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August 2023 Edition
August was an active month for the FASB, with notable events including the release of two ASUs.
Early in the month, the FASB introduced ASU 2023-04. This update focuses on specific SEC sections within ASC 405, Liabilities, prompted by the issuance of SEC Staff Accounting Bulletin 121.
Two weeks later, the FASB presented the 2023 Investor Outreach Report. This report highlighted the growth of the FASB Investor Advisory Committee, the only advisory group solely composed of a single stakeholder category. The committee expanded with three new members. The report showcased FASB's proactive efforts, including over 435 instances of interactions with investors in the year leading up to June 30, 2023.
Furthermore, on August 23, the FASB issued ASU 2023-05, focusing on Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. This update aims to provide better insights to investors and allocators of capital in a joint venture's financial statements, while also reducing variations in financial reporting practices. Under ASU 2023-05, newly formed joint ventures will initially value their assets and liabilities at fair value, with exceptions aligned to business combinations guidelines. This change becomes effective for all joint ventures formed on or after January 1, 2025, with early adoption allowed.
Other notable activities in August include the FAF announcing appointments and reappointments to the Private Company Council. Brad Hendricks was nominated for a three-year term, while Robert Messer and Doug Uhl were reappointed for three-year terms starting January 1, 2024.
Finally, on August 25, the Federal Accounting Standards Advisory Board (FASAB) began seeking feedback on a proposal to enhance note disclosures in financial statements. This proposal aims to reduce repetition, improve clarity, and ensure consistency in note disclosures. It also includes consolidating guidance for management's discussion and analysis (MD&A) standards. Stakeholders are encouraged to provide feedback until November 27.
Stay tuned for more updates in the upcoming month!
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LATEST FROM GALASSO LEARNING SOLUTIONS
While "slow" is not exactly the word to describe August, we do see a bit of a drop in CPE during the back half of the summer before it resurges for year end CPE. We always try to use this time wisely. This year we organized a retreat in Myrtle Beach with some of GLS's most frequent subcontractors to discuss trends in the CPE profession, best practices in engagement and delivery, and how to continue to improve our processes. While we did make time for bowling, mini golf and a lunch walk to the beach, the key to the three days was collaboration and sharing. Jaclyn said "It was so wonderful to connect with highly skilled and experienced trainers in the CPE space at the GLS retreat. It was a great opportunity for me to learn from them." Continuous improvement and learning is a key part of our core values and we really tried to make the best of this time together to engage in dialog to continue to bring the best CPE we can to our awesome clients. In addition, we are so excited for our first cohort of Level 1 New Hire Training starting next week. Response to this offering has been so good that we are planning additional sessions in October and January. Be on the look out for more information on these cohorts.
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August 24, 2023: The International Sustainability Standards Board (ISSB) has proposed a Sustainability Disclosure Taxonomy. The proposal addresses a taxonomy for the disclosure requirements in IFRS S1 and IFRS S2 to facilitate digital reporting of sustainability-related financial information. Comments are due September 26, 2023.
August 17, 2023: Each year like many nonprofits, the FAF issues their annual report and posts it to their website. The FAF provides an excellent overview of the work of both the FASB and GASB boards. 2022 marked the 50th anniversary of the FAF, so this year’s report also includes a great history lesson. If you are interested in learning more about the boards and their mission, this is a great place to start!
August 10, 2023: At the end of July, the FASB proposed new disclosure requirements that would require public business entities to provide more disaggregated data around their income statement expenses. Unlike the recent income tax disclosure proposal, this proposal only impacts public business entities. It is in response to a request from investors to provide more granular information to assist users in understanding the company’s cash flows. Comments are due October 30.
August 3, 2023: In June, the FASB proposed changes to the accounting for purchased financial assets. Based on feedback obtained in its post-issuance review of CECL, stakeholders found the guidance on PCD vs Non-PCD assets confusing and unhelpful. FASB is proposing removing the distinction and expanding the accounting for PCD assets to most purchased financial assets. Comments are due August 28.
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Money Matters for Nonprofits
This month marks the first anniversary of the launch of Money Matters for Nonprofits, and we couldn't be more grateful for the support from all of our amazing readers! On August 17, we celebrated National Nonprofit Day, an annual commemoration recognizing nonprofit organizations' ongoing efforts to serve the local community. In Money Matters for Nonprofits Melisa demystifies financial statements and basic accounting to empower nonprofit board members in their roles. This book empowers board members to better advise their organizations, allowing them to make an even greater difference in the world. If you're interested in a copy of this book for yourself, your clients, or other board members that you know, visit the link below to learn more.
Upcoming Webinars:
View All Webinars
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Women's Equality Day
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August 26 celebrates National Women’s Equality Day in order to recognize the ratification of the 19th Amendment in 1920, which provided voting rights to all citizens regardless of gender. The day celebrates the empowerment of women and provides aspirations for the future. As eloquently stated by Sheryl Sandberg, “In the future, there will be no female leaders. There will just leaders.”
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Where in the World
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This month Melisa traveled to Denver, Colorado where she spent two days onsite for a client training. The first day focused on Risk Assessment, while the second featured an Audit Update. She enjoyed a wonderful view from the training room as well as the excellent restaurants recommended by the client. Melisa even spent an extra day to sight see and enjoy this beautiful city!
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Book of the Month
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This month, Teresa read "Turning the Flywheel" by Jim Collins. This book explored the flywheel concept, an idea of how companies should approach gaining momentum in their business to see continuous growth. Teresa found this monograph to be a valuable explanation of this concept and is looking forward to presenting more about it to the team at our upcoming retreat!
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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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