Feb 28, 2025 | Newsletter
February was an eventful month in the accounting world! PEEC revised guidance on Executive Recruiting, effective January 1, 2026, and clarified that 529 plan owners hold an indirect financial interest, effective May 31, 2025. GASB advanced key projects, including Going Concern, Revenue Recognition, and EFR taxonomy. The PCAOB withdrew its firm metrics proposal, while the ASB prepared new exposure drafts. AICPA and NASBA proposed a third CPA licensure pathway to address talent shortages. Meanwhile, FASB had a quiet month, with only one meeting on share-based consideration. Expect more developments ahead!
Feb 6, 2025 | Accounting, Government
The Governmental Accounting Standards Board (GASB) has released a new Exposure Draft on Subsequent Events, aiming to enhance financial reporting consistency and provide clearer guidance on recognized and nonrecognized events. In this blog, we’ll look at the key areas of the exposure draft to keep you informed about the proposed changes. Your feedback is valuable! Share your insights by February 21st by submitting comments to director@gasb.org or via the online input form.
Feb 2, 2025 | Newsletter
The FASB had a busy start to 2025, issuing an Invitation to Comment (ITC) on January 3rd, inviting stakeholders to provide feedback on the Board’s future agenda by June 30, 2025. On January 6th, FASB released ASU 2025-01, clarifying guidance for non-calendar year-end entities regarding ASU 2024-03, and on January 22nd, issued an exposure draft proposing improvements to the FASB Codification. Meanwhile, the AICPA updated its digital assets practice aid in response to FASB’s ASU 2023-08, and the GASB held a quieter month, preparing for their February meeting.
Jan 16, 2025 | Accounting, Government
The GASB recently released an exposure draft for the 2025 Implementation Guidance Update. This guidance includes Q&As that address inquiries about previously issued statements to help facilitate the implementation of new pronouncements. Comments on the exposure draft are due to the GASB by January 24, 2025.
Jan 9, 2025 | Accounting, Auditing, Ethics, Government
The number of issued standards likely hit one of the lowest points in history! This blog will review the accounting, auditing, and ethics standards issued by the FASB, GASB, and AICPA in 2024. While 2024 wasn’t busy for final standards, there was a flurry of due process documents, which means we may see an uptick in 2025.
