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July 2023 Edition
Although July was not the busiest month for the standard setters, there were some interesting developments and meetings that took place!
On July 10, the GASB officially issued its Implementation Guide No. 2023-01, which was approved last month. This Implementation Guide was initially issued on October 31, 2022 with comments due by January 20, 2023. The Implementation Guide featured Q&A sections on various topics, including Short-Term Leases, Subscription-Based Information Technology Agreements, and Accounting Changes and Error Corrections.
On July 11, 4 AICPA & CIMA leaders released comments supporting the new global sustainability standards. This discussion took place after the International Sustainability Standards Board issued the first two standards aimed at creating a global baseline for sustainability reporting. These new disclosures focus on strategy, governance, metrics, and risks management but particularly in relation to climate-related risks and opportunities.
On July 12, the Financial Accounting Foundation (FAF) issued its 2022 Annual Report. The 2022 Annual Report includes letters from FASB, GASB, and FAF leaders; milestones of the FASB's 50-year history; highlights of 2022 FASB and GASB standards and Exposure Drafts; and complete 2022 management's discussion and analysis and audited financial statements.
Additionally, on July 24, the Board of Trustees of the FAF announced that it is seeking nominations for new members to join the Financial Accounting Standards Advisory Council (FASAC) for an initial one-year term beginning January 1, 2024. The FASAC is the primary advisory body to the FASB on issues related to projects on the FASB's agenda, possible new agenda items, project priorities, procedural matters that may require the attention of the FASB, and other matters requested by the FASB chair. The deadline to submit nominations is Friday, August 18, 2023.
On July 26, the FASB met to discuss comment letter feedback and issues for redeliberations on the proposed Accounting Standards Update, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Stay tuned for updates on a potential new ASU!
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LATEST FROM GALASSO LEARNING SOLUTIONS
July is always a favorite month at GLS as we implement our wellness week. GLS closes down for a week to allow people to decompress and come back ready for a great second half of the year. Teresa and Jaclyn took the opportunity to head to Florida for some fun in the sun. Melisa and Frank went to Tryon for a horse show. Kristina enjoyed some much-deserved time off in Atlanta. We are so grateful for our understanding clients who allow us to shut down just for a week! Now that we are back we are gearing up for a busy second half of the year. We have a solidly booked schedule and are excited to be meeting several new clients and connecting with continuing clients.
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July 27, 2023: On July 21, the Office of Chief Counsel at the IRS issued a memorandum to address noncompliance with ERTCs. The memorandum provides responses to various scenarios that employers have been trying to make to qualify as “eligible employers”. Companies have been trying to take advantage of supply chain disruptions during the pandemic to receive tax credits, even though they might not be eligible to receive tax credits. This problem has been placing auditors in uncomfortable situations, as auditors now need to consider NOCLAR with ERTCs as well as revenue recognition issues.
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July 20, 2023: This week’s Genuine Learning Blog looks at IFRS S2 – Climate-related Disclosures. Issued the same day as S1, these disclosures focus on strategy, governance, metrics and risk management but particularly in relation to climate related risks and opportunities. S2 is effective for annual reporting periods beginning on or after January 1, 2024. Earlier application is permitted as long as IFRS S1 is also applied.
July 13, 2023: The second quarter of 2023 was a slower one for standard setters. We’ll look at the standards that were issued and proposed from April through June of 2023 at the FASB, GASB and AICPA.
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Welcome Celinette!
Celinette Gonzalez-Molina joins the GLS team as our Learning & Development Operations Specialist. Celinette is an accomplished leader with experience in training delivery and demonstrated success in developing and implementing new programs designed to improve employee performance and morale. She will be playing a critical role in the efficient and effective delivery of onsite, virtual, and recorded training for our clients. We're super excited to have her as part of our team!
Upcoming Webinars:
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Paperback Book Day
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July 30 celebrated Paperback Book Day to celebrate the countless benefits of paperback books including being able to easily carry them with you anywhere as well as being a much more cost-friendly option for publishers.
Melisa's book, "Money Matters for Nonprofits", will be celebrating it's one year anniversary in August so be sure to buy a paperback copy today to celebrate this major accomplishment.
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Where in the World
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Melisa traveled to Copenhagen, Denmark for a global conference this month and brought along her daughter for a girls trip. They checked out Tivoli Gardens, took a canal tour, visited multiple castles and took a 6-hour walking tour of the city. It was interesting for Melisa to see a team of simultaneous translators give narration into headsets while she was teaching. They ended the trip with a stopover in England and a ride on the London Eye.
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Book of the Month
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This month Melisa read “Never Lose an Employee Again: The Simple Path to Remarkable Retention” by Joey Coleman – one of her favorite authors. It was a follow up to a previous book on how to never lose a customer which we highlighted in a previous newsletter. This book focused on an employees first 100 days and how to create engagement from the job description through the onboarding process. Melisa enjoyed the book and learned a lot!
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Galasso Learning Solutions is a female-owned, NASBA accredited provider of onsite and webinar-based CPE. Our clients partner with us to provide up-to-date continuing education that is engaging, impactful, and relevant to their training needs. GLS also offers proctored rebroadcasts of our popular content so that you stay current with the latest industry changes and continue to offer a superior service to your clients.
Can we help answer your questions?
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Galasso Learning Solutions
2427 Becket Ridge Road, Charlotte
United States of America
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