The SEC’s Office of the Chief Accountant is accepting applications for Professional Accounting Fellow positions that will begin in the summer of 2024.
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Accounting & reporting
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.
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.
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.
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
From The Tax Adviser
March 31, 2026
Current developments in taxation of individuals: Part 1
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Current Developments in Taxation of Individuals: Part 1
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