Concept Statement: Chapter 2, The Reporting Entity
September 15, 2023
by WSCPA
A&A TODAY: PRESENTED BY THE WSCPA AND GALASSO LEARNING SOLUTIONS
The FASB has issued a new Concept Statement around the Reporting Entity. While concept statements are not authoritative GAAP they are the theory that underlies GAAP used by the board to develop ASUs.
Do you agree with the new definition?
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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.