progress. Finally, the AICPA issued the final blueprints for changes to the CPA exam, which we address in a blog below. Both the ARSC and the ASB met this month (the ASB is meeting right now!). The ARSC is working on developing a decision tree for AR-70 and strategic planning, while the ASB had a two-day session focusing on quality management, attestation standards, and group audits. We’ll continue to monitor standard setters and keep you informed of what you need to know in A&A!
