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.
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Accounting & reporting
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.
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.
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”.
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.
FASAB releases annual handbook
The Federal Accounting Standards Advisory Board published the latest version of accounting standards for the U.S. government.
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.
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.
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.
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).
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.
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.
AICPA, NASBA approve revisions to CPE standards
The AICPA and NASBA approved revisions to The Statement on Standards for Continuing Professional Education (CPE) Programs, as well as the NASBA Fields of Study document.
FASB addresses guidance on induced conversions of convertible debt instruments
The comment deadline on the proposed Accounting Standards Update is March 18, 2024.
FASB releases 2024 reporting taxonomies
The 2024 GAAP Financial Reporting Taxonomy and the 2024 SEC Reporting Taxonomy are now available, along with a taxonomy related to XBRL data.
New FASB standard addresses income tax disclosures
In response to investors, a new Accounting Standards Update will require an increased level of disaggregation of income tax disclosures on an annual basis.
Podcast part 1: Melancon on news and trends affecting CPAs
The CEO of AICPA & CIMA discusses a potential IRS shutdown, why legislation will have an “extraterritorial effect” on reporting of ESG metrics, and why CPA licensure should be followed closely.
FASB issues new cryptoassets standard
The Accounting Standards Update requires entities to report on certain fungible assets at fair value, with changes in fair value recognized in net income.
FASAB releases transitional accommodations for new leases standard
The Federal Accounting Standards Advisory Board issued an amendment providing “an appropriate degree of flexibility” for an interim period.
FinCEN extends BOI reports deadline for certain companies
Treasury’s Financial Crimes Enforcement Network extended the deadline to file beneficial ownership information reports from 30 days to 90 days for companies created or registered in 2024.
Features
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.
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Digital asset transactions: Broker reporting, amount realized, and basis
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