September 1, 2023
Newsletter September 2023
September 2023 brought significant developments in standard setting. The ASB proposed changes to align quality management standards with audit standards, seeking comments until December 1. PEEC approved revisions to the Code of Professional Conduct, ensuring alignment with international standards. GASB issued an exposure draft on capital asset disclosure and classification, open for comments until January 5, 2024. OMB released a preliminary draft of proposed changes to the Uniform Guidance, including an increase in the Single Audit threshold to $1 million. Lastly, the FASB voted to issue a standard on crypto assets, effective for fiscal years starting after December 15, 2024.

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September was an interesting month for the standard setters!

The ASB is seeking comments on a proposed SSAE exposure draft designed to align concepts related to quality management standards with standards for audits, reviews, and compilations. Comments on the exposure draft of the SSAE, Amendments to the Attestation Standards for Consistency with the Issuance of AICPA Standards on Quality Management, will be accepted through December 1. The SSAE would become effective for engagements performed beginning on or after December 15, 2025 consistent with the transition to quality management.

Additionally, on September 15, the AICPA’s Professional Ethics Executive Committee (PEEC) approved revisions to align the Code of Professional Conduct with international standards on attest client fees and to clarify members’ ethical responsibilities when allowable collaboration for professional qualifications and competencies crosses the line into cheating.

GASB issued an exposure draft, Disclosure and Classification of Certain Capital Assets, that would establish requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures in light of the issuance of GASB 87 and 96, which create right of use assets. Comments are due by January 5, 2024.

OMB issued a preliminary draft of their proposed changes to the Uniform Guidance. A formal final release is expected in early October. One change noted was an increase in the Single Audit threshold from $750,000 to $1 million. However, the draft may have more changes before it is finalized for comment. Comments will be due 60 days after formal issuance.

Finally, on September 7, the FASB voted to issue a crypto assets standard that was in the works in previous months that will require entities to report on fungible crypto holdings using fair value measurement in lieu of the intangible model, which would have been cost minus impairment. After reviewing shareholder feedback received on the exposure draft, the board voted to issue the final standard with an effective date for fiscal years beginning after December 15, 2024.

Stay tuned for more updates next month!

September 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.