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Catch-up on Past Issues
Newsletter March 2023
In March 2023, the FASB issued an exposure draft on cryptocurrency, and issued ASU 2023-01 on leases under common control arrangements an ASU 2023-02 on accounting for investments in tax credit structures using the proportional amortization method. AICPA released SAS No. 149 for audits of group financial statements. GASB didn’t issue new standards but accepted comments on proposed implementation guidance for GASB 96.
Newsletter February 2023
In February 2023, the FASB affirmed changes to lease accounting for related parties and plans to issue the new ASU by the end of March. GASB issued an exposure draft on subscription-based IT arrangements. AICPA’s SAS 149 on group audits is imminent, targeting an effective date after December 15, 2026. Concerns arose over proposed legislation in Minnesota to lower CPA licensure credit hour requirements.
Newsletter January 2023
In January 2023, FASB issued ASU 2022-06, extending temporary relief for reference rate reform. Opportunities arose for CPAs to engage in standard setting, with PCC and FASB seeking nominations for new members. Access to the Codification will soon be free for more users, aiding smaller organizations. GASB held meetings but issued no new standards. AICPA finalized blueprints for CPA exam changes. ARSC and ASB meetings focused on decision trees, strategic planning, quality management, and group audits.