Q3 2020 in Review

Q3 2020 in Review

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.

Q1 Quarter in Review

Q1 Quarter in Review

The first quarter of 2020 started much like any other first quarter of a the year. However, it didn’t end quite as normal. The impact of COVID really only started to come into play late in the quarter, as such, we expect the brunt of the impact to come in Q1. In the first quarter, the FASB was able to issue 4 final standards including the much awaited ASU 2020-04 addressing reference rate reform. GASB issued the 2020 Omnibus and the AICPA issued SSARS 25 and SAS 139. Time will only tell what the second quarter of 2020 will be. GLS hopes you are staying safe and healthy during these turbulent times!