Explore FASB’s post-implementation review of the Leases (Topic 842) standard with Melisa Galasso in this Genuine Learning Blog episode. Get insights on the impact, benefits, and ongoing costs of lease accounting changes for public and private entities, and discover lessons learned to improve future standard setting.
The third quarter of 2025 was packed with action from the standard setters. This blog will review the major proposals and final standards issued by the FASB, AICPA and GASB. Be in the know on what’s changing!
In this week’s blog, we explore the newly released GAAP Utilization Report from the GASB. State and local governments often have flexibility in choosing a financial reporting framework, but what drives that decision? This report offers valuable insights into the factors that influence whether governments adopt GAAP or rely on alternative frameworks. The research highlights key trends across states, counties, municipalities, and special districts, including which states require GAAP and what conditions increase the likelihood of GAAP adoption.
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.
The FASB is asking a big question: Should we rethink how we recognize intangibles on the balance sheet? In its newly released Invitation to Comment: Recognition of Intangibles, the Board explores whether current GAAP adequately reflects today’s innovation-driven business models—especially when it comes to internally developed assets like R&D, software, and brand value.
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.
