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Catch-up on Past Issues
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.
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.
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.