In Q1 of this year, the FASB issued ASU 2025-01 & ASU 2025-02. ASU 2025-01 amends the effective date of ASU 2024-03, regarding Expense Disaggregation Disclosures, to clarify that all PBEs are required to adopt the guidance in annual reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption of ASU 2024-03 permitted.
ASU 2025-02 was issued by the FASB in March. This was due to the SEC Staff Accounting Bulletin issuing SAB No. 122, which rescinded the interpretive guidance included in SAB 121 on Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users. As a result of SAB No. 122, the FASB had to update the guidance on Liabilities (Topic 405).
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.
Jaclyn Veno, CPA, holds both a bachelor’s and a master’s degree in accounting from Clemson University. Before joining Galasso Learning Solutions, she held previous positions in auditing with two top 10 CPA firms. Jaclyn has extensive experience developing both staff and interns including working with overseas staff. She holds certificates in adult learning, instructional design, and training & facilitation as well as virtual learning theory from the Association for Talent Development (ATD).
