Whitney

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 [...]

The AICPA has issued proposed changes to the peer review standards. The proposal is filled with several technical corrections and wording changes with the intent to improve clarity of [...]

GASB has issued 9 questions for public comment that relate to leases, SBITA and accounting changes. The implementation guidance which would be issued in 2023 would be authoritative interpretations [...]

FASB has proposed changes to Topic 842, Leases for related parties under common control. The proposal would change the evaluation of the lease term for private entities under common [...]

NASBA is proposing changes to Rule 5-7 Retake and Granting of Credit Requirements related to the CPA exam. The date from which credit is calculated varies among the jurisdictions [...]

The AICPA has issued 3 new question and answers around the implementation of the new Information System Services interpretation which will be effective in January 2023. The interpretation has [...]

The FASB has proposed a new standard that is intended to reduce diversity in practice related to joint venture accounting at inception. When items are contributed to a joint [...]

While the FASB continues to work on updating GAAP, they have also been diligently working on filling in the gaps in the conceptual framework. This proposal would add chapter [...]

After its post-implementation review, the FASB has proposed some updates to the current segment reporting requirements including requiring those entities with only one segment to provide disclosures. It also [...]

FASB has issued a new ASU relating to supplier finance programs. Prior to this ASU, there was no explicit disclosure requirements and users requested more understanding of these types [...]

The initial guidance for 529 plans was issued back in 2005. Since then, there has been significant changes to how plans are run. The AICPA's Professional Ethics Executive Committee [...]

Quarter 3 of 2022 is in the books. We'll review the accounting and auditing (and ethics) standards issued by standard setters this quarter. What would you like to see [...]

GAO has issued their annual report about ways the federal government can reduce inefficiencies and redundancy across a wide variety of programs and departments. The report gives a status [...]

The FASB has issued ASU 2022-03 which is a niche standard providing clarification around restrictions on sale and their impact on the determination of fair value. The standards also [...]

SAS 148 updates AU-C 935 for recent changes in SASes 142 and 145 which made the appendix out of date. AU-C 935 is used for Compliance Audits and helps [...]

The FASB has issued their 2022 Investor Outreach Report detailing their interactions with investors throughout the 7/1/21 - 6/30/22 period. It provides details on the advisory groups with investors [...]

The AICPA's Tax Executive Committee has proposed changes to the Statements of Standards for Tax Services (SSTSs). The proposal has two parts. Part 1 is an Exposure Draft of [...]

FASB has issued a niche proposal to expand the use of the proportional amortization method to more types of income tax credit structures so long as certain conditions are [...]

The FASB has issued their 2021 Agenda Consultation Report to provide an update on how the feedback received from their ITC last year influenced the current standard setting agenda. [...]

Galasso Learning Solutions was pleased to celebrate National Nonprofit Day and the official launch of Money Matters for Nonprofits with alumni from recent graduating classes of the Arts & [...]

The GASB has issued a proposal around disclosures related to certain risks. The proposal provides disclosure requirements for certain concentrations and constraints. Comments are due September 30, 2022. GASB [...]

This week marked a major consolidation in the ESG standard setting arena. The IFRS Foundation completed its consolidation of the Value Reporting Foundation (VRF). The IFRS Foundation is the [...]

The AICPA has provided more details about the upcoming transition for the CPA exam which is scheduled for January 2024. The new blueprint provides details on the types of [...]

The second quarter of 2022 is behind us and it was a very busy one for standard setters. The AICPA issued their suite of standards related to quality control. [...]