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NEWS
FASB releases GAAP Taxonomy reports
FASB has released its annual GAAP Taxonomy, which includes the 2023 GAAP Financial Reporting Taxonomy and the 2023 SEC Reporting Taxonomy.
FASB set to draft cryptoasset disclosure standard
The board made several tentative decisions related to the project, which will affect public and private entities, including investment companies and not-for-profits.
SEC adopts insider trading rule, proposes 4 rules to protect stock traders
While the adopted rule adds more checks and balances related to insider trading, the proposed rules aim to remedy SEC Chair Gary Gensler’s concerns that capital markets “are not as fair and competitive as possible for individual investors.”
One size does not fit all clients: SAS No. 145 on scalability
Understand the opportunities to maximize efficiency in your audits of less-complex entities. SAS No. 145 will tell you that risk assessment is not a one-size-fits-all proposition and provides opportunities to scale work throughout the process.
PCAOB gains ‘complete access’ to audit firms in China
The PCAOB confirms that China is honoring an agreement signed in August that allows the board free rein to inspect public companies that trade on the U.S. capital markets.
FASB issues updated insurance standard
The amended standard provides transition guidance for improving the accounting for long-term duration contracts.
The AICPA’s tax policy and advocacy work: 2022 highlights
It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.
Automatic extension provided for furnishing health coverage statements
Final regulations provide an automatic extension of time for providers of minimum essential coverage to furnish statements to individuals regarding their coverage.
Highlights: AICPA & CIMA Conference on Current SEC and PCAOB Developments
Regulators encourage accounting professionals to continue to tell their clients’ story while providing updates on the standards they’re required to uphold in the process.
Final regs. issued on centralized partnership audit regime
Final regulations, issued last week, except certain partnership-related items from the regime and provide alternative rules for their examination by the IRS, as well as provide rules for the calculation of imputed underpayments.
Prop. regs. identify syndicated conservation easements as listed transactions
In the wake of adverse decisions in the Sixth Circuit and the Tax Court, the IRS announced it is issuing proposed regulations, which it intends to finalize in 2023, that identify certain syndicated conservation easement transactions as listed transactions.
PCAOB report analyzes impact of estimates and specialists requirements
The PCAOB released a report addressing the impact of 2018 standards related to auditing accounting estimates and the auditor’s use of the work of specialists.
Domestic filing exception requirements modified in draft Scheds. K-2, K-3
Revised draft instructions for partnership and S corporation Schedules K-2 and K-3 contain significant changes to the requirements to qualify for the domestic filing exception for filing and furnishing the 2022 schedules.
PCAOB report: Audit deficiencies increase in 2021
Deficiencies in a relatively new area of reporting — critical audit matters — contribute to the increase, but the board also sheds light on several good practices.
PCAOB report analyzes reporting of critical audit matters
The PCAOB finds that progress is being made related to the reporting of critical audit matters but reminds auditors of the board’s expectations.
CAS practices report growth, optimism for the future
Client advisory services (CAS) practices reported a median growth rate of 16% over the previous year and projected 15% growth in the current year, according to a survey conducted by CPA.com and AICPA & CIMA.
Inflation drives pessimism and fuels potential challenges
More CPA decision-makers are pessimistic about the state of the U.S. and global economies, according to the quarterly Business and Industry Economic Outlook Survey.
Clean energy project prevailing wage rate and apprenticeship requirements issued
The IRS releases guidance on wage and apprenticeship requirements for enhanced tax benefits under clean energy provisions of the Inflation Reduction Act.
FASB proposes update to leases guidance
FASB is seeking comments on a proposed Accounting Standards Update intended to improve accounting guidance on related-party arrangements between entities under common control.
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