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Catch-up on Past Issues
Newsletter July 2023
July 2023 saw notable developments in organizational activities. GASB issued Implementation Guide No. 2023-01, providing clarity on various topics like Short-Term Leases. AICPA & CIMA leaders expressed support for global sustainability standards, emphasizing climate-related risks. FAF released its 2022 Annual Report, highlighting milestones and standards. FAF also called for nominations to join FASAC, the advisory body to FASB. Meanwhile, FASB discussed comment letters and redeliberated on the proposed ASU for Segment Reporting, signaling potential updates in the future.
Newsletter June 2023
In June 2023, standard setters were active with exposure drafts and approvals. FASB proposed an ASU to enhance accounting for purchased financial assets, addressing stakeholder feedback from ASU 2016-13 (CECL). AICPA’s PEEC released an exposure draft on defining public interest entities, aligning with IESBA. GASB approved a new Implementation Guide, covering topics like Short-Term Leases and Accounting Changes. Feedback deadlines for FASB and AICPA drafts are in August and September, respectively.
Newsletter May 2023
In May 2023, significant developments emerged from standard setters. FASB issued an exposure draft aiming to standardize accounting for profits interests, inviting comments until July 10. They also addressed disclosure improvements aligning with the SEC’s simplification efforts. GASB added a major project on infrastructure assets to its technical agenda, evaluating recognition, measurement, and disclosure practices. AICPA released its fourth version of plans to enhance the accounting professional pipeline, emphasizing collaboration among stakeholders. NASBA extended the CPA exam eligibility window to 30 months based on score release date, accommodating feedback from over 850 comment letters.