SEC proposals address risk management for clearinghouses
May 18, 2023
The SEC proposed rule amendments and a new rule Wednesday that would require clearinghouses to enhance their risk management and recovery planning.
Why private companies need a plan for ESG reporting, assurance
May 17, 2023
A midnight rummage through your refrigerator won't result in the discovery of something manufactured by Southwire alongside your favorite brand of cheese, but that cheese might not smell so appetizing without Southwire.
FASB Issues Proposal to Clarify Accounting Guidance Related to Profits Interest Awards
May 15, 2023
The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU) intended to improve generally accepted accounting principles (GAAP) by adding illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as a share-based payment arrangement within the scope of Topic 718, Compensation—Stock Compensation. Stakeholders are encouraged to review and provide comments on the proposed ASU by July 10, 2023.
PCAOB prioritizes two standard-setting projects
May 15, 2023
The PCAOB has moved two standard-setting projects to the front burner.
How the Financial Accounting Foundation plans to strengthen oversight
April 27, 2023
The organization that oversees FASB and GASB is continuing an effort to strengthen oversight by offering a convenient way for those impacted by the boards' standards to share concerns about due process.
Sustainable Business: 7 Practical Ideas for CFOs
April 25, 2023
CFOs play a pivotal role in determining what sustainable business management means for their organization.
NASBA Extends CPA Exam Testing Window to 30 Months
April 24, 2023
In response to feedback submitted through the exposure draft, NASBA has announced that it will adopt an increased testing window of 30 months.
Sustaining the workforce: How sustainability can help the cause
April 21, 2023
Company leaders leaning into the opportunity presented by the evolving ESG landscape share their success stories during the 2023 Future of Finance Virtual Summit.
Innovations in staffing
April 17, 2023
The war for talent goes on, but there are creative solutions available for bold firms, according to Jeff Phillips, CEO of Padgett Business Services and co-founder of remote job platform Accountingfly.
PCAOB reveals priorities for 2023 inspections
April 17, 2023
The PCAOB shared its list of priorities for 2023 audit inspections in a staff report released Monday.
Nothing left to chance: The life of a lottery auditor
April 13, 2023
After marking several items off her regimented checklist, Imani Hudgins sits down in her darkened workspace for a brief mental break.
COSO releases internal control guidance for sustainability reporting
March 30, 2023
The commission responsible for the most widely used internal control framework has published a paper providing guidance for applying the framework to sustainability reporting.
FASB improves accounting for investments in tax credit structures
March 29, 2023
The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that improves the accounting and disclosures for investments in tax credit structures. The ASU is a consensus of the FASB’s Emerging Issues Task Force (EITF).
Proposal aims to ‘modernize’ public-company audit standards
March 28, 2023
The PCAOB is seeking feedback on its release Tuesday of a proposal focused on modernizing core auditing principles and responsibilities for public companies.
FASB improves leases guidance on related party arrangements between entities under common control
March 27, 2023
The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that improves the guidance for applying Topic 842, Leases, to arrangements between entities under common control.
Accountants encouraged by proposed NFT rules
March 23, 2023
Proposed IRS rules for non-fungible tokens are seen as a good first step by some accounting professionals in this space, indicating the agency is finally taking these assets seriously.
SEC moves toward requiring electronic filings
March 22, 2023
The SEC proposed amendments Wednesday designed to modernize its information collection and analysis methods by, among other things, requiring that registrants file a number of submissions electronically.
SEC Accepts 2023 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy
March 21, 2023
The Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2023 GAAP Financial Reporting Taxonomy (GRT) and the 2023 SEC Reporting Taxonomy (SRT) (collectively referred to as the “GAAP Taxonomy”).
Companies scrambling to secure tech talent for internal audit teams
March 20, 2023
Less than one-third of audit team leaders surveyed have access to the talent they need to fuel AI and machine learning solutions. Leaders are trying a variety of approaches to bridge the gap.
FASAB issues bulletin on reimbursable work agreements
March 17, 2023
The Federal Accounting Standards Advisory Board (FASAB) on Friday issued Technical Bulletin 2023-1, Intragovernmental Leasehold Reimbursable Work Agreements, which is intended to further explain and address accounting issues not directly covered under Statement of Federal Financial Accounting Standards 54, Leases, and other relevant statements.