March 1, 2023
Newsletter March 2023
In March 2023, the FASB issued an exposure draft on cryptocurrency, and issued ASU 2023-01 on leases under common control arrangements an ASU 2023-02 on accounting for investments in tax credit structures using the proportional amortization method. AICPA released SAS No. 149 for audits of group financial statements. GASB didn't issue new standards but accepted comments on proposed implementation guidance for GASB 96.

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Spring has sprung! March was definitely a busy month, with both the FASB and AICPA issuing new standards and exposure drafts.

On March 15, the FASB released proposed ASU Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The proposed enhancements primarily related to the rate reconciliation and income taxes paid information. It is intended to help investors better assess how an entity’s worldwide operations are related to tax planning. The FASB will be accepting comments through May 30.

Then on March 23, the FASB issued an exposure draft on cryptocurrency to address feedback from stakeholders. The proposal would require entities to measure crypto assets at fair value, and would add disclosures around significant holdings, restrictions, and changes in those holdings. Comments are due by June 6.

On March 27, the FASB officially issued ASU 2023-01 – Leases (Topic 842): Common Control Arrangements. This ASU contains a practical expedient for private & nonprofits without conduit debt under common control arrangements to allow these entities to use the written terms and conditions of their leases to apply Topic 842. The ASU also contains a change to the amortization of leasehold improvements for all common control entities, including public entities. ASU 2023-01 is effective for fiscal years beginning after December 15, 2023 but early adoption is permitted.

Two days later, the FASB issued ASU 2023-02 – Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. This ASU improves the accounting and disclosures for investments in tax credit structures by expanding the allowability of the proportional amortization method. ASU 2023-02 is effective for public business entities for fiscal years beginning after December 15, 2023. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2024.

On March 7, the AICPA Auditing Standards Board issued SAS No. 149, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors and Audits of Referred-to Auditors). SAS 149 introduces the term “referred-to auditor” and revises the definition of a component auditor. It also provides a risk-based approach to planning and performing a group audit, and is effective for audits of group financial statements for periods ending on or after December 15, 2026. SQMS No. 3. was also issued by the AICPA that day and updates QM for changes in group audits.

The deadline for submitting comments on GASB’s exposure draft on proposed implementation guidance on GASB 96 was March 10, 2023. This month, the GASB did not issue any new standards or exposure drafts.

March 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.