Accounting & reporting news and resources

TOPICS

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.

February 22, 2024

Sustainability reporting, assurance rates on the rise globally

While reporting levels remain high and overall assurance levels are increasing, the level of assurance in the United States conducted by CPA firms remains low.

February 16, 2024

A&A Focus recap: ASB update, technology spotlight, AR-C Section 70, and CECL

The February AICPA accounting, audit, and attest webcast brought together experts, including the chairs of the Auditing Standards Board (ASB) and the Accounting and Review Services Committee (ARSC), to provide updates on recent news.

January 31, 2024

Finance leaders have trust issues with their data

Almost 40% of CFOs in a global survey do not completely trust the accuracy of their organization’s financial data, and trust is even lower for finance leaders who are closer to the numbers.

January 25, 2024

ERC, BOI, e-signature relief: 3 focus areas for tax advocacy

An AICPA tax leader discusses advocacy “wins” from 2023, focus areas for 2024, and explains why comment letters sent to legislators are just “the tip of the iceberg”.

January 25, 2024

BOI reporting and unauthorized disclosure penalties increased

The beneficial ownership information rules and the penalties for violating them just went into effect last month. Now the penalties have increased.

January 23, 2024

FASAB releases annual handbook

The Federal Accounting Standards Advisory Board published the latest version of accounting standards for the U.S. government.

January 12, 2024

Scope 3 reporting: Where things stand with standard-setters

While the SEC weighs greenhouse gas emissions reporting standards, key players home and abroad weighed in on expectations for disclosures during a recent AICPA webcast.

January 10, 2024

SEC accepting Professional Accounting Fellow applications

The SEC’s Office of the Chief Accountant is accepting applications for Professional Accounting Fellow positions that will begin in the summer of 2024.

January 9, 2024

GASB guidance expands risk-related reporting requirements

A new statement requires governments to disclose concentrations and constraints that could make them vulnerable to a substantial impact.

January 1, 2024

Oh BOI: The Corporate Transparency Act and CPA firms

The self-reporting requirements of the Corporate Transparency Act will affect many small and midsize businesses as well as sole practitioners — the bread-and-butter client base for most CPA firms. CPAs may face professional liability risk for a client’s noncompliance with the law, which includes new reporting requirements related to beneficial ownership information (BOI).

December 21, 2023

Final rule issued on access to beneficial ownership information

The director of the Financial Crimes Enforcement Network said the key changes from the proposed rule involve the scope of financial institution access to beneficial ownership information; limitations on offshore access to BOI; and streamlining procedures for state, local, and tribal law enforcement to gain access to BOI.

December 21, 2023

FASB seeks input on new chapter of conceptual framework

FASB issued a proposed new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements. If finalized, the chapter would represent the completion of the framework.