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Catch-up on Past Issues

October 2024 Newsletter

October 2024 Newsletter

October was a significant month for the GASB and FASB, with both boards advancing initiatives that affect financial reporting standards for government entities and private companies. GASB released a Preliminary Views (PV) document titled Infrastructure Assets, inviting public input on enhancing transparency around asset condition and maintenance. GASB also issued Statement No. 104, which mandates detailed disclosures for capital assets, including lease and subscription assets, and addresses new “right-to-use” asset types. On the FASB front, an October 16 meeting covered recommendations to present contract assets and liabilities on a gross basis and proposed simplifications for credit loss reporting, particularly for private companies and non-profits. Additionally, FASB added new members to its Investor Advisory Committee to bolster its advisory capabilities.

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September 2024 Newsletter

September 2024 Newsletter

September was a busy month for the standard setters. The FASB issued two proposed Accounting Standards Updates (ASUs), one on September 25 aimed at clarifying hedge accounting guidance, particularly addressing global reference rate reform, with feedback due by November 25. On September 30, they proposed another ASU to improve guidance on share-based consideration payable to customers, impacting revenue recognition, with feedback due by November 14. Meanwhile, the AICPA and NASBA sought input on proposed changes to the Uniform Accountancy Act (UAA) to create a new CPA licensure pathway, with feedback open until December. The AICPA’s ARSC also released an exposure draft on amending AR-C section 70 for consulting services engagements. Lastly, the GASB held two meetings, approving GASB 104 on the disclosure of certain capital assets and discussing infrastructure assets and subsequent events.

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August 2024 Newsletter

August 2024 Newsletter

In August, the FASB released its 2024 Investor Outreach Report, seeking input on top investor priorities, including financial reporting disaggregation, ESG-related transactions, digital assets, and financial KPIs. On August 16, the FASB and the Accounting Standards Board of Japan held their 34th meeting in Norwalk, CT, continuing their efforts to develop global accounting standards. From August 20-22, the GASB met to discuss topics like infrastructure assets, revenue recognition, and its technical plan, with another meeting scheduled for September 9 to discuss nonfinancial assets. On August 13, an AICPA-supported letter urged the Department of Homeland Security to include accounting in the STEM Designated Degree Program List, potentially attracting global talent to U.S. accounting programs.

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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.