Genuine Learning Blog: FASB ITC- Government Assistance for Business Entities

| ,

FASB has issued an Invitation to Comment to gather feedback about the operability of leveraging IAS 20 for government grants for for-profit entities in the US. The ITC does not include any preliminary views but is to help the FASB staff gather information from stakeholders about any benefits or issues that should be considered in the project. Comments are due September 12, 2022.

Invitation to Comment—Accounting for Government Grants by Business Entities: Potential Incorporation of IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, into Generally Accepted Accounting Principles (fasb.org)

Do you think IAS 20 is operable for for-profit entities in the US?

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. Melisa is a speaker on audit topics at SCACPA’s annual Spring Splash and Fall Fest conferences. She also takes part in many SCACPA seminars and rebroadcasts.

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.

Transformation Trends: Tax Season Readiness — Three Levers You Can Still Pull Before January

Feeling behind on prep? You’re not. With a focused push on workflow, well-being, and cyber hygiene, you can still meaningfully  ...
READ MORE

Genuine Learning Blog: Quality Management & Ethics — Breaking Down the AICPA’s Latest Code Revisions

Get up to speed on the latest AICPA code revisions with Alex Romero as she breaks down what’s changed, why it matters, and ...
READ MORE

Academic Integrity Under Threat: Why CPAs Must Care

Author: Becky Goessel, CPA, CGMA This article originally appeared in the Fall 2025 issue of the South Carolina CPA Report As an accounting professor working with future CPAs, I have observed ...
READ MORE