FASB has issued a proposed Concept Statement addressing the definition of elements of financial statements. The 10 key elements (assets, liabilities, equity etc.) are getting an update to better define the key components that describe an element.

Comments are due Nov. 13.

  • Use the electronic feedback form available on the FASB website at Exposure Documents Open for Comment
  • Email a written letter to director@fasb.org, File Reference No.2020-500
  • Send written comments to “Technical Director, File Reference No.2020-500, FASB, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116.”

“Concepts Statement No. 8, Conceptual Framework for Financial Reporting”: https://fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176174887777&acceptedDisclaimer=true

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 was a speaker on audit topics at SCACPA’s 2020 Virtual Spring Splash accounting 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.

Read the latest Melisa Galasso A&A Interview: Private Company Council Member Jeremy Dillard and Standard-Setting Advocacy