ASU 2021-08

by WSCPA | Nov 08, 2021

A&A Today: Presented by the WSCPA and Galasso Learning Solutions

Today Financial Accounting Standards Board (FASB) issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. It addresses how to account for contract assets recognized under Topic 606 in a business combination. The standard will be effective for public companies for fiscal years beginning after December 15, 2022 and for all other entities for fiscal years beginning after December 15, 2023. 

To learn more about important accounting and auditing developments, join us for an upcoming CPE program with Melisa Galasso.

WSCPA is excited to partner with Galasso Learning Solutions to provide A&A Today, real-time A&A updates and answers. Check the WSCPA blog often for new episodes or subscribe on YouTube.

Melisa Galasso headshotWith 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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