Public company audits can benefit from expert input, particularly in the rapidly changing world of cryptoassets. Also, the SEC, FASB, and FASAB issued regulatory updates.
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NEWS
CPA licensure update: Uniform Accountancy Act changes proposed
The AICPA and NASBA seek comments on changes that would allow states to adopt the proposed CPA Competency-Based Experience Pathway.
New AICPA apprenticeship program expands accounting talent opportunities
The Registered Apprenticeship for Accounting and Finance Associate program pairs employers and entry-level employees. It expands the AICPA’s apprenticeship offerings.
ERC supplemental claim process opened for third-party payroll companies
The IRS announced that it will open a supplemental claim process to help third-party payers and their clients resolve incorrect claims for the employee retention credit. The deadline is Nov. 22.
FASB seeks input on hedge accounting ASU
The proposed Accounting Standards Update is intended to clarify guidance on hedge accounting and address incremental hedge accounting issues arising from the global reference rate reform initiative.
Chair outlines Private Company Council’s top 4 priorities
Credit losses, debt modifications, retainage and overbillings presentation, and leases are the main items on the PCC agenda.
CPA Exam update: Core sections to offer more testing windows in 2025
The Core sections of the newly designed CPA Exam were graded quarterly during the testing model’s first year, but 16 grading periods are scheduled for next year.
IRS increases special per diem rate for business travel
The special per diem rates that a taxpayer uses in travel and business expenses will be higher starting Oct. 1, as provided by the IRS.
Using behavioral science in a financial-planning practice
By understanding psychological influences on decision-making, CPA financial planners can work with clients more effectively and improve how they operate their practice.
Clarification proposed for CPAs’ financial statement preparation engagements
An AICPA committee approved a proposed revision to Statement on Standards for Accounting and Review Services (SSARS) No. 21 addressing the applicability of the standard when preparing financial statements as a part of consulting services.
Final regs. issued on consistent-basis and basis-reporting rules
The IRS issued guidance for recipients of property from decedents on the basis-consistency requirement and for executors and others on basis-reporting requirements.
More organizations are turning to AI in the finance function
Research finds a significant increase in the percentage of companies leaning into finance AI, even as many struggle to develop sufficient talent to oversee execution.
Proposed regs. would exclude tribal general welfare benefits from income
The first proposed regulations under Sec. 139E set out the requirements for excluding Indian tribal general welfare benefits from income.
Corporate AMT proposed regulations issued; some penalties waived
The IRS issued proposed regulations providing guidance on the corporate alternative minimum tax (AMT) and a notice that waives the penalty for failure to pay estimated tax with respect to the corporate AMT for 2024.
AICPA, NASBA propose a new pathway to CPA licensure
The CPA Competency-Based Experience Pathway offers an additional option for CPA candidates. Comments on the proposal are being accepted through Dec. 6.
SEC approves PCAOB system of quality control
QC 1000 establishes a risk-based system that aligns with AICPA quality management standards, both of which take effect in late 2025.
Increasing appetite for M&A, AI driving growth, survey finds
Leaders at private and newly public companies are optimistic about growth opportunities, although many view the pivotal role that artificial intelligence plays to be a double-edged sword.
IRS seeks comments on SECURE 2.0 saver’s match contributions
Treasury and the IRS issued a notice on saver’s match contributions to be paid by Treasury under provisions of SECURE 2.0.
A profitable path powered by AI: Benefits of becoming a ‘data master’
Research reveals how a comprehensive plan related to the relationship between data and artificial intelligence can pay dividends.
Decline in economic and organizational optimism among CPA leaders
Finance decision-makers in a quarterly survey say they have concerns on several fronts. As a result, business and industry executives have lower revenue and profit projections.
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