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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

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.

June 10, 2024

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.

June 1, 2024

Why sustainability information matters to CPAs

As demand for ESG data grows, so does the opportunity for accountants to help businesses meet reporting requirements.

May 29, 2024

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.

May 20, 2024

A&A Focus recap: CECL, leases, and commercial real estate

The May installment of the monthly newscast series also featured a governmental auditing update.

May 16, 2024

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.

May 16, 2024

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.

May 13, 2024

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.

April 15, 2024

A&A Focus recap: A&A risk, not-for-profit update, SQMS, and ERC

The April installment of the monthly newscast series covered topics ranging from current practitioner risks and the quality management standards to ERC considerations and a not-for-profit industry update.

March 18, 2024

A&A Focus recap: Lease challenges, SAS 145, and fraud

The March installment of the monthly newscast series covered topics ranging from year 2 lease accounting issues and commercial real estate risks to SAS No. 145 updates for auditors and fraud risks during audits.

March 14, 2024

4 things CPAs need to know about SEC climate rule

Now is the time to begin preparing for new reporting and attestation requirements. A summary of the 886-page rule by the AICPA and the Center for Audit Quality is a good place to start.

March 6, 2024

SEC adopts climate-related disclosure rule

Nearly two years after the rule was proposed, the SEC adopted a final rule that will require certain registered companies to disclose some material climate data beginning in 2025 and Scope 1 and Scope 2 greenhouse gas emissions beginning in 2026.

March 5, 2024

Digital assets addressed by FASAB

The Federal Accounting Standards Advisory Board issued an exposure draft focused on seized and forfeited digital assets, the latest regulatory body to add guidance related to digital assets.

FROM THIS MONTH'S ISSUE

Tax season quick guide

Get ready for tax season with the JofA’s annual filing season quick guide, an easy-to-use compilation of dollar thresholds, tax tables, standard amounts, credits, and deductions. Download and print for quick reference this tax season.