June 1, 2023
Newsletter June 2023
In June 2023, standard setters were active with exposure drafts and approvals. FASB proposed an ASU to enhance accounting for purchased financial assets, addressing stakeholder feedback from ASU 2016-13 (CECL). AICPA's PEEC released an exposure draft on defining public interest entities, aligning with IESBA. GASB approved a new Implementation Guide, covering topics like Short-Term Leases and Accounting Changes. Feedback deadlines for FASB and AICPA drafts are in August and September, respectively.

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

Happy Summer! June was a busier month for the standard setters. Exposure drafts were released for comment from the FASB and the AICPA, and the GASB has approved the issuance of a new Implementation Guide.

On June 27, the FASB issued an exposure draft proposing a new ASU intended to improve the accounting for purchased financial assets. This ASU was inspired by stakeholder feedback from the post-implementation review process of ASU 2016-13 (CECL). The FASB heard feedback, particularly from investors, regarding the accounting for financial assets acquired in a business combination or asset acquisition; namely that the FASB should reconsider the accounting for purchased financial assets. The proposed ASU would address concerns by requiring that all acquired financial assets, with certain limited exceptions, would follow the existing gross-up approach. Comments are due by August 28, 2023.

On June 15, the AICPA’s Professional Ethics Executive Committee (PEEC) released for public comment an exposure draft related to public interest entities (PIEs). In this exposure draft, PPEC proposed a new definition of publicly traded company and a revision to the definition of public interest entity as part of their IESBA convergence. The definition explains when AICPA independence standards would apply and when related ethics standards like PCAOB and NAIC standards would apply. Comments are due September 15, 2023.

This month, GASB approved the issuance of a new Implementation Guide to be issued soon. This Implementation Guide was initially exposed for comment back on October 31, 2022. The Implementation Guide featured Q&A sections on various topics, including Short-Term Leases, SBITAs, and Accounting Changes and Error Corrections.

Stay tuned for next month’s updates!

June 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.