January 1, 2023
Newsletter January 2023
In January 2023, FASB issued ASU 2022-06, extending temporary relief for reference rate reform. Opportunities arose for CPAs to engage in standard setting, with PCC and FASB seeking nominations for new members. Access to the Codification will soon be free for more users, aiding smaller organizations. GASB held meetings but issued no new standards. AICPA finalized blueprints for CPA exam changes. ARSC and ASB meetings focused on decision trees, strategic planning, quality management, and group audits.

If you are looking for more great content, consider our Webcast offerings for CPE credit.

Happy 2023! The team at GLS is excited about the great things this year will bring. No new standards were issued in January, but as expected, an ASU was issued a few days after our December newsletter was published. ASU 2022-06, Deferral of the Sunset Date of Topic 848, closed out 2022 by extending the period in which entities can apply the temporary optional relief in accounting for the impact of reference rate reform.

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!

January 2023

Related Posts

Newsletter January 2024

Newsletter January 2024

In January, the FASB appointed new members to its Not-for-Profit Advisory Committee (NAC) and the GASB issued Statement 102, Certain Risk Disclosures. The NAC welcomed six new members for a four-year term. GASB’s Statement 102 aims to enhance risk disclosure in government financial statements, effective for fiscal years starting after June 15, 2024. Additionally, anticipation builds for the release of the new Yellow Book and the 2024 Compliance Supplement in the coming months.

read more
Newsletter December 2023

Newsletter December 2023

December 2023 saw significant activity from the FASB, including the issuance of two new ASUs and a proposed ASU on convertible debt instruments. ASU 2023-08 addresses crypto asset accounting and disclosure, effective for fiscal years starting after December 15, 2024. ASU 2023-09 enhances income tax disclosures, with effective dates varying by entity type. The FASB also proposed an ASU to clarify convertible debt instrument settlements. Additionally, the AICPA commented on sustainability assurance standards, and PEEC released a new interpretation on public interest entities, aligning with IFAC requirements.

read more
Newsletter November 2023

Newsletter November 2023

In November 2023, the FASB issued ASU 2023-07, enhancing segment reporting disclosures to include significant expenses regularly provided to decision-makers. Public entities must report this information for annual periods starting after December 15, 2023. The FASB also appointed Hillary H. Salo as a new board member and reappointed Susan M. Cosper. Additionally, the AICPA adopted revised Statements on Standards for Tax Services, effective January 1, 2024, introducing a new organizational structure and three new standards focusing on data protection, tool reliance, and client representation before tax authorities.

read more
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.