The White House Office of Management and Budget’s Cost Accounting Standards Board published a final rule and a proposed rule that would eliminate “redundant” requirements.
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Accounting & reporting
SEC accepting Professional Accounting Fellow applications
The SEC’s Office of the Chief Accountant is accepting applications for positions that will begin later this year.
Calculating AI’s impact on CPAs: New study quantifies time savings
Researchers determine the real difference that generative AI can have on the average accountant in terms of time spent on routine data entry versus time available for client support and billable hours.
A&A Focus recap: M&A trends, non-GAAP frameworks, and how quality management and peer review intersect
The August webcast explored accelerating mergers and acquisitions (M&A) in the profession, practical insights on special purpose (non-GAAP) frameworks, and how peer review will address implementation of the new quality management standards.
AICPA unveils new QM resources to help firms meet Dec. 15 deadline
The AICPA updated its SQMS No. 1 practice aid, released a new resource on monitoring and remediation, and is hosting live webcasts to help firms implement the new quality management standards by Dec. 15. Key features of the 2025 practice aid on complying with SQMS No. 1 include expanded discussions, tailored guidance for firms of all sizes, and tools for documentation, evaluation, and effective compliance.
Comfort with crypto: Big North American companies have big plans
Nearly one-quarter of CFOs surveyed see their companies using crypto in the next two years and nearly all see crypto in their long-term plans, although the list of concerns remains long.
FASB updates guidance on measurement of credit losses
The optional guidance aims to address concerns shared by private company shareholders related to the cost and complexity of measuring credit losses for accounts receivable and contract assets.
US House passes stablecoin regulatory framework
Already approved by the Senate and on its way to the president for signature, the GENIUS Act will require stablecoin issuers to undergo a monthly examination of disclosures. Larger issuers also will be subject to an annual audit.
A&A Focus recap: New fraud exposure draft, building AI trust, and a not-for-profit update
The July webcast explored proposed revisions to the fraud auditing standard, evolving frameworks for AI assurance, and recent developments affecting not-for-profit financial reporting.
GASB updates guidance on application of standards
The guide aims to assist state and local governments via a series of questions and answers.
Elimination of PCAOB can’t remain in budget bill, Senate official rules
The Senate parliamentarian’s office determined that a provision aimed at folding the PCAOB into the SEC doesn’t qualify for the budget reconciliation process.
SEC names new chief accountant
Kurt Hohl, CPA, is set to begin the role with the SEC in early July. He replaces Paul Munter, who left the job in January.
A&A Focus recap: Auditing Standards Board chair; a new COSO framework; stablecoin criteria
The June webcast featured updates from the Auditing Standards Board, discussion of a new corporate governance framework from COSO, and an overview of a new AICPA exposure draft on control criteria for stablecoin operations.
A&A Focus recap: AICPA CEO, revenue recognition step 5, and quality management
The May webcast featured AICPA CEO Mark Koziel providing his view of the A&A landscape, a deep dive into step 5 of the five-step revenue recognition process outlined in FASB ASC Topic 606, as well as more discussion of quality management.
FASB updates guidance on share-based consideration
The Accounting Standards Update addresses share-based consideration payable to a customer in conjunction with selling goods or services.
FASB issues guidance on business combinations
FASB published an Accounting Standards Update that is intended to improve the requirements for identifying the accounting acquirer in FASB ASC Topic 805, Business Combinations.
Are you aware of this May 30, 2025, filing deadline?
If you have a client that owns at least 10% of a foreign enterprise, they must file forms for the BE-10 survey.
FASB proposes guidance on accounting for debt exchanges
FASB published a proposed Accounting Standards Update on debt exchange transactions involving multiple creditors.
Evaluating fraud risks related to revenue recognition
Gain industry-specific and general insights for auditors related to identifying and assessing risks of material misstatement.
Financial Accounting Foundation issues annual report
FAF report highlights recent FASB and GASB actions and updates its strategic plan published three years ago.
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