Genuine Learning Blog: ASU 2022-04

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FASB has issued a new ASU relating to supplier finance programs. Prior to this ASU, there was no explicit disclosure requirements and users requested more understanding of these types of financing. The new ASU provides disclosures to provide more insight for financial statement users. The standard is effective for fiscal years beginning after December 15, 2022, with an extension for the roll forward requirements.

ACCOUNTING STANDARDS UPDATE 2022-04—LIABILITIES—SUPPLIER FINANCE PROGRAMS (SUBTOPIC 405-50): DISCLOSURE OF SUPPLIER FINANCE PROGRAM OBLIGATIONS (fasb.org)

Have you or your clients entered into these types of arrangements?

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. Melisa is a speaker on audit topics at SCACPA’s annual Spring Splash and Fall Fest conferences. She also takes part in many SCACPA seminars and rebroadcasts.

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.

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