Happy Halloween! This month, the FASB met four times. They had a meeting on October 7 with the Not-for-Profit Advisory Committee. Then, on October 8, they focused on the agenda consultation project. They met again on October 22, focusing on the post-implementation review of the Leases standard. Finally, on October 29, they met to discuss another potential digital assets project. There are currently NO proposals out for public comment, which is quite remarkable. The FASB is still scheduled to issue SIX more ASUs before the end of the year!
This month’s GASB and GASAC meetings covered a wide range of topics, including revenue and expense recognition, Statement 103 implementation guidance, and ongoing discussions about infrastructure reporting and maintenance expense schedules. Members highlighted emerging issues such as environmental credits, digital assets, and the need for clearer standards. The Financial Accounting Foundation introduced new leadership and shared updates on its “Bridging the Gap” podcast and GASB’s new educational videos for elected officials. It’s great to see continued focus on engagement, accessibility, and modernizing governmental financial reporting.
The Auditing Standards Board (ASB) is scheduled to meet next week with a full docket of projects, including confirmations, attestation standards for sustainability, and the ASB Strategic Plan 2026-2030. The ARSC met on October 30 to discuss the ASB’s project to revise AT-C Section 210.
This month, there were no new exposure drafts or final ethics interpretations issued by PEEC. However, PEEC will be meeting November 4-5 to discuss numerous ethical topics. Stay tuned for more updates on PEEC next month!
Unfortunately, while the government remains shut down, there has been no progress on the 2025 Compliance Supplement. We wait very impatiently for its issuance.
