In this episode, Melisa Galasso breaks down the latest FASB Codification update proposal, highlighting key clarifications and minor improvements to GAAP. Get the essential takeaways from this annual clean-up of accounting standards.
- Overview of the FASB’s annual codification improvement process and its significance
- Clarification of the CECL practical expedient and accounting policy elections for acquired receivables and contract assets
- Guidance updates regarding Rabbi Trusts and their evaluation as variable interest entities (VIEs)
- Clarification for share-based payment award modifications after an employee’s departure
- Updates to Topic 815’s diagram and scope exception reference for current guidance compliance
How frequently do you think FASB should issue these improvements?
Proposed Accounting Standards Update, Codification Improvements
SC.CPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SC.CPA members.
Melisa F. Galasso is the Founder and CEO of Galasso Learning Solutions LLC. A CPA with over 20 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. Her passion is providing high-quality CPE that is meaningful, creates efficiencies and improves quality, and positively impacts ROI.
