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.
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TOPICS
Accounting & reporting
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.
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.
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.
‘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.
AICPA, others call for a one-year extension of BOI report deadline
In a letter to Treasury’s Financial Crimes Enforcement Network, the AICPA says the additional time will give all businesses a fair and reasonable time frame to become aware of the new and complex rule.
SEC addresses securities transparency; PCAOB addresses audit concerns
The SEC adopts several rules and amendments expanding and expediting the sharing of information; the PCAOB shares advice with auditors related to issues with engagement quality reviews.
FASAB committee issues updates to guidance on leases
The board’s Accounting and Auditing Policy Committee issued Federal Financial Accounting Technical Release (TR) 22: Leases Implementation Guidance Updates.
FASB amends codification to align with SEC disclosures
The Accounting Standards Update incorporates 14 disclosures from a 2018 SEC final rule into GAAP.
GASB addresses disclosure and classification of capital assets
GASB issued a proposal that would establish requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures, allowing users to make informed decisions about these and to evaluate accountability.
AICPA releases quality management practice aid
The practice aid and supporting materials will help small- and medium-size firms and sole practitioners develop a QM system that aligns with a new set of QM standards.
Driving fuel efficiency: CPAs’ changing role in oil and gas reporting
The keynote speaker at an upcoming AICPA & CIMA conference previews his session on how current and pending ESG reporting rules may affect CPAs in the oil and gas industry.
PCAOB offers forum for auditors; SEC releases several updates
The PCAOB forum follows proposed changes aimed at increasing the board’s ability to hold individual auditors responsible for firm violations.
ESG Symposium synopsis: How to put firms in the driver’s seat
A new California law is the latest “market driver” pushing ESG reporting forward. With regulations rapidly developing on a global scale, the time has arrived for CPA firms to grab the wheel.
FASB approves cryptoassets standard
The board voted to issue a standard that defines the financial reporting requirements for certain crypto holdings and how the value of those assets should be measured.
FASAB seeks comment on guidance for management discussion and analysis
The Federal Accounting Standards Advisory Board is seeking feedback on an exposure draft aimed at updating the guidance for management discussion and analysis (MD&A).
FASB issues new chapter of its Conceptual Framework
FASB issued a new chapter of its Conceptual Framework related to the recognition and derecognition of criteria and guidance on when an item should be incorporated into and removed from financial statements.
An updated practice aid and how it can assist in audits of digital assets
Updates to a digital assets practice aid provide valuable information for accounting for and auditing of digital assets. A CPA explains more in this podcast episode with transcript.
FASAB seeks to enhance note disclosures in financial statements
The Federal Accounting Standards Advisory Board is accepting public comments on an exposure draft aimed at making note disclosures an ‘integral part’ of financial statements.
SEC adopts amendments impacting broker-dealers, private fund advisers
Fewer broker-dealers will be exempt from registering with FINRA; private fund advisers face new regulations.
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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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