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Catch-up on Past Issues
Newsletter November 2022
The FASB closed November with a BIG proposal related to private companies and leases. They are proposing changes to related party guidance for related parties under common control. This is a much-awaited proposal and we encourage you to provide feedback to the FASB about this very important topic. Otherwise, November was a slow month for standard setting. No final standards were issued by any standard setter. The GASB did put out a new exposure draft, Implementation Guidance Update—2023, which provides new questions and answers in a variety of financial reporting topics. FASB also proposed a new chapter for FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting. The AICPA also put out for proposal Peer Review Standards Update No. 1, Omnibus Enhancements and Technical Corrections. We are still waiting for the issuance of a reference rate reform effective date change. We’ll continue to monitor and keep you informed.
Newsletter October 2022
We are still amazed at how quickly 2022 has just flown by! FASB has issued 3 exposure drafts this month including:Proposed Statement of Financial Accounting Concepts No. 8—Conceptual Framework for Financial Reporting—Chapter 2: The Reporting EntityProposed ASU...
Newsletter September 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.