One year after its formation, the National Pipeline Advisory Group published its recommendations for improving the talent pipeline.
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Broker-dealer audit deficiencies on the rise, PCAOB finds
The board’s annual report identifies deficiencies in 70% of audit engagement reviews, offers advice aimed at reducing the number.
Midsummer update: CPA licensure program continues to add students
Experience, Learn and Earn, a program designed to ease attainment of the final 30 hours of the education requirement for CPA licensure, has 94 summer-session students representing more than 50 employers. The deadline for the fall semester is Thursday.
5 new warning signs of a bad claim for pandemic-era ERC
The IRS said the five signs are the result of what IRS compliance teams found while analyzing and processing claims for the employee retention credit (ERC). The Service plans to briefly reopen its voluntary disclosure program.
Funding spurs IRS improvements, but challenges remain, commissioner says
IRS provides fifth quarterly update on transformation efforts, with Commissioner Danny Werfel saying the agency is making “substantial progress.”
FASB proposes scope-related changes to two ASC topics
The Financial Accounting Standards Board is seeking feedback on a proposed Accounting Standards Update related to the application of derivative accounting to contracts and to the diversity in accounting for a share-based payment from a customer.
FASAB issues amendments, seeks new board members
The amendments conform implementation guidance to several existing reporting standards for federal government entities.
Improving enterprise risk management: 5 steps to success
The results of an annual survey found that organizations have made minimal gains in risk oversight over the past five years despite an increasingly threatening risk landscape.
FinCEN estimates millions of hours will be spent seeking BOI access
Almost 16,000 entities will spend over 8.7 million hours seeking access to beneficial ownership information in the first year, FinCEN estimated in a new notice.
Final and proposed regs. issued on retirement plan RMDs
The final regulations reflect changes to the required minimum distribution rules made by the SECURE Act and SECURE 2.0 and generally follow proposed regulations issued in 2022.
Warning for EBP audit firms: Service agreements can create headaches
A letter from the Employee Benefit Plan Audit Quality Center addresses nondisclosure agreements and recommends actions that auditors can take to avoid running afoul of legal, regulatory, or professional standards.
CPA Exam to be offered in the Philippines
The AICPA and the National Association of State Boards of Accountancy expanded international testing availability of the U.S. CPA Exam to the Philippines with three testing centers.
FASB issues new chapter of Conceptual Framework
The new section is related to the measurement of items recognized in financial statements. It completes the board’s framework.
CFO optimism reaches highest level in 3 years, new survey shows
Grant Thornton’s Q2 2024 CFO survey found that 58% of CFOs are optimistic about the U.S. economy — the highest level of optimism since the third quarter of 2021. Plus, a rising percentage of CFOs expect profits to grow in the next 12 months.
IRS collects $1 billion from high-income people who owed back taxes
The IRS is collecting on tax liabilities that were not “even in dispute,” Commissioner Danny Werfel said, but the IRS did not previously have the resources to pursue payment.
Taxed at work? 4 keys to staying healthy, happy, and productive
Practitioners who once contemplated changing professions share strategies that changed their lives for the better — at the office and away from it.
Financial restatements drop, a good sign for reporting quality
The number of financial restatements filed with the SEC dropped by more than 50% from 2013 to 2022, according to a Center for Audit Quality study.
Using case studies to boost student participation and performance
Incorporating the case-study method provides a way to improve accounting and finance student engagement.
Proposed regs. address interest recapture on excess COVID-19 credits
The proposed regulations apply to overpayments of interest on erroneous refunds of COVID-19 credits paid on or after July 2.
Tax pros: IRS improving, but getting the right answer takes too long
A survey by the AICPA shows that almost two-thirds of tax professionals say it takes over 90 days to get a substantive response from the IRS to correspondence.
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