Nano Learning: ASU 2025-05

N-223  |  On Demand Course  |  Intermediate  |  Self-Study

Description

The FASB issued ASU 2025-05 to address concerns from private company stakeholders about the complexity and cost of applying CECL guidance to current accounts receivable and contract assets under Topic 606. Stakeholders found that using macroeconomic data to estimate expected credit losses for these short-term assets was burdensome and often had little impact on the results. They also noted challenges in estimating losses for amounts that were later collected, suggesting that considering post-balance sheet collections would be more practical and informative. In response, the Update introduces a practical expedient for all entities and an accounting policy election for non-public entities to simplify the application of Subtopic 326-20. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance.

Credits

Number of Credits Type of Credits
0.20 Accounting

Objectives

Recall the impact of ASU 2025-05 on financial reporting

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Instructors

Melisa F. Galasso, CPA

Melisa Galasso is the founder and CEO of Galasso Learning Solutions LLC. A CPA with nearly 20 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She also supports essential professional development, audit level training, and train the trainer efforts.

Melisa is a Certified Speaking Professional, a Certified Professional in Talent Development (CPTD), and has earned the Association for Talent Development Master Trainer™ designation. Her passion for instructional design and adult learning techniques is one of the differentiators that set her apart from other CPE providers.

Within the industry, Melisa serves on the FASB's Not-for-Profit Advisory Committee (NAC), AICPA Council, and the VSCPA's Board of Directors. She previously served on the AICPA's Technical Issues Committee (TIC) and is a past-Chair of the NCACPA's A&A committee. Melisa also authors the AICPA's State and Local Government Guide and serves as a SME for the Center for Plain English Accounting.

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