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June 20, 2025

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.

June 17, 2025

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.

June 13, 2025

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.

May 19, 2025

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.

May 16, 2025

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.

May 12, 2025

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.

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.

FROM THIS MONTH'S ISSUE

Cannabis dispensary denied ERC

The Court of Federal Claims held that Sec. 280E, which prohibits deductions and credits for businesses trafficking in controlled substances, applies to the employee retention credit (ERC), including its refundable portion, and denied a cannabis business’s claim for a refundable ERC.