Jul 22, 2021 | Accounting, Genuine Learning
Have you ever wanted to influence the topics that FASB covers in its standard setting? Well, now here’s your chance. Today, Financial Accounting Standards Board (FASB) issued its Invitation to Comment (ITC) that asks individuals to provide feedback on its future standard-setting agenda. The ITC offers examples of topics provided by various stakeholders during the consultation process but provides opportunity to give additional thoughts to what FASB should focus their time on. Comments are due September 22, 2021.
Mar 25, 2021 | Accounting, Genuine Learning, Government
GASB has issued a proposal to address diversity in practice as well as common deficiencies related to reporting compensated absences. The proposal addresses PTO and sabbaticals as well as provides a single method of accounting for leave. The proposal includes the use of FIFO to account for the amount due in one year as well as a provides guidance on using the current pay rate for recognition of the liability. Comments are due June 4th.
Jan 7, 2021 | Accounting, Auditing, Genuine Learning, Government, Non-Profit
We’re kicking off the year with our annual year in review. This week’s blog focuses on the standards issued in 2020 by the AICPA, FASB and GASB. We’ll give a quick executive summary of what was finalized in 2020 for each standard setter as we kick off a new year of standard setting.
Oct 1, 2020 | Accounting, Auditing, Genuine Learning, Government, Non-Profit
Each quarter we review what issued as final standards during the quarter. While the Genuine Learning Blog focuses on what’s coming down the pike and tries to encourage participation in due process, we also know its important to be aware of what get’s finalized. The blog looks at the items issued by the AICPA, FASB and GASB that will be effective in the near future.
Aug 6, 2020 | Accounting, Genuine Learning
FASB has issued a proposed Concept Statement addressing the definition of elements of financial statements. The 10 key elements (assets, liabilities, equity etc.) are getting an update to better define the key components that describe an element. Comments are due November 13th.
