Accounting & reporting news and resources

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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.

October 31, 2023

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.

October 16, 2023

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.

October 13, 2023

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.

October 9, 2023

FASB amends codification to align with SEC disclosures

The Accounting Standards Update incorporates 14 disclosures from a 2018 SEC final rule into GAAP.

September 29, 2023

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.

September 29, 2023

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.

September 28, 2023

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.

September 22, 2023

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.

September 18, 2023

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.

September 7, 2023

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.

FROM THIS MONTH'S ISSUE

4 ways solo practitioners can stand out

Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.