Several GAQC resources are available to assist practitioners involved in single audits and federal grant compliance with putting the delayed OMB supplement to use.
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NEWS
FASB issues standard to improve interim reporting
The Accounting Standard Update aims to clarify existing reporting requirements, in part by creating a comprehensive list of interim disclosures that are required in interim financial statements.
New SEC chair to CPAs: ‘Back to basics’
Paul Atkins, appearing at the AICPA Conference on Current SEC & PCAOB Developments, asked accounting professionals to focus on financial materiality and provided his thoughts on the future of the PCAOB, crypto, and IPOs.
PTEs need more notice of changes, more time to respond, AICPA says
In a letter to Treasury and the IRS, the AICPA seeks changes to tax reporting requirements for partnerships and S corporations.
Government withdraws defense of retirement fiduciary rule
The Justice Department dropped its appeal in a case challenging a Biden-era regulation, leaving financial advisers free from new fiduciary duties for now.
IRS announces prop. regs. on international tax law provisions in OBBBA
The proposed regulations will deal with changes included in H.R. 1, P.L. 119-21, commonly known as the One Big Beautiful Bill Act.
PEEC releases clarifying guidance on independence in SSAE engagements
The AICPA Professional Ethics Executive Committee’s revisions clarify independence requirements and will be effective June 15, 2026.
FASB publishes guidance on accounting for government grants
A new Accounting Standards Update establishes previously missing GAAP guidance related to the recognition, measurement, and presentation of government grants received by a business entity.
Overall economic view slides, but CPAs feel better about their companies
Nearly 50% more CPA decision-makers are optimistic about their own companies versus the U.S. economy on the whole, according to the quarterly AICPA and CIMA Economic Outlook Survey.
IRS outlines details for Trump accounts
The IRS released initial details on Trump accounts, a new type of IRA for some children. Also, a billionaire business executive pledged $6.25 billion to provide 25 million children with a $250 contribution to a Trump account.
New regs. reshape 1% stock buyback tax, drop funding rule
The IRS published final regulations that scrap the proposed funding rule and ease compliance for M&A deals, preferred stock, and netting provisions.
FASB updates guidance for hedge accounting, purchased loans
A pair of recently published Accounting Standards Updates recommend five areas for applying economic hedges and address stakeholder concerns related to accounting for acquired financial assets.
AICPA, state CPA societies call for accounting program recognition
A Department of Education proposal does not include accounting in its list of professional degree programs, a designation that helps determine education loan eligibility.
AICPA asks Treasury, IRS to change approach to dual consolidated losses
A letter urges an exception to the current “all or nothing” approach that prevents U.S. companies from deducting any part of a dual consolidated loss if even a portion of the DCL was used in a foreign country.
About 1 million taxpayers to get automatic penalty relief next year
During a session at the AICPA National Tax Conference, the national taxpayer advocate said the IRS will start applying first-time abatements automatically next year.
IRS clarifies how employees can claim 2025 tip and overtime deductions
The IRS also is updating some income tax forms and instructions to help taxpayers claim the deductions.
AI and the audit: Finance leaders strongly support forward-thinking firms
Nearly all CFOs and finance directors in a BDO survey say they would pay more to work with audit firms that rely on artificial intelligence and other advanced technologies.
AICPA warns that merger of IRS offices would ‘confuse’ taxpayers
The proposed merger of the Office of Professional Responsibility and the Return Preparer Office would blur “the public’s ability to perceive the distinction between credentialed, uncredentialed, and unenrolled preparers,” the AICPA said in a letter.
Is the IRS just between shutdowns? Former IRS commissioners are worried
Three former IRS leaders, speaking at the 2025 AICPA National Tax Conference, discussed the agency’s future and what happens if a shutdown occurs during filing season.
AICPA honors service and professional contributions in tax
Arthur Auerbach, an AICPA volunteer for 23 years, and Cory Perry, the chair of the AICPA’s Organization for Economic Co-operation and Development Task Force, received the tax profession’s highest honors.
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