Peer review proposal changes, clarifies standards
The proposal is designed to clarify peer review standards and make them easier for practitioners to read, understand, and apply
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How to use COSO to implement and scale AI projects
The COSO enterprise risk management framework can help leaders manage risks associated with their AI strategies.
Early Black-owned CPA firms spurred diversity efforts
Built by Black CPAs who succeeded despite adversity, these firms continue to play an important role in the profession’s recruitment and advancement initiatives, and with the clients they serve.
FASB proposal addresses fair value and equity security sale restrictions
A new FASB proposal intends to clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the security and therefore is not considered in measuring fair value.
Transcript Delivery System down for some Form 941 transcripts
The IRS reports that its Transcript Delivery System is down for business taxpayers who reported information related to COVID-19 employment tax relief on Form 941, Employer’s Quarterly Federal Tax Return.
How climate risks are reflected in current financial statements
The Center for Audit Quality has published a resource that describes management and auditors’ responsibilities related to climate-related risk reporting.
Ways and Means releases list of tax provisions for budget bill
The proposal would raise tax rates for corporations and individuals and make many other changes to the Internal Revenue Code.
SBA quadruples COVID-19 EIDL limit to $2 million
The SBA unveiled a menu of COVID-19 EIDL program modifications designed to make it easier for restaurants and other businesses particularly hard hit by the pandemic to take out EIDL loans.
Lease accounting: Private companies on the clock after delay
Following a pandemic-related delay, the new standard takes effect for entities within the “all other entities” category for fiscal years starting after Dec. 15, 2021, and for interim periods within fiscal years beginning after Dec. 15, 2022.
Guidance issued on 2021 qualified sick and family leave wage reporting
Information reporting on Form W-2 or a separate statement allows self-employed taxpayers to claim qualified sick leave and qualified family leave equivalent credits.
IRS updates business travel per-diem rates
The allowances for determining deductions for lodging, meals, and incidental costs are slightly higher than before.
EBP audits set for major changes, more transparency
Employee benefit plan audit procedures and reporting will undergo a significant shift as SAS No. 136, as amended, is implemented.
COVID-19 resurgence, tight labor market lead to drop in optimism
Although finance professionals are optimistic about their own businesses’ economic prospects, the delta variant’s spread and scarcity of job seekers caused concerns that were reflected in a modest drop in the CPA Outlook Index in the AICPA Business and Industry Economic Outlook Survey.
Shuttered Venue Operators Grant program enters supplemental phase
The SBA is sending out invitations for Shuttered Venue Operators Grant (SVOG) recipients to apply for supplemental funding from the $16.25 billion program.
AICPA recommends QBI improvements
The AICPA recommended in a letter to Senate tax-writing leaders eight ways to improve the deduction for qualified business income under Sec. 199A.
FASB report describes investor outreach
FASB engaged in more than 430 investor interactions in the year ended June 30, 2021, according to a new report.
Staffing and COVID-19 relief programs are firms’ top concerns in 2021
Hiring qualified staff emerged as the No. 1 concern of firms employing six or more people in the 2021 AICPA Private Companies Practice Section CPA Firm Top Issues survey.
PCAOB’s Jurata, Zietsman to resign as transition continues
Rebekah Goshorn Jurata and Megan Zietsman said that they plan to resign from the Public Company Accounting Oversight Board on Oct. 1 or the date of appointment of new board members, whichever comes first.
Interruption of LIFO inventories due to COVID-19 and Sec. 473 relief
Global supply chain problems caused by the COVID-19 pandemic have made it difficult for US companies to replace inventories, potentially subjecting them to additional taxable income. The AICPA has requested relief under Sec. 473.
ESG assurance an elusive but promising opportunity for auditors
Although just 31 of the S&P 500 companies use public company auditors for environmental, social and governance assurance, increased regulation and investor focus may lead to more opportunities for practitioners in the future.
