News

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) focused on updating the FASB Accounting Standards Codification® for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements.

Governor Ned Lamont today announced that his administration has submitted a plan to the bipartisan leadership of the Connecticut General Assembly to tap into the recently created Emergency State Response Reserve in response to recent federal funding delays and reductions that have been made by the Trump administration and Congressional Republicans to essential health and human services supports that the residents of Connecticut depend on for some of their most basic needs.

Eighty-eight per cent of finance professionals believe AI will be the most transformative tech trend over the next 12 to 24 months. Yet only 8% feel their organisations are “very well prepared” to manage it, a new AICPA and CIMA survey shows.

In their most recent quarterly survey, Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta find CFOs expect pricing pressure to persist due to tariffs.

Reversing a district court, the Eleventh Circuit held Tuesday that the Corporate Transparency Act (CTA), which mandated beneficial ownership information (BOI) reporting, is constitutional and remanded the case for further proceedings.

The Governmental Accounting Standards Board (GASB) has issued Statement No. 105, Subsequent Events, which is designed to improve the financial reporting requirements for subsequent events.

When calculators arrived they said they would dumb us down. While the similar panic over artificial intelligence is understandable, we need to learn to embrace and harness it, says Kevin Phillips.

The Innovative CPA Group (ICG) is pleased to announce its merger with Cerrone, Graham & Shepherd, P.C. of Worcester, Massachusetts. Effective November 1st, 2025, the combined firm will operate under the name “The Innovative CPA Group.” This merger strengthens our expertise and expands our ability to offer integrated accounting, tax, audit, advisory, and consulting services.

The recently enacted One Big Beautiful Bill Act (“OBBB Act”) ushers in some of the most significant tax law changes since the Tax Cuts and Jobs Act. While many provisions are designed to simplify or stimulate economic activity, they also create traps for the unwary. CPAs need to remain alert to compliance challenges, client misperceptions, and liability exposures as the IRS and state taxing authorities continue to issue implementing guidance.

The Innovative CPA Group (ICG) is proud to announce the launch of its new office in Bangalore, India. Marking a significant milestone in expanding the firm’s global footprint and strengthening its ability to deliver high-quality, technology-enabled accounting and tax services worldwide.

The Financial Accounting Standards Board (FASB) today announced the availability of the 2026 GAAP Financial Reporting Taxonomy (GRT), the 2026 SEC Reporting Taxonomy (SRT), and the 2026 GAAP Employee Benefit Plan Taxonomy (EBPT). The FASB also announced the availability of the 2026 DQC Rules Taxonomy (DQCRT) and the 2026 GAAP Meta Model Relationships Taxonomy (MMT), which, together with the GRT, SRT, and EBPT, is collectively referred to as the “FASB Taxonomies.”

State reserves would cover a moderate downturn for two and a half years.

IRS Criminal Investigation released its Fiscal Year 2025 Annual Report PDF on Dec. 11, 2025, showcasing banner investigative results fueled by new partnerships and innovative financial investigative techniques. The report details how IRS-CI’s approximately 3,000 employees worked to safeguard the global financial system and identify $10.59 billion in financial crimes during FY25, which took place from Oct. 1, 2024, to Sept. 30, 2025.

The Department of the Treasury and the Internal Revenue Service today issued Revenue Procedure 2026-6 PDF allowing States, including the District of Columbia, to make an Advance Election to participate in a new tax credit for calendar year 2027. This new credit, established under the One, Big, Beautiful Bill, is for contributions to Scholarship Granting Organizations that serve elementary and secondary school students from low- and middle-income families.

The money will partly offset the loss of tax credits that subsidize health premiums under Obamacare.

As we look ahead to 2026, new research from talent solutions and business consulting firm Robert Half shows that some professionals are putting a new job at the top of their wish list. A new survey from the company reveals that 38% of employed workers in the U.S. plan to look for a new job in the first half of the year — this is up from 27% in July and 29% one year ago.

The Public Company Accounting Oversight Board (PCAOB) will hold an open meeting at 10:00 a.m. ET on Friday, December 19, 2025. At the meeting, the Board will consider the adoption of the PCAOB budget for the 2026 fiscal year.

A new report from CPA.com and the AICPA creates a snapshot of what a typical audit firm transformation looks like, based on feedback from 54 U.S. firms of various sizes and maturity levels.

$10 Billion of Added Deposits Since 2021; Improved Funded Ratios for SERS and TRS to 60% and 64%, Respectively, Up From 37% and 52% in 2018

The Office of Management and Budget (OMB) posted the delayed 2025 OMB Compliance Supplement, an annual resource for practitioners involved in single audits and federal grant compliance.