May 30, 2025 | Newsletter
In May, the FASB issued two new Accounting Standards Updates (ASUs). ASU 2025-03 introduces a principles-based approach for determining the accounting acquirer in variable interest entity acquisitions, while ASU 2025-04 clarifies the treatment of share-based consideration payable to a customer. Comment periods for proposals on intangibles and debt exchanges closed this month, and the agenda consultation input period wraps up in June. CECL relief, already approved, is still expected later in Q2. Looking ahead, four final ASUs and an exposure draft are anticipated in Q4. Meanwhile, the GASB remained relatively quiet but held a collaborative session with the AICPA’s State and Local Government Expert Panel, addressing implementation challenges, federal funding, and public sector workforce concerns. PEEC met twice to discuss topics such as SSAE engagements, alternative practice structures, digital assets, and international convergence efforts with the IESBA. Lastly, the ASB met in Minneapolis, where Sarah Lord passed the torch to Catherie “Halie” Creps as ASB Chair. The board voted to expose the fraud proposal and made progress on sustainability updates to the attestation standards, with a fraud exposure draft expected this summer.
May 29, 2025 | Accounting
From future-focused strategy to real-time advocacy, the 2025 AICPA Spring Council was a dynamic experience filled with bold ideas and impactful conversations.
May 22, 2025 | Auditing
On March 14, 2025, the ASB released its Proposed Strategic Plan for 2026–2030, building on the success of its 2021–2025 plan. The new proposal outlines incremental updates aligned with its public interest mission, addressing key challenges, opportunities, and strategic initiatives for the future.
May 15, 2025 | Auditing
The AICPA’s Auditing Standards Board is proposing changes to external confirmations. The standard clarifies what qualifies as an external confirmation and adds new requirements around the confirmation of cash and cash equivalents. Comments are due to the ASB by June 30, 2025.
Apr 30, 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.
