Genuine Learning Blog – Proposal: Joint Venture Accounting

| ,

The FASB has proposed a new standard that is intended to reduce diversity in practice related to joint venture accounting at inception. When items are contributed to a joint venture, the proposal would require the use of fair value of the items contributed. The proposal also includes new disclosure requirements. Comments are due December 22, 2022.

Proposed Accounting Standards Update—Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (fasb.org)

Do you think this will reduce diversity in practice?

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.

INSIDE THE PLAYBOOK: The Multigenerational Advantage: Building Stronger Teams for the Future

We’re opening the playbook on the SC.CPA Cup. These aren’t just sessions — they’re game plans. Each one is built to sharpen your strategy, strengthen your positioning, and help you ...
READ MORE

INSIDE THE PLAYBOOK: State & Local Tax Trends to Watch in 2026

We’re opening the playbook on the SC.CPA Cup. These aren’t just sessions — they’re game plans. Each one is built to sharpen your strategy, strengthen your positioning, and help you ...
READ MORE

INSIDE THE PLAYBOOK: Common Issues in Contribution Accounting, Grants and Discounted Pledges

We’re opening the playbook on the SC.CPA Cup. These aren’t just sessions — they’re game plans. Each one is built to sharpen your strategy, strengthen your positioning, and help you ...
READ MORE