In August, the FASB issued Chapter 5 of the Conceptual Framework, Recognition and Derecognition. The chapter addresses the criteria that would be used to determine when an element should be recognized in the financial statements. As concept statements are not authoritative there is no effective date.

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.