Sep 30, 2025 | Newsletter
For the first time in a long while, the FASB has no exposure drafts open for comment, though one is expected soon, along with seven new ASUs before year-end—two already issued update software guidance (ASU 2025-06) and refine derivatives scope (ASU 2025-07). GASB advanced key projects in September, including revenue and expense recognition methods, subsequent events nearing completion, and clearer definitions of infrastructure assets. The ASB reviewed feedback on attestation and confirmation exposure drafts, while PEEC issued a tax services exposure draft (comments due December 15, 2025) and new guidance on simultaneous employment effective September 2026. Meanwhile, the 2025 Compliance Supplement is still pending, with auditors instructed not to issue reports until final, and NASBA and the AICPA are seeking comments by December 16, 2025, on proposed CPE rule changes.
Aug 29, 2025 | Newsletter
The FASB issued ASU 2025-05 yesterday, amending CECL guidance with a practical expedient and an accounting policy election for private companies—early adoption is permitted for financial statements not yet issued. The FASB also has four other ASUs expected in Q3 2025 and an exposure draft anticipated this month. GASB’s July meetings focused on Subsequent Events, Infrastructure Assets, and revenue recognition discussions, while the ASB released an exposure draft proposing to supersede AU-C section 240 on auditor responsibilities relating to fraud, with comments due October 3. PEEC is preparing for its August meeting on AI, sustainability, digital assets, and quality management, and the profession continues to await the 2025 Compliance Supplement. Meanwhile, NASBA and the AICPA issued the Ninth Edition of the Uniform Accountancy Act, adding a new CPA licensure pathway and shifting from state-based mobility to individual practice privilege, with more details coming in an August blog.
Jul 31, 2025 | Newsletter
The FASB issued ASU 2025-05 yesterday, amending CECL guidance with a practical expedient and an accounting policy election for private companies—early adoption is permitted for financial statements not yet issued. The FASB also has four other ASUs expected in Q3 2025 and an exposure draft anticipated this month. GASB’s July meetings focused on Subsequent Events, Infrastructure Assets, and revenue recognition discussions, while the ASB released an exposure draft proposing to supersede AU-C section 240 on auditor responsibilities relating to fraud, with comments due October 3. PEEC is preparing for its August meeting on AI, sustainability, digital assets, and quality management, and the profession continues to await the 2025 Compliance Supplement. Meanwhile, NASBA and the AICPA issued the Ninth Edition of the Uniform Accountancy Act, adding a new CPA licensure pathway and shifting from state-based mobility to individual practice privilege, with more details coming in an August blog.
Jul 17, 2025 | Accounting, Government
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.
Jul 10, 2025 | Accounting, Auditing, Ethics, Government
This week’s blog covers the activity of the major standard setters in the second quarter of 2025. We will review the issued standards of the AICPA, FASB, and GASB with an update on what to expect next quarter.
