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.
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Accounting & reporting
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.
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.
IFRS 18: A fundamental redesign of financial statement presentation
The new international accounting standard is aimed at more consistent reporting that’s better aligned with how businesses are run.
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.
Writing an effective AI prompt for an audit
Explore AI in audit, SQMS documentation strategies, and fraud prevention insights from the November 2025 A&A Focus webcast for accounting professionals.
California issues draft guidance for climate risk disclosure
Large companies that conduct business in the state have until Jan. 1, 2026, to publish their first climate-related financial risk reports.
Reputation, security, compliance: Why AI risk disclosures are surging
Nearly three-quarters of S&P 500 companies have disclosed at least one AI-related risk in Form 10-K filings so far in 2025. Learn what types of companies are reporting risk and what exactly they’re disclosing.
Insights into the practical effects on CECL by FASB ASU 2025-05
The October A&A Focus webcast also examined considerations of using a cash-basis accounting method and considerations for auditing revenue.
Right-size your quality management documentation for SQMS No. 1
Optimize quality management documentation for SQMS No. 1. Check out these practical tips to keep documentation appropriate and comprehensive, yet right-sized. Remember, the QM deadline is Dec. 15.
FASB update refines reporting scope for derivatives
In response to “the broad and evolving application of the definition of a derivative,” FASB issued an Accounting Standards Update that aims to address stakeholder concerns about the application of derivative accounting.
FinCEN postpones anti-money-laundering rule
The Financial Crimes Enforcement Network said Monday that it will revisit the scope of an anti-money-laundering rule that affects small registered investment advisers. It said the effective date was expected to be postponed from Jan. 1, 2026, to Jan. 1, 2028.
A&A Focus recap: AI considerations in A&A, GASB updates, and practical lease accounting challenges
The September webcast featured insights on leveraging artificial intelligence in practice, recent developments in state and local government accounting, and practical challenges with ASC 842 lease identification.
Accounting for software: FASB issues improved guidance
The Accounting Standards Update aims to simplify the reporting of internal-use software costs.
OMB announces plan to eliminate 60 accounting rules for federal contractors
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.
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.
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Clean data faster using Excel’s REGEX functions
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