Aug 29, 2025 | Newsletter
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.
Jul 31, 2025 | Newsletter
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.
Jul 10, 2025 | Accounting, Auditing, Ethics, Government
This week’s blog covers the activity of the major standard setters in the second quarter of 2025. We will review the issued standards of the AICPA, FASB, and GASB with an update on what to expect next quarter.
Jun 27, 2025 | Newsletter
June 2025 brought fewer standard-setting developments than expected. The long-awaited 2025 Compliance Supplement remains unreleased, and no ASUs were issued by the FASB, despite earlier expectations—now delayed to Q3. FASB did hold meetings on government grants and interim reporting. GASB released Implementation Guide No. 2025-1, addressing key topics like leases, compensated absences, and financial reporting improvements, while also advancing projects on revenue recognition, subsequent events, and digital taxonomy. PEEC issued an exposure draft clarifying independence requirements for SSAE engagements, with comments due by September 5. Although the Auditing Standards Board approved a draft on fraud considerations, it has yet to be published. All signs point to a packed Q3—stay tuned!
Jun 12, 2025 | Accounting
The FASB staff just released an Educational Paper on Retainage under Topic 606—clarifying how to present and disclose retainage in construction contracts. While it reinforces existing GAAP and offers optional disclosures to improve clarity, it also highlights a bigger issue: even when disclosures are technically “there”, users can still struggle to connect the dots. This is a great reminder that financial reporting isn’t just about compliance, it’s about communication.
