Genuine Learning Blog – FAF Annual Report
Each year like many nonprofits, the FAF issues their annual report and posts it to their website. The FAF provides an excellent overview of the [...]
Genuine Learning Blog – FASB ED: Disaggregating Expenses
At the end of July, the FASB proposed new disclosure requirements that would require public business entities to provide more disaggregated data around their income [...]
Genuine Learning Blog – FASB ED: Purchased Financial Assets
In June, the FASB proposed changes to the accounting for purchased financial assets. Based on feedback obtained in its post-issuance review of CECL, stakeholders found [...]
Genuine Learning Blog: NOCLAR with ERTC
On July 21st, the Office of Chief Counsel at the IRS issued a memorandum to address noncompliance with ERTCs. The memorandum provides responses to various [...]
Genuine Learning Blog: IFRS S2 – Climate-related Disclosures
This week's Genuine Learning Blog looks at IFRS S2 - Climate-related Disclosures. Issued the same day as S1, these disclosures focus on strategy, governance, metrics and risk [...]
Genuine Learning Blog – Q2 2023 in Review
The second quarter of 2023 was a slower one for standard setters. We'll look at the standards that were issued and proposed from April through June of [...]
Genuine Learning Blog – IFRS Sustainability Disclosures (IFRS S1)
The International Sustainability Standards Board (ISSB) has issued the first of their new sustainability disclosure standards. The goal is to provide a single, global baseline of sustainability [...]
Genuine Learning Blog – Ethics Proposal: Public Interest Entities
The AICPA's Professional Ethics Executive Committee (PEEC) has proposed a new definition of publicly traded company and has revised the definition of public interest entity as part of [...]
Genuine Learning Blog – GASB Approves New SBITA Q&A
GASB has approved the issuance of a new Implementation Guide to be issued soon. This blog will review a key question related to SBITAs that is addressed [...]
Genuine Learning Blog: Spring Council 2023 Update
This week's GLS Genuine Learning Blog gives an overview of the happenings at the Spring 2023 AICPA Council meeting with a look at the agenda and key [...]
Genuine Learning Blog: 2023 Compliance Supplement
On Friday May 19, the Office of Management & Budget issued the 2023 Compliance Supplement. This blog will review the largest changes of the various parts of [...]
Genuine Learning Blog – AICPA Issues Pipeline Plan
The AICPA issued the 4th version of their plans to improve the pipeline of accounting professionals. The AICPA provides some examples of what is causing the issues [...]
Genuine Learning Blog – FASB ED: Profits Interests
The FASB has issued a proposal to provide guidance for companies (both public and private) to reduce diversity in practice around accounting for profits interests. The proposal includes [...]
Leases
By Jaclyn Veno, CPA, Galasso Learning Solutions This article appears in the Spring 2023 issue of the South Carolina CPA Report For more than a decade, leases have been a [...]
Genuine Learning Blog: NASBA Changes Conditioning Rule for CPA Exam
NASBA announced that they have extended the time to sit and pass the CPA exam from 18 months to 30 months after receiving over 850 comment letters. [...]
Genuine Learning Blog: COSO Issues Report on Internal Controls Over Sustainability Reporting (ICSR)
COSO has issued a nonauthoritative report on how organizations can leverage the 17 principles and 81 points of focus in COSO 2013 to sustainability reporting. The report [...]
Genuine Learning Blog – Proposed Ethics Interpretation: Fees
On March 15, 2023, the AICPA’s Professional Ethics Executive Committee (PEEC) issued an exposure draft relating to fees. The exposure draft includes new interpretations for determining fees [...]
Genuine Learning Blog – Proposed ASU: Income Tax Disclosures
The FASB has issued an exposure draft regarding new disclosure requirements relating to income taxes. In addition to new disclosures, the proposal also includes removal of existing [...]
Genuine Learning Blog: Q1 2023 in Review
Q1 2023 started off slow but ended with a burst of activity. We'll review the standards issued by the AICPA and FASB in the first quarter of [...]
Genuine Learning Blog: ASU 2023-02
FASB has issued ASU 2023-02 which expands the use of the proportional amortization method beyond LIHTC structures so long as the investment meets certain conditions. They also [...]
Mitch Unfiltered: Seahawks Free Agent Daily Schnoz & Tax Tips with David Peters
Rundown Today's episode begins with Hotshot explaining his Starbucks run on the way to the Levy house because he forgot his own and how much money he spends there [...]
Genuine Learning Blog: ASU 2023-01
The FASB issued ASU 2023-01 in response to feedback from private companies around the consideration of legal enforceability when leases were between entities under common control. It [...]
Genuine Learning Blog – Proposed Ethics Interpretation: Cheating in CPE
The AICPA's Professional Ethics Executive Committee (PEEC) has issued an exposure draft to make falsifying attendance records or sharing answers (when not permitted) in CPE an act [...]
Genuine Learning Blog: FASB Issues Crypto ED
The Financial Accounting Standards Board (FASB) has issued an exposure draft to address feedback from users, preparers and auditors that crypto currency disclosures needed attention. The proposal [...]
Accountable: Starting a Mortgage Loan Company with James Goodwillie
James Goodwillie, Co-Owner of Brightleaf Mortgage LLC, sits down with Dave to talk about his experience building a company from the ground up and what you should do if [...]
Genuine Learning Blog: SAS 149
The AICPA has issued SAS 149, Special Considerations — Audits of Group Financial Statements (Including the Work of Component Auditors and Audits of Referred-to Auditors), which supersedes [...]
Genuine Learning Blog: Proposal for International Non-Profit Accounting Guidance
Taking a big first step towards a global nonprofit accounting framework, IFR4NPO has issued the first of 3 expected exposure drafts for public comment. The exposure draft [...]
Genuine Learning Blog: FAF Rolls Out Free Access to Codification & GARS
GLS is very excited about the recent roll out by the Financial Accounting Foundation (FAF) of its free (and enhanced) access to the FASB Codification and the [...]
Genuine Learning Blog: OMB Proposed Changes to 2 CFR
The OMB provided notice of Request for Information (RFI) and notification of proposed guidance to 2 CFR. The OMB, through the RFI and the proposed rule revisions, [...]
Genuine Learning Blog: FASB Affirms Changes to Leases (Topic 842)
On February 15, 2023 FASB affirmed the proposed changes to Topic 842, Leases for related parties under common control. The Board unanimously affirmed a practical expedient for private entities [...]