At the end of July, the FASB proposed new disclosure requirements that would require public business entities to provide more disaggregated data around their income statement expenses. Unlike the recent income tax disclosure proposal, this proposal only impacts public business entities. It is in response to a request from investors to provide more granular information to assist users in understanding the company’s cash flows. Comments are due October 30.
In June, the FASB proposed changes to the accounting for purchased financial assets. Based on feedback obtained in its post-issuance review of CECL, stakeholders found the guidance on PCD vs Non-PCD assets confusing and unhelpful. FASB is proposing removing the distinction and expanding the accounting for PCD assets to most purchased financial assets. Comments are due August 28.
GASB has approved the issuance of a new Implementation Guide to be issued soon. This blog will review a key question related to SBITAs that is addressed in the IG as well as the impact of the new Q&A on automatically renewing SBITAs.
The FASB has issued a proposal to provide guidance for companies (both public and private) to reduce diversity in practice around accounting for profits interests. The proposal includes a new fact pattern as an example to assist preparers in determining the appropriate ASC Topic to apply to these types of arrangements. Comments are due July 10, 2023.
The FASB has issued an exposure draft regarding new disclosure requirements relating to income taxes. In addition to new disclosures, the proposal also includes removal of existing disclosure requirements. Comments are due May 30.
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.
