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September 25, 2024

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.

September 20, 2024

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.

September 17, 2024

A&A Focus recap: Leveraging control testing in an audit

Also, an update from the Auditing Standards Board chair, principal vs. agent analysis when recognizing revenue, and the new required income tax disclosures under FASB Accounting Standards Update No. 2023-09.

September 3, 2024

Sustainable services: CPAs positioned for burst in opportunities

As mandatory regulations related to reporting on and assurance of sustainability data begin to take hold, now is the time for CPAs in a variety of roles to position themselves to take advantage.

August 29, 2024

FinCEN final rule lessens impact on small registered investment advisers

Treasury’s Financial Crimes Enforcement Network estimates the rule will require about 200 previously unaffected small RIAs to participate in FinCEN’s anti-money-laundering and terrorism programs. The number of affected RIAs is lower than the proposed rule’s estimate.

July 29, 2024

Broker-dealer audit deficiencies on the rise, PCAOB finds

The board’s annual report identifies deficiencies in 70% of audit engagement reviews, offers advice aimed at reducing the number.

July 24, 2024

FASB proposes scope-related changes to two ASC topics

The Financial Accounting Standards Board is seeking feedback on a proposed Accounting Standards Update related to the application of derivative accounting to contracts and to the diversity in accounting for a share-based payment from a customer.

July 23, 2024

FASAB issues amendments, seeks new board members

The amendments conform implementation guidance to several existing reporting standards for federal government entities.

July 22, 2024

A&A Focus recap: The ethics of using AI in an audit

The July installment of the monthly newscast series also featured a look at the recently released ACFE Report to the Nations, and the first in a series of conversations about revenue recognition and digital assets.

July 15, 2024

FASB issues new chapter of Conceptual Framework

The new section is related to the measurement of items recognized in financial statements. It completes the board’s framework.

July 3, 2024

Financial restatements drop, a good sign for reporting quality

The number of financial restatements filed with the SEC dropped by more than 50% from 2013 to 2022, according to a Center for Audit Quality study.

July 1, 2024

New crypto accounting rules may spur early adoption

The standard is so beneficial that cryptoasset holders may not want to wait until ASU 2023-08 officially takes effect.

June 26, 2024

A&A Focus recap: Top A&A and employee benefit plan issues

The June installment of the monthly newscast series reviews the top issues raised at two of the AICPA’s premier conferences, looks at software being used by auditors, and includes an update from the AICPA’s chief auditor.

June 21, 2024

FASAB offers new guidance on seized and forfeited digital assets

Federal government standard setter clarifies how to apply existing standards for inventory and related property to certain digital assets.

June 18, 2024

TQA addresses related-party disclosure requirements

The AICPA issued a new Technical Question and Answer to provide nonauthoritative guidance regarding the audit implications of a new related-party disclosure requirement for institutions that participate in the financial assistance programs of the Higher Education Act.

June 13, 2024