Genuine Learning Blog: ASU 2022-05 & 06

In December 2022, the FASB issued two Accounting Standard Updates that make changes to previously issued standards. ASU 2022-05 updates the transition guidance for ASU 2018-12 impacting long duration contracts. ASU 2022-06 extends the sunset date for reference rate reform.

How many ASUs do you think FASB will issue in 2023?

• ACCOUNTING STANDARDS UPDATE 2022-05—Financial Services—Insurance (Topic 944): Transition for Sold Contracts (fasb.org)
• ACCOUNTING STANDARDS UPDATE 2022-06—Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (fasb.org)

SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. Melisa is a speaker on audit topics at SCACPA’s annual Spring Splash and Fall Fest conferences. She also takes part in many SCACPA seminars and rebroadcasts.

With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.