On July 10, the GASB officially issued its Implementation Guide No. 2023-01, which was approved last month. This Implementation Guide was initially issued on October 31, 2022 with comments due by January 20, 2023. The Implementation Guide featured Q&A sections on various topics, including Short-Term Leases, Subscription-Based Information Technology Agreements, and Accounting Changes and Error Corrections.
On July 11, 4 AICPA & CIMA leaders released comments supporting the new global sustainability standards. This discussion took place after the International Sustainability Standards Board issued the first two standards aimed at creating a global baseline for sustainability reporting. These new disclosures focus on strategy, governance, metrics, and risks management but particularly in relation to climate-related risks and opportunities.
On July 12, the Financial Accounting Foundation (FAF) issued its 2022 Annual Report. The 2022 Annual Report includes letters from FASB, GASB, and FAF leaders; milestones of the FASB’s 50-year history; highlights of 2022 FASB and GASB standards and Exposure Drafts; and complete 2022 management’s discussion and analysis and audited financial statements.
Additionally, on July 24, the Board of Trustees of the FAF announced that it is seeking nominations for new members to join the Financial Accounting Standards Advisory Council (FASAC) for an initial one-year term beginning January 1, 2024. The FASAC is the primary advisory body to the FASB on issues related to projects on the FASB’s agenda, possible new agenda items, project priorities, procedural matters that may require the attention of the FASB, and other matters requested by the FASB chair. The deadline to submit nominations is Friday, August 18, 2023.
On July 26, the FASB met to discuss comment letter feedback and issues for redeliberations on the proposed Accounting Standards Update, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Stay tuned for updates on a potential new ASU!
