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.
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.
GASB has issued its Preliminary Views on the accounting and financial reporting for infrastructure assets and is looking for your comments on the issues. Watch this week’s genuine learning blog to learn what the preliminary views are so that you can submit your comments by January 17, 2025!
GASB has proposed its Exposure Draft which would improve the financial reporting model. The proposal includes changes to MD&A, extraordinary items, presentation of proprietary funds, and implements the short-term financial resource measurement focus for governmental funds which was introduced in an ED earlier this month. Comments are due February 26, 2021.
GASB has issued a preliminary views document which is their second phase in updating revenue and expense guidance. Building on the ITC issued in 2018, the PV continues to develop the model for categorization, recognition, and measurement. In lieu of the 3 methods proposed in the ITC, GASB has developed a Category A / Category B. For those familiar with the FASB guidance in Topic 606, the introduction of performance obligations for Category A should feel somewhat similar. Due to the scope of the project, COVID19 and upcoming fiscal year ends for many governments, comments are not due until February 2021.
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.
