As demand for ESG data grows, so does the opportunity for accountants to help businesses meet reporting requirements.
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Accounting & reporting
GASB updates its financial reporting blueprint
New guidance features targeted improvements to the financial reporting model established for state and local governments 25 years ago.
A&A Focus recap: CECL, leases, and commercial real estate
The May installment of the monthly newscast series also featured a governmental auditing update.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Features
FROM THIS MONTH'S ISSUE
How to replace running totals in Excel
Accountants routinely copy down formulas in Excel to track cumulative balances, such as cash flow and retained earnings, but there is a better way. This JofA Technology Q&A article shows the way with step-by-step instructions and a video walkthrough.
