Genuine Learning Blog: ASU 2023-05

| , ,

The FASB has issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60) Recognition and Initial Measurement, to address diversity in practice with respect to the initial measurement of joint ventures upon formation. The guidance will provide that the new organization use fair value (with certain exceptions) for the net assets contributed at formation. The standard is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025, with options for retrospective application.

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 use of fair value for the joint venture?

ASU 2023-05 (fasb.org)

Career Opportunity: Tax Advisor – Foster Victor Wealth Advisors

Foster Victor’s mission is to help our clients achieve their lifetime goals through holistic financial planning. The primary responsibility of this role is to service existing and new clients through ...
READ MORE

Connecticut CPA Seeking Merger/Relocation to South Carolina

I am seeking to relocate my established CPA practice to South Carolina through a merger with an existing firm, ideally in a partner or shareholder capacity. My goal is to ...
READ MORE

Genuine Learning Blog: FASB Proposes Changes to Fair Value

In this episode, Melisa Galasso breaks down a targeted FASB proposal impacting fair value measurement for a narrow group of investment companies. Find out who is affected, what the change means, and key deadlines for feedback.
READ MORE