October 1, 2023
Newsletter October 2023
In October 2023, the FASB issued ASU 2023-06, incorporating SEC disclosure requirements into the Accounting Standards Codification to enhance clarity and comparability. Additionally, FASB representatives met with the ASBJ in Tokyo to collaborate on global accounting standards, discussing topics such as cryptocurrency accounting and income statement expense disaggregation. Furthermore, the AICPA expressed support for legislation introducing accounting into STEM education from kindergarten to 12th grade, aiming to foster interest in the field among students.

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Happy Fall! October has proven to be an interesting month for the FASB in particular, which included the issuance of a new ASU as well as an international trip for FASB representatives!

On October 9, the FASB issued ASU 2023-06. It incorporates 14 rules disclosure requirements from the SEC and adds them to the Accounting Standards Codification. The ASU’s introductory section summarizes which among the 27 disclosures, issued in SEC Release No. 33-10532, Disclosure Update and Simplification, have been incorporated into FASB codification. The goal is to “clarify or improve disclosure and presentation requirements of a variety of codification topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the codification with the SEC’s regulations.”

In other exciting news, the FASB and the Accounting Standards Board of Japan (ASBJ) had a meeting on October 17 and 18, in Tokyo, Japan. This was the 33rd meeting in a series of meetings between the FASB and the ASBJ. They are working together to create high-quality global accounting standards. During the meeting, they discussed relevant items such as accounting for cryptocurrency and disaggregation of expenses in the income statement.

Finally, on October 3, the AICPA showed strong support for a new law introduced in the House of Representatives and the Senate that would add accounting to STEM education. They want to encourage more students to become interested in accounting. This law would make accounting a part of science, technology, engineering, and math education in schools from kindergarten to 12th grade.

Stay tuned for more updates next month!

October 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.