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.
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.
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.
Do you agree with the new definition?
Conceptual Framework for Financial Reporting Chapter 2, The Reporting Entity
