September was a light month for standard setting. The FASB issued only 1 final standard, ASU 2022-04, Disclosure of Supplier Finance Program Obligations, which is a fairly niche standard to provide users with an understanding of these financing arrangements. However, FASB had important meetings with both the Not-for-Profit Advisory Committee and the Private Company Council. In addition, as we previously reported in our alert, they approved for exposure changes to related party leases, which we expect to be issued for comment very soon. The AICPA issued one exposure draft on 529 plans but no SASes, SSARS, or SSAEs were proposed or issued. GASB did not issue any proposed or final standards, but did continue to work on several large standards. Since many auditors and clients are knee deep in the 10/15 deadline, we suspect that the lack of movement is much appreciated by CPAs everywhere!
Newsletter September 2022
September 1, 2022
We anxiously await the proposed ASU from FASB on related party leases and leasehold improvements. GASB created a Going Concern Uncertainties and Severe Financial Stress Disclosures Task Force.
