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Catch-up on Past Issues

January 2025 Newsletter

January 2025 Newsletter

The FASB had a busy start to 2025, issuing an Invitation to Comment (ITC) on January 3rd, inviting stakeholders to provide feedback on the Board’s future agenda by June 30, 2025. On January 6th, FASB released ASU 2025-01, clarifying guidance for non-calendar year-end entities regarding ASU 2024-03, and on January 22nd, issued an exposure draft proposing improvements to the FASB Codification. Meanwhile, the AICPA updated its digital assets practice aid in response to FASB’s ASU 2023-08, and the GASB held a quieter month, preparing for their February meeting.

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December 2024 Newsletter

December 2024 Newsletter

December was eventful for standard setters, with key updates from the FASB, AICPA, and GASB. The FASB proposed ASUs on credit loss measurement for private entities and environmental credit transactions, along with an ITC on intangible assets, soliciting feedback through mid-2025. The FAF reviewed the Private Company Council, suggesting improvements to agenda and recruitment processes. The AICPA issued a new guide on Business Combinations and updated ethics guidance on recruiting services and employment with attest clients. Lastly, Barry Melancon retires as AICPA president after 30 years, with Mark Koziel stepping in as CEO on January 1, 2025.

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November 2024 Newsletter

November 2024 Newsletter

November saw notable developments in accounting standards, highlighting the profession’s dedication to transparency, improved financial reporting, and stakeholder alignment.

The FASB issued several key updates, including ASU 2024-03 on expense disaggregation for public companies, effective in 2026, and an exposure draft addressing interim reporting disclosures. It also invited comments on whether financial KPIs like EBITDA should be standardized in GAAP statements. Additionally, a proposed standard on accounting for government grants aims to align with international practices, and ASU 2024-04 clarifies induced conversions of convertible debt.

In addition, AICPA Peer Review Board approved updates to align peer review standards with new quality management guidelines, incorporating risk-based considerations and technical clarifications. GASB also advanced its agenda, issuing exposure drafts on subsequent events and implementation guidance, while continuing to explore electronic financial reporting enhancements.

These updates reflect ongoing efforts to refine and modernize accounting standards to meet the evolving needs of the profession and its stakeholders.

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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.