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)

Genuine Learning Blog: Ethical Considerations in Use of Technology

Explore the latest ethical considerations in the use of technology for accounting  and auditing professionals. Melisa reviews new resources and updated guidance from the AICPA and IASBA on navigating technology responsibly.
READ MORE

From the SCDOR: Incorrect Software Calculations on SC1040

The South Carolina Department of Revenue (SCDOR) has notified tax professionals that some tax software programs are incorrectly calculating information on the SC1040 return. Specifically, the SCDOR has identified issues ...
READ MORE

Seeking a Volunteer Accountant for the Greenville County Youth Orchestra

The Greenville County Youth Orchestra (GCYO), an arts education non-profit organization in Greenville is seeking a volunteer accountant to serve on their board.  GCYO has been educating young musicians in ...
READ MORE