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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.

December 21, 2023

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.

December 19, 2023

FASB addresses guidance on induced conversions of convertible debt instruments

The comment deadline on the proposed Accounting Standards Update is March 18, 2024.

December 18, 2023

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.

December 15, 2023

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.

December 14, 2023

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.

December 13, 2023

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.

December 1, 2023

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.

November 29, 2023

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.

November 27, 2023

FASB issues new segment reporting guidance

The final Accounting Standards Update, required for annual periods beginning after Dec. 15, 2023, is designed to “improve financial reporting by providing additional information about a public company’s significant segment expenses” in a timely manner.

November 22, 2023

FASAB releases 3-year strategic plan, annual report

Intangible assets and climate-related reporting are among action items that the board, which is responsible for setting standards for federal government entities, will address in the coming years.

November 8, 2023

FinCEN will allow use of identifier in beneficial ownership reporting

Treasury’s Financial Crimes Enforcement Network (FinCEN) made changes to its beneficial ownership information reporting rule in response to comments to a proposed rule.

November 8, 2023

Meeting Luca at the Louvre

On a summer trip to Paris, a college lecturer was waiting in line to see the Mona Lisa when a painting in the distance caught her eye. When she went for a closer look, she made a discovery rich in accounting history. She tells her tale in this article for the AICPA & CIMA’s Academic Update newsletter.

November 2, 2023

‘Moving so quickly’: The latest on ESG compliance

An AICPA director with a focus on ESG explains the many shifts happening in the compliance and reporting landscape in this podcast episode with transcript.