July 1, 2023
Newsletter July 2023
July 2023 saw notable developments in organizational activities. GASB issued Implementation Guide No. 2023-01, providing clarity on various topics like Short-Term Leases. AICPA & CIMA leaders expressed support for global sustainability standards, emphasizing climate-related risks. FAF released its 2022 Annual Report, highlighting milestones and standards. FAF also called for nominations to join FASAC, the advisory body to FASB. Meanwhile, FASB discussed comment letters and redeliberated on the proposed ASU for Segment Reporting, signaling potential updates in the future.

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Although July was not the busiest month for the standard setters, there were some interesting developments and meetings that took place!

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!

July 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.