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CPA Evolution Project Continues with Proposed Changes to CPA Exam, Educational Requirements for Initial Licensure
The National Association of State Boards of Accountancy (NASBA) Eastern Regional Meeting, held virtually this spring, covered several issues – most notably the CPA Evolution Project.  NASBA, in partnership with the AICPA, has spent almost...
GASB Proposes Application Guidance on CARES Act and Coronavirus Diseases Issues
As part of its continuing efforts to assist state and local governments during the COVID-19 pandemic, the Governmental Accounting Standards Board (GASB) today released a proposed staff Technical Bulletin containing application guidance related to...
FASB votes to delay revenue recognition effective date for private companies
The board originally had proposed amending the revenue recognition standard effective date just for franchisors that are not public business entities. But feedback FASB received on the proposal related to coronavirus pandemic challenges convinced...
Auditing Standards Board to consider one-year deferral of effective dates
The effective dates for seven recently issued generally accepted auditing standards may be deferred by one year when the AICPA Auditing Standards Board (ASB) holds a special open meeting from 2 to 4 p.m. on April 20 to discuss relief due to the...
IRS crypto guidance every tax practitioner should know
The IRS is getting serious about cryptocurrency. This fall, it released three documents that all tax practitioners need to pay attention to ahead of the 2019 filing season: a retroactive revenue ruling, FAQs for reporting cryptocurrency ownership...
Adaptive learning self-study enabled in new CPE provider rules
Rules for continuing professional education providers for CPAs have been changed to accommodate adaptive learning self-study programs and address other issues. The National Association of State Boards of Accountancy (NASBA) and the AICPA...
What’s next for potential CPA licensure changes
A new model proposed by the National Association of State Boards of Accountancy (NASBA) and the AICPA is designed with an eye on the future for newly licensed CPAs. Carl Mayes, CPA, AICPA associate director–CPA Quality & Evolution, provides...
FASB Issues Narrow-Scope Improvements to Credit Losses Standard
The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that addresses issues raised by stakeholders during the implementation of Accounting Standards Update No. 2016-13, Financial Instruments—Credit...
FASB Delays Certain Effective Dates for Credit Losses, Leases, Hedging, and Long-Duration Insurance Standards
The Financial Accounting Standards Board (FASB) today issued two Accounting Standards Updates (ASUs) that finalize various effective date delays for standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance...
How the CPA Exam is poised to change
New technologies with the power to reshape accounting, such as data analytics, are emerging all the time. In this podcast, Rich Gallagher, CPA, senior director of content for the AICPA Examinations team, tells us how the CPA Exam is able to keep...