Accounting Standards

The Private Company Council (PCC) met on Monday, June 24, 2024. Below is a summary of topics discussed by PCC and FASB members at the meeting:

NetSuite SuiteSuccess Healthcare Edition is an industry-specific pre-configured solution with pre-defined role-based dashboards, reports, KPIs, and workflows.

A post-implementation review of GASB 67 and GASB 68 found that the two standards, approved in 2012, met their goals.

The changes are intended to align them with the AICPA standards pertaining to quality management, and related financial statement audit and non-audit standards.

Among all respondents surveyed, “time” emerged as the top-ranked challenge—or deterrent—to becoming a CPA.

IFRS 19, "Subsidiaries without Public Accountability: Disclosures," permits eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures.

The Board of Trustees of the Financial Accounting Foundation (FAF) is seeking nominations for new members to join the Financial Accounting Standards Advisory Council (FASAC) for an initial one-year term beginning January 1, 2025. The FASAC is the primary advisory body to the Financial Accounting Standards Board (FASB). The FASAC consists of approximately 35 members who represent a broad cross section of the FASB’s constituency. Its primary function is to advise the FASB on issues related to projects on the FASB’s agenda, possible new agenda items, project priorities, procedural matters that may require the attention of the FASB, and other matters as requested by the FASB chair. FASAC members are appointed by the FAF Trustees for an initial one-year term and are eligible to be reappointed for three additional one-year terms.

State CPA Societies in Action is a series of articles spotlighting the varied educational, advocacy, networking and professional activities of the state CPA societies across the U.S.