Mar 31, 2025 | Newsletter
March experienced a flurry of activities in standard setting. The FAF issued the first ever PCC Annual Report which highlights the work done by the PCC on behalf of private companies. The FASB met with several of its advisory committees (NAC, PCC, and EITF). While no standards were issued the Board voted to ballot Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, Hedge Accounting Improvements and Measurement of Credit Losses for Accounts Receivable and Contract Assets for Private Companies and Certain Not-for-Profit Entities which likely means a flurry of standards are forthcoming.
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.
