The AICPA’s newly released 2025 MAP Survey shows strong revenue growth and rising staff compensation across U.S. accounting firms, with median firm revenue up 6.7% and partner earnings up nearly 12% since the last survey. Salaries for new grads also jumped significantly—up 11% for bachelor’s and 17% for master’s degree holders—highlighting continued demand for talent.
The FASB issued ASU 2025-05 yesterday, amending CECL guidance with a practical expedient and an accounting policy election for private companies—early adoption is permitted for financial statements not yet issued. The FASB also has four other ASUs expected in Q3 2025 and an exposure draft anticipated this month. GASB’s July meetings focused on Subsequent Events, Infrastructure Assets, and revenue recognition discussions, while the ASB released an exposure draft proposing to supersede AU-C section 240 on auditor responsibilities relating to fraud, with comments due October 3. PEEC is preparing for its August meeting on AI, sustainability, digital assets, and quality management, and the profession continues to await the 2025 Compliance Supplement. Meanwhile, NASBA and the AICPA issued the Ninth Edition of the Uniform Accountancy Act, adding a new CPA licensure pathway and shifting from state-based mobility to individual practice privilege, with more details coming in an August blog.
After much delay, the draft of the 2025 Compliance Supplement has been released. Key proposed changes include updates to program compliance requirements, the removal of COVID-19 funding programs from higher risk designations, and two Part 3 sections for compliance testing, one under the prior Uniform Guidance and one under the 2024 Uniform Guidance.
To help firms prepare for the December 15 deadline, the AICPA has updated its quality management resources. The revised Quality Management Practice Aid expands on SQMS No. 1 objectives, clarifies ultimate responsibility for the QM system, and addresses sole practitioner considerations. It provides deeper coverage of the eight QM components, highlighting new requirements, small-firm implementation differences, and practical tools like risk libraries and documentation templates. The aid also clarifies evaluation requirements and expands guidance on documentation. In addition, the AICPA released The Monitoring and Remediation Process for a Firm’s System of Quality Management, which offers requirements, application guidance, and tips for continuous improvement.
Government entities rely on strong accounting, auditing, and finance functions to ensure transparency and accountability. But attracting and retaining CPAs in the public sector, and securing quality audit services, remains a challenge. The joint AICPA & NASACT report outlines critical findings and solutions in valuing CPAs, shifting from commodity-based to value-based engagements, strengthening the pipeline, and more! The bottom line is, to sustain accountability in the public sector, we must prioritize CPAs as essential partners in public service, and create an environment where they can thrive.
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.
