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October 2023 Edition
Happy Fall! October has proven to be an interesting month for the FASB in particular, which included the issuance of a new ASU as well as an international trip for FASB representatives!
On October 9, the FASB issued ASU 2023-06. It incorporates 14 rules disclosure requirements from the SEC and adds them to the Accounting Standards Codification. The ASU's introductory section summarizes which among the 27 disclosures, issued in SEC Release No. 33-10532, Disclosure Update and Simplification, have been incorporated into FASB codification. The goal is to "clarify or improve disclosure and presentation requirements of a variety of codification topics, allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the codification with the SEC's regulations."
In other exciting news, the FASB and the Accounting Standards Board of Japan (ASBJ) had a meeting on October 17 and 18, in Tokyo, Japan. This was the 33rd meeting in a series of meetings between the FASB and the ASBJ. They are working together to create high-quality global accounting standards. During the meeting, they discussed relevant items such as accounting for cryptocurrency and disaggregation of expenses in the income statement.
Finally, on October 3, the AICPA showed strong support for a new law introduced in the House of Representatives and the Senate that would add accounting to STEM education. They want to encourage more students to become interested in accounting. This law would make accounting a part of science, technology, engineering, and math education in schools from kindergarten to 12th grade.
Stay tuned for more updates next month!
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LATEST FROM GALASSO LEARNING SOLUTIONS
GLS kicked off October with a retreat in Scottsdale, Arizona. We worked on our strategic plan and did the internal release of our 2026 Vivid Vision. We'll start an external kickoff in January! Each year our all hands retreat is centered around a book. Previous years' books include Be Our Guest and E-Myth Revisited. This year's book was Scaling Up by Verne Harnish, which allowed GLS to focus on strategic planning and process improvement. We came back excited to close out 2023 and have a really exciting 2024 planned!
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October 26, 2023: The GASB recently proposed to separate out disclosures of various types of assets to help users understand the types of assets. Due to the creation of new assets like lease assets and subscriptions assets in GASB 87 and 96 there have been questions about how disclosures should be presented. GASB’s proposal would separate out intangible assets, lease assets and subscription assets separately by their respective classes of assets. Comments are due January 5, 2024.
October 19, 2023: The AICPA’s Auditing Standards Board has issued a proposed SSAE to conform the attestation standards with the new quality management suite. Comments are due December 1, 2023.
October 12, 2023: On October 5, the Office of Management and Budget proposed changes to the Uniform Guidance. One of the most noteworthy changes is a proposal to increase the Single Audit threshold to $1m. There are also changes proposed to the title of 2 CFR 200 as well as changes to various sections. Comments are due December 4, 2023.
October 5, 2023: This blog will review the accounting, auditing and ethics standards issued or proposed during the 3rd quarter of 2023. We’ll also review some resources that were issued by various standard setters that can be useful.
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On Demand Courses
Coming Soon!
At Galasso Learning Solutions, we take difficult technical content and make it more easily understood and applied by using stories, analogies, and examples, that make the learning experience a positive one for course participants. For over seven years, we have provided this content both live in person and live online. We're excited to announce that our courses will now also be available in a new format: on-demand! Stay tuned for an announcement later this week with more information on how you can earn CPE credit from GLS at your own pace through our new QAS Self Study platform.
Upcoming Webinars:
View All Webinars
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Level 1 Audit Training
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Back for 2024 is our Level 1 Audit Training! Ideal for those with limited auditing experience, this 16-credit live webinar series on January 16-19 will equip attendees with the auditing basics they need to excel in their careers. Feedback from last session was fantastic, including one participant who said: "I really enjoyed this training and was not bored for a second!" Learn more and register by visiting our website.
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Where in the World
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Melisa traveled this month to Pasadena, CA for the AICPA Fall Council Meeting. The agenda included a report from the Tax Executive Committee, NASBA, and the AICPA Chair, Okorie Ramsey. Much of the first day was spent discussing the pipeline. Other sessions included Accelerate & Lead, Finance & Operations, and Federal, State and Legislative Affairs. Melisa really enjoyed her time and found it very informative!
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Book of the Month
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This month, Melisa read 10x Is Easier than 2x: How World-Class Entrepreneurs Achieve More by Doing Less by Dan Sullivan. The book states to make 10x possible, you must focus on the 20% that is meaningful and dispose of the 80% that keeps you busy but not productive. Melisa found the book insightful and its concepts very similar to the inspirational expression that if you shoot for the moon, you'll land among the stars.
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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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