Whitney

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SAS 148 updates AU-C 935 for recent changes in SASes 142 and 145 which made the appendix out of date.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

The AICPA's Professional Ethics Executive Committee (PEEC) has proposed some new independence rules related to compliance audits. The AICPA is aware that much of the new COVID19 related funding [...]

FASB has issued an Invitation to Comment to gather feedback about the operability of leveraging IAS 20 for government grants for for-profit entities in the US. The ITC does [...]

The GLS team had a great time this week in Las Vegas for the ENGAGE conference. The team was able to interact with clients and colleagues both at the [...]

The AICPA has issued a TQA in May addressing reporting and dating issues related to Other Information (OI) received after the date of the auditor's report. SAS 137 added [...]

The FAF has issued a draft strategic plan for the FASB, GASB and FAF for public comment. The draft reviews the vision, mission and values of the FAF and [...]

GAO has issued in 2022-2027 Strategic Plan. It includes the identification of 12 trends impacting the United States as well as 4 key efforts which are near-term priorities to [...]

OMB has issued its 2022 Compliance Supplement. While originally promised in April of 2022, OMB issued it on May 12th which is much better than the previous years that [...]

The PCAOB has issued a staff spotlight looking at some auditor considerations when using a service provider in the confirmation process. It encourages auditors to evaluate whether they have [...]

FASB has issued a proposal to amend the sunset provision in ASU 2020-04 due to the extension of LIBOR into 2024. In addition, it has proposed to expand the [...]

OMB has updated the 2021 Compliance Supplement for two programs - Provider Relief Funds and Coronavirus State and Local Fiscal Recovery Funds. DHHS can removed the special test & [...]

The AICPA has proposed significant changes to AU-C 600 and the requirements of a group audit. Some changes are definitional, but the new standard also includes a more risk-based [...]

On March 9th, President Biden issued an executive order encouraging the federal government to research and respond to the use of digital assets including cryptocurrency. It goes so far [...]