The FASB has issued an Invitation to Comment for a 2025 Agenda Consultation. Similar to the 2021 Consultation, the FASB is proposing a variety of potential future projects and is looking for your help to prioritize them! Comments are due June 30, 2025.
February was an eventful month in the accounting world! PEEC revised guidance on Executive Recruiting, effective January 1, 2026, and clarified that 529 plan owners hold an indirect financial interest, effective May 31, 2025. GASB advanced key projects, including Going Concern, Revenue Recognition, and EFR taxonomy. The PCAOB withdrew its firm metrics proposal, while the ASB prepared new exposure drafts. AICPA and NASBA proposed a third CPA licensure pathway to address talent shortages. Meanwhile, FASB had a quiet month, with only one meeting on share-based consideration. Expect more developments ahead!
The FASB has proposed updates to Interim Reporting (Topic 270) to improve clarity and ensure users understand when and how the guidance applies. While these changes do not fundamentally alter interim reporting requirements, they enhance navigability, disclosure clarity, and consistency across entities. All entities providing interim financial statements under GAAP, including SEC registrants and non-registrants should check to see what impacts the new guidance could have on your process. Submit your comments by March 31, 2025.
The FASB has proposed new accounting guidance for business entities that receive government grants. ASU 2018-08 explicitly excludes transfers of assets from government entities to business entities from the contributions received guidance in 958. During COVID, this left for-profit entities without clear guidance on handling various government grants. The exposure draft provides recognition, measurement, presentation, and disclosure guidance for governmental entities, which more closely aligns with IAS 20 than nonprofit GAAP. Comments are due March 31, 2025.
The FASB had a busy start to 2025, issuing an Invitation to Comment (ITC) on January 3rd, inviting stakeholders to provide feedback on the Board’s future agenda by June 30, 2025. On January 6th, FASB released ASU 2025-01, clarifying guidance for non-calendar year-end entities regarding ASU 2024-03, and on January 22nd, issued an exposure draft proposing improvements to the FASB Codification. Meanwhile, the AICPA updated its digital assets practice aid in response to FASB’s ASU 2023-08, and the GASB held a quieter month, preparing for their February meeting.
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.
