GASB issued guidance Wednesday that seeks to improve the financial reporting requirements for infrastructure assets, enhancing the consistency in their application and better meeting the information needs of financial statement users.
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FASAB announces new chair, new board structure
Terry K. Patton, CPA, takes over the leadership position on the Federal Accounting Standards Advisory Board; FASAB appoints two new board members while reducing board membership from nine to seven.
Executive turnover slows, but AI strategy remains unclear
A global survey reveals that executives aren’t changing jobs nearly as often as they did a year ago, but many are seeking better internal support for strategic objectives built around artificial intelligence.
Expansion gives millions of entities access to business tax accounts
The IRS said Monday it is opening the online, self-service accounts to partnerships, Indian tribal governments, tax-exempt organizations, and federal, state, and local governments.
IRS tapped Inflation Reduction Act funds to cover 2025 filing season, watchdog says
TIGTA found the IRS spent $4.8 billion in Inflation Reduction Act funds, which were intended to supplement its annual appropriation, on labor and IT to keep the 2025 tax season on track.
Americans’ financial optimism edges higher, but worries remain
As National Financial Literacy Month begins, an AICPA-commissioned survey highlights why many consumers need to refocus their financial decision-making.
SEC accepting Professional Accounting Fellow applications
The SEC’s Office of the Chief Accountant is accepting applications for positions that will begin this summer. The application deadline is April 22.
PCAOB seeks comment on strategic priorities
The PCAOB requested input on its strategic priorities, seeking the answers to seven questions in particular as it develops a new strategic plan.
IESBA to assess need for standards on alternative practice structures
The International Ethics Standards Board for Accountants will examine whether new standards are needed to address ethical considerations related to the prevalence of private-equity investment in the accounting profession — a topic already being addressed by the AICPA Professional Ethics Executive Committee.
IRS watchdog cites resource limits, duplication in partnership audits
The Treasury Inspector General for Tax Administration assessed a soft-letter initiative and the IRS’s examinations of 82 major U.S. partnerships.
How listening is shaping ‘incredible’ year for AICPA Chair Lexy Kessler
Kessler has shared plenty of perspective with members and students around the globe, and the perspective she has gained from them in return has highlighted her year of service.
Audit report card: More internal audit teams suffered cuts in 2025
The percentage of internal audit leaders reporting staff and budget reductions in 2025 rivaled numbers during the global financial crisis nearly two decades ago. Strategic alignment was linked to sufficient funding for the function, an annual report showed.
AICPA seeks clarity on revamped paid family leave credit rules
The request came in an AICPA letter to Treasury and the IRS seeking guidance on how employers should implement changes to the paid family leave credit.
IRS provides guidance on business interest limitation elections
The guidance in Rev. Proc. 2026-17 is provided in response to H.R. 1’s amendments to Secs. 163(j) and 168(k).
Adequate identification relief extended through 2026
The relief allows taxpayers to use alternative methods to make adequate identification of digital asset units that are sold, disposed of, or transferred during the relief period.
Private Company Council issues annual report
The report highlights the activities of the group charged with working with FASB to improve the process of setting accounting standards for private companies.
PEEC proposes revised definition of ‘attest engagement team’
The AICPA Professional Ethics Executive Committee seeks comment on a revised definition to gather input on whether the definition appropriately reflects the roles that should be excluded from an attest engagement team. The comment deadline is June 1.
AICPA pushes IRS to ease and expand first‑time abatement rules
The recommendations include allowing taxpayers to rely on substitute reasonable cause when appropriate, permitting them to reserve the automatic first-time abatement for future use.
US, Canada, Mexico extend CPA mobility agreement through 2028
The AICPA and the National Association of State Boards of Accountancy are among the group of entities reaffirming a smooth path for accounting professionals to practice across North American borders.
Top 50 firm announces new majority private-equity investment
Schellman’s investment from Goldman Sachs, a transaction expected to close in the second quarter of this year, comes after its initial private-equity deal with Lightyear Capital in 2021.
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From The Tax Adviser
March 31, 2026
Current developments in taxation of individuals: Part 1
March 31, 2026
Current Developments in Taxation of Individuals: Part 1
March 6, 2026
