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.
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Accounting & reporting
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.
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.
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.
FASAB issues amendments, seeks new board members
The amendments conform implementation guidance to several existing reporting standards for federal government entities.
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.
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.
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.
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.
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.
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.
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.
EY makes big investment in accounting profession
The Big 4 accounting firm announced that it will invest $1 billion over three years in talent and technology. The investment includes a commitment to improve pay for early-career professionals.
AICPA applauds the Private Company Council’s work with FASB
A comment letter related to a Financial Accounting Foundation review of the PCC’s effectiveness praises the impact the council makes for private company stakeholders.
Why sustainability information matters to CPAs
As demand for ESG data grows, so does the opportunity for accountants to help businesses meet reporting requirements.
GASB updates its financial reporting blueprint
New guidance features targeted improvements to the financial reporting model established for state and local governments 25 years ago.
A&A Focus recap: CECL, leases, and commercial real estate
The May installment of the monthly newscast series also featured a governmental auditing update.
Why the SEC climate rule deserves CPAs’ attention
An AICPA director who has closely followed corporate reporting on climate issues explains the new SEC rule’s importance for accountants who create financial statements and those who audit them. Read the Q&A or listen to the transcript.
SEC strengthens requirements for response to data breaches
Changes to Regulation S-P call for covered institutions to develop an incident-response plan beginning in 2026.
Proposal from SEC, FinCEN calls for investment advisers to ID customers
The proposed rule would require SEC-registered investment advisers and exempt reporting advisers to establish customer identification programs aimed at curbing financial crimes.
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The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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