This month’s Accounting and Auditing Update highlights SAS No. 150 on audit confirmations, recent FASB and GASB activity, upcoming ASB and PEEC developments, and the continued wait for the 2026 Compliance Supplement. The newsletter also features a new governmental auditing course covering the Yellow Book and Uniform Guidance, along with insights on AI, client confidentiality, and professional ethics for CPA firms.
Explore Melisa Galasso’s breakdown of the FASB’s latest proposal impacting investment companies under Topic 946. Learn how new guidance on fair value measurement for equity securities with contractual sale restrictions may introduce exceptions, updated disclosure requirements, and what this means for net asset values. Comments due by July 17th.
June brought a full slate of accounting and auditing developments. FASB activity included PCC, EITF, and Joint FASB/IASB meetings, along with continued agenda prioritization. GASB advanced discussions on infrastructure assets, going concern uncertainties, severe financial stress, and revenue and expense recognition. Meanwhile, the ASB approved SAS 150 on External Confirmation Procedures, PEEC issued an exposure draft on Public Interest Entities, and the profession continues watching for the delayed 2026 Compliance Supplement. The IRS Office of Professional Responsibility also drew attention with guidance on how Circular 230 applies to tax practitioners’ use of AI.
May was a busy month in standard setting. FASB covered a wide range of topics, including CECL, intangibles, the equity method, nonrefundable tax credits, mortgage servicing rights, and environmental credits. GASB continued its work on revenue and expense recognition, along with going concern uncertainties and severe financial stress. Meanwhile, the AICPA’s major standard-setting committees were also active, including ASB approval of SAS 150 on external confirmations. And yes, we are still not so patiently waiting for the 2026 Compliance Supplement.
Stay current with April’s standard-setting activity, including key Financial Accounting Standards Board discussions on crypto assets, cash flow improvements, and a new ASU on paid-in-kind dividends. This update also covers Governmental Accounting Standards Board exposure drafts, upcoming meetings for the Auditing Standards Board and Accounting and Review Services Committee, and the latest on the 2026 Compliance Supplement timeline.
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.
