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Catch-up on Past Issues
April 2025 Newsletter
On April 1, the FASB issued a Staff Educational Paper clarifying how to apply revenue recognition guidance to construction contracts with retainage provisions, leading the PCC to remove a related project from its agenda. The FASB finalized guidance on derivatives and is meeting again to discuss CECL, Purchased Financial Assets, and Paid-in-Kind Dividends on Preferred Stock, with two final ASUs and a proposal on debt exchanges expected this quarter. The GASB had a quieter April but held meetings this week to discuss the 2025 Implementation Guidance Update, Infrastructure Assets feedback, revenue and expense recognition, and a technical plan for the remainder of 2025. GASB’s meetings will conclude on May 1 with a joint session with the AICPA’s State and Local Government Expert Panel. The ASB did not meet in April but has a three-day meeting planned for May to address its fraud proposal and a significant SSAE update, with FinREC also meeting in New York next month. The PEEC did not meet in April but has two upcoming meetings in May, so additional updates are expected soon.
March 2025 Newsletter
March experienced a flurry of activities in standard setting. The FAF issued the first ever PCC Annual Report which highlights the work done by the PCC on behalf of private companies. The FASB met with several of its advisory committees (NAC, PCC, and EITF). While no standards were issued the Board voted to ballot Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, Hedge Accounting Improvements and Measurement of Credit Losses for Accounts Receivable and Contract Assets for Private Companies and Certain Not-for-Profit Entities which likely means a flurry of standards are forthcoming.
February 2025 Newsletter
February was an eventful month in the accounting world! PEEC revised guidance on Executive Recruiting, effective January 1, 2026, and clarified that 529 plan owners hold an indirect financial interest, effective May 31, 2025. GASB advanced key projects, including Going Concern, Revenue Recognition, and EFR taxonomy. The PCAOB withdrew its firm metrics proposal, while the ASB prepared new exposure drafts. AICPA and NASBA proposed a third CPA licensure pathway to address talent shortages. Meanwhile, FASB had a quiet month, with only one meeting on share-based consideration. Expect more developments ahead!
