News

Firms with A&A practices should pay particular attention to the new standard on engagement quality reviews (EQRs) as they implement the new suite of quality management (QM) standards that are effective Dec. 15, 2025.

A new AICPA guide aims to demystify accounting and valuations in mergers and acquisitions and related transactions.

In Texas Top Cop Shop v Garland et al. ( case 4:24-cv-00478 December 3, 2024) , the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA), questioning its constitutionality and its impact on small businesses. The CTA, enacted as part of broader anti-money laundering efforts, mandates companies to disclose their beneficial ownership information to a federal database maintained by the Financial Crimes Enforcement Network (FinCEN).

The U.S. District Court for the Eastern District of Texas has suspended the implementation of the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting requirements.

The Financial Accounting Standards Board (FASB) today today published a proposed Accounting Standards Update (ASU) on the measurement of credit losses for accounts receivable and contract assets for private companies and certain not-for-profit entities. Stakeholders are encouraged to review and provide input on the proposed ASU by January 17, 2025.

The transformative leader, who is retiring on Dec. 31, guided the organization and the profession for nearly three decades.

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that improves the relevance and consistency in application of the induced conversion guidance in FASB Accounting Standards Codification® Subtopic 470-20, Debt—Debt with Conversion and Other Options.

The Governmental Accounting Standards Board (GASB) announced today that it has issued two Exposure Drafts: an Exposure Draft of a proposed Statement, Subsequent Events, and an Exposure Draft of a proposed Implementation Guide, Implementation Guidance Update—2025.

Changes adopted today by the PCAOB will increase audit firm transparency, bring consistency to the disclosure and calculation of audit firm and engagement metrics, and help the PCAOB conduct its oversight to protect investors

The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of Robert W. Scott to a five-year term on the Governmental Accounting Standards Board (GASB). Mr. Scott currently serves as the director of finance and administration for the city of Brookfield, Wisconsin. His term begins July 1, 2025, and extends through June 30, 2030.

The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU) that would establish authoritative guidance on the accounting for government grants received by business entities. Stakeholders are encouraged to review and provide input on the proposed ASU by March 31, 2025.

Another large accounting firm has struck a deal with private-equity investors.

The PCAOB adopted a rule amendment that enables the board to address situations in which a registered firm doesn't file annual reports and doesn't pay annual fees for two consecutive reporting years.

The Financial Accounting Standards Board (FASB) today published an Invitation to Comment (ITC) that gives stakeholders the opportunity to provide feedback on financial key performance indicators (Financial KPIs). Stakeholders are asked to review and provide comment on the ITC by April 30, 2025.

The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU) that would improve the navigability of the disclosures that are required to be provided in interim reporting periods and clarify when that guidance is applicable and what disclosures are required to be provided in interim reporting periods. Stakeholders are encouraged to review and provide input on the proposed ASU by March 31, 2025.

Paul N. Iannone, CPA, J.D., MST and Danny A. Pannese, CPA/ABV/CFF, CSEP, MST, associate professors, and Benoit N. Boyer, Ph.D., retired professor, all in the Jack Welch College of Business and Technology at Sacred Heart University in Fairfield, wrote “Cleaning up intercompany debt” for the November 2024 issue of The Tax Advisor.

The AICPA Assurance Services Executive Committee recently provided an update and held a meeting to discuss the evolution of assurance services and the exciting advancements on the horizon. The critical need for CPAs to adapt to emerging non-financial assurance opportunities, including cybersecurity, blockchain, digital assets, and sustainability, was emphasized. The CPA profession is uniquely positioned to provide assurance inthese new areas, thanks to established frameworks, ethical guidelines, and a legacy of trust.

The AICPA Peer Review Board (PRB) voted Monday to approve a standards update designed to better align peer review standards with new quality management (QM) standards and to clarify and improve existing technical guidance.

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that improves financial reporting and responds to investor input by requiring public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.

Audit firms are encouraged to review the supplement and other resources providing transparency around remediation, a critical step in PCAOB inspections and the PCAOB’s efforts to protect investors and improve audit quality.