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SAS 148 updates AU-C 935 for recent changes in SASes 142 and 145 which made the appendix out of date.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 [...]
This week on Accountable, Why do I need cyber liability insurance? We all hear things in the news about cybercrimes and the devastating effects that they have on companies, [...]
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 [...]
This week on Accountable, Form 8300 Reporting In addition to being a SCACPA advisor on B&I topics, David Peters is an acclaimed and in-demand educator about the financial industry. [...]
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 FASB has issued a proposal to address transition for insurance entities in applying ASU 2018-12. The proposal addresses the requirements to apply the new standard to contracts that [...]
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 changes to a few interpretations to align the verbiage around ownership with previously issued interpretations related to loans. The proposed [...]
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 [...]