Accounting & reporting news and resources

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May 9, 2025

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.

May 1, 2025

FASB proposes guidance on accounting for debt exchanges

FASB published a proposed Accounting Standards Update on debt exchange transactions involving multiple creditors.

May 1, 2025

Evaluating fraud risks related to revenue recognition

Gain industry-specific and general insights for auditors related to identifying and assessing risks of material misstatement.

April 18, 2025

Financial Accounting Foundation issues annual report

FAF report highlights recent FASB and GASB actions and updates its strategic plan published three years ago.

April 15, 2025

What NFPs need to know about CECL

Guidance on current expected credit losses applies to some not-for-profit organizations. Find out when and how.

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.

FROM THIS MONTH'S ISSUE

4 ways solo practitioners can stand out

Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.