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April 11, 2025

A&A Focus recap: PCC credit loss relief, federal funding freeze impact, and EBP audit updates

The April A&A Focus webcast featured a deep dive into step 4 of the five-step revenue recognition process outlined in FASB ASC Topic 606, as well as news on new auditing standards exposure drafts.

March 28, 2025

SEC ends legal defense of its climate rules

After a vote Thursday, the acting chair of the SEC described The Enhancement and Standardization of Climate-Related Disclosures for Investors as “unnecessarily intrusive.”

March 26, 2025

Amendment clarifies CPAs’ financial statement preparation engagements

The AICPA Accounting and Review Services Committee approved an update to SSARS No. 21, clarifying that practitioners are not required to apply AR-C Section 70 when financial statements are prepared as part of a consulting engagement. The practical implication is that the engagement would not be required to be subjected to quality management standards or peer review.

March 18, 2025

FASB finalizes its taxonomies for 2025

The SEC approved three taxonomies, including the 2025 GAAP Financial Reporting Taxonomy, and FASB finalized two others.

March 17, 2025

A&A Focus recap: Rev rec, AICPA standard setting update, and stablecoins

The March A&A Focus webcast featured a deep dive into step 4 of the five-step revenue recognition process outlined in FASB ASC Topic 606, as well as news on new auditing standards exposure drafts.

March 15, 2025

Private Company Council issues annual report for the first time

The council, which advocates for private companies during FASB’s standard-setting process, shares recent accomplishments and its vision for the future.

February 14, 2025

A&A Focus recap: FASB and ASB chair recap and preview activities

The February webcast included one-on-one discussions with the chairs of the accounting and auditing standard setters.

February 11, 2025

SEC pauses legal defense of its climate-related disclosures rule

The acting SEC chair, who voted against the rule last year, cites “changed circumstances” while calling the rule “deeply flawed.”

February 1, 2025

Exercising caution with non-GAAP measures and disclosures

The use of individually tailored accounting information requires higher professional skepticism from financial statement preparers and users.

January 22, 2025

FASB proposes series of changes to accounting standards

The board seeks comments on an Accounting Standards Update that addresses 34 issues in GAAP.

January 17, 2025

A&A Focus recap: Quality Management FAQs and a 2024 ASU rundown

The January webcast also included a deep dive into step 3 of the five-step revenue recognition process outlined in FASB ASC 606.

January 14, 2025

Update: Digital assets practice aid addresses new FASB standards

The AICPA resource features new guidance and terminology for financial statement preparers and auditors.

January 6, 2025

FASB seeks input on standard-setting priorities

The board’s first agenda consultation in three years is focused on identifying targeted improvements to GAAP.

January 1, 2025

Avoiding derivative surprises

George M. Wilson, CPA, Director, SEC Institute, a Division of PLI, discusses derivative instruments.

December 23, 2024

A&A Focus recap: Updates on CECL and artificial intelligence

The December webcast also included updates on the AICPA Accounting Standards Review Committee’s preparation standards exposure draft and on recent FASB news.

December 18, 2024

Review confirms effectiveness of Private Company Council

The Financial Accounting Foundation’s review of the council, which works with FASB to support the interests of private companies in the standard-setting process, concluded that the council is serving its purpose.

December 18, 2024

FASB proposal offers guidance on disclosure of environmental credits

The proposal aims to address gaps in guidance for financial accounting of environmental credits and environmental credit obligations.

December 9, 2024

New guide clarifies accounting and valuation of business combinations

AICPA publication offers best practices for professionals working in accordance with a set of FASB standards related to accounting and valuations in mergers and acquisitions.

December 3, 2024

FASB proposes guidance on measurement of credit losses

An Accounting Standards Update focuses on the measurement of credit losses for accounts receivable and contract assets for private companies and certain not-for-profit entities.

December 3, 2024

A&A Focus recap: Improving the peer review experience

Also, an internal controls expert joined for a discussion on COSO and its relationship to SAS 145, and a current Auditing Standards Board member addressed questions the AICPA has been receiving on the QM implementation process.

FROM THIS MONTH'S ISSUE

How a CPA beat burnout after strokes, depression

Get ready for tax season with the JofA’s annual filing season quick guide, an easy-to-use compilation of dollar thresholds, tax tables, standard amounts, credits, and deductions. Download and print for quick reference this tax season.