The FASB has issued a proposal to provide guidance for companies (both public and private) to reduce diversity in practice around accounting for profits interests. The proposal includes a new fact pattern as an example to assist preparers in determining the appropriate ASC Topic to apply to these types of arrangements. Comments are due July 10, 2023.

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.