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 provided an update on what guidance should be applied to all LIHTC depending on the accounting used. The ASU is effective for public business entities for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Private companies will adopt the standard for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted.
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.
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.