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September 2023 Edition
September was an interesting month for the standard setters!
The ASB is seeking comments on a proposed SSAE exposure draft designed to align concepts related to quality management standards with standards for audits, reviews, and compilations. Comments on the exposure draft of the SSAE, Amendments to the Attestation Standards for Consistency with the Issuance of AICPA Standards on Quality Management, will be accepted through December 1. The SSAE would become effective for engagements performed beginning on or after December 15, 2025 consistent with the transition to quality management.
Additionally, on September 15, the AICPA’s Professional Ethics Executive Committee (PEEC) approved revisions to align the Code of Professional Conduct with international standards on attest client fees and to clarify members' ethical responsibilities when allowable collaboration for professional qualifications and competencies crosses the line into cheating.
GASB issued an exposure draft, Disclosure and Classification of Certain Capital Assets, that would establish requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures in light of the issuance of GASB 87 and 96, which create right of use assets. Comments are due by January 5, 2024.
OMB issued a preliminary draft of their proposed changes to the Uniform Guidance. A formal final release is expected in early October. One change noted was an increase in the Single Audit threshold from $750,000 to $1 million. However, the draft may have more changes before it is finalized for comment. Comments will be due 60 days after formal issuance.
Finally, on September 7, the FASB voted to issue a crypto assets standard that was in the works in previous months that will require entities to report on fungible crypto holdings using fair value measurement in lieu of the intangible model, which would have been cost minus impairment. After reviewing shareholder feedback received on the exposure draft, the board voted to issue the final standard with an effective date for fiscal years beginning after December 15, 2024.
Stay tuned for more updates next month!
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LATEST FROM GALASSO LEARNING SOLUTIONS
September kicked off with Melisa making her final trip to Norwalk for the last NAC meeting of her 4-year term. There was great conversation about trends in the nonprofit profession. Frank was also on the road, traveling to Florida for the NASBA conference. He feels good about the upcoming changes to the NASBA standards. Beyond these trips, the month brought an unusual amount of training-related travel, in what is typically a slower CPE month. However, trips to California, Ohio, New York, Georgia, and Illinois allowed us to meet new clients and catch up with repeat clients. Things will not slow down in October, but before we resume client service, the entire GLS team is heading out to Scottsdale this weekend for our annual GLS retreat. We'll keep you up to date on the outcomes next month!
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September 28, 2023: Last month the FASB issued their investor outreach report which outlines the outreach performed by the FASB to get feedback from investors as part of their due process. This weeks blog takes a look at some of the statistics presented in the report.
September 21, 2023: OMB has updated regulations with respect to the domestic preferences provisions in the Build America, Buy America Act of the Infrastructure Investment and Jobs Act. The updates come after public comment was sought. The effective date for the revised guidance is October 23, 2023.
September 14, 2023: 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.
September 7, 2023: The FASB has issued a new Concept Statement around the Reporting Entity. While concept statements are not authoritative GAAP they are the theory that underlies GAAP used by the board to develop ASUs.
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Level 1 New Hire Training
Back by popular demand! Our next cohort of Level 1 New Hire Training occurs on October 9, 11, 16 & 18 from 12:30 - 4:30 PM ET. These 16 hours of training, spanning four virtual sessions, are ideal for newly hired audit staff or those with less than one year of experience. Covering all of the basics including how to audit cash, inventory, expenses and payables, PP&E, and other carefully selected topics, these courses will ensure that your staff are well-rounded and understand the fundamentals of auditing. Register three or more individuals from your firm and receive a special offer!
Upcoming Webinars:
View All Webinars
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Book 2024 Training
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This is your reminder to book your 2024 training courses as soon as possible. Certain months (especially May and June) are quickly filling up, and we want to ensure our clients can pick a date that is optimal for them. A listing of our topics offered can be found here. It is never too early to schedule next year's training courses and invest in yourself and your team. To schedule your 2024 training course, please contact our Marketing Lead, Teresa.
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Where in the World
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Frank visited beautiful Clearwater Beach to attend NASBA’s annual conference. Generative AI was a hot topic. Some of the larger players and technology vendors are using it in interesting and somewhat (maybe, sometimes) successful ways. For everyone else, the AI-driven path towards idle riches is not so clear yet. Despite this, Frank left the conference pleased to see friends and clients and feeling good about GLS’s NASBA processes. He will feel even better once he secures approval for QAS Self Study.
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Book of the Month
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This month, Melisa read "A CEO Only Does Three Things: Finding Your Focus in the C-Suite" by Trey Taylor. It was a good read. While the concept of a business leader focusing on the most essential elements of an organization is not new, the author's experience adds an interesting perspective and much practical advice. The author believes instead of trying to do everything, a CEO should focus on the right things. The book is a guide on finding the right culture for your business, hiring people with the right mindsets, and inspiring your team to produce results.
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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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