News

The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU) to address stakeholder feedback related to (1) the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract and (2) the diversity in accounting for a share-based payment from a customer that is consideration for the transfer of goods or services. Stakeholders are encouraged to review and provide input on the proposed ASU by October 21, 2024.

Finance leaders from DUDE Products, e.l.f Beauty, Fireworks Over America and the Portland Pickles share how they are using AI within their finance teams.

The National Association of State Boards of Accountancy (NASBA) President and CEO elect Daniel J. Dustin, CPA, has selected Kent A. Absec, Brenner Allen, Esq., William A. Emmer, CPA, and Sedrik Newbern to join the leadership team at NASBA, effective August 1, 2024. These changes to leadership follow the retirement of current NASBA President and CEO Ken L. Bishop.

A large majority of finance chiefs say they feel the heat on sustainability issues from multiple stakeholder groups.

An effort aimed at streamlining access to pertinent information for auditors of employee benefit plan (EBP) financial statements is creating concerns that auditors and firms may be subject to the risk of violations of laws, regulations, and professional standards, as well as increased financial risk.

At the beginning of the legislative session, CTCPA's Governmental Accounting and Auditing (GAA) Committee proposed a change to state law to assist many municipalities and governmental auditors. The committee requested extending the deadline for filing certified reports required by the State Department of Education (SDE) from December 31 to January 31. This extension would provide much-needed relief for municipalities and auditors, recognizing the challenges school districts face in meeting the December 31 deadline and allowing for a more systematic and less stressful process.

A study conducted by the Center for Audit Quality (CAQ) found that the number of financial restatements filed with the SEC fell by more than 50% over a recent 10-year period.

The IRS now has enough money that it can hire more experienced workers to audit both companies and individuals, and it does not have to pick and choose among whom to audit, a managing director at Grant Thornton told attendees at AICPA & CIMA ENGAGE 2024 in Las Vegas.

GASB issued guidance aimed at improving the blueprint for government financial reports that it established a quarter-century ago.

The PCAOB on Monday adopted a pair of foundational auditing standards with ties to AICPA standards.

Ninety-two per cent of professionals across finance, accounting, sustainability, and audit roles think technological transformation will enable an integrated and improved approach to ESG reporting.

CFOs and finance leaders share their takes on whether CPA requirement changes are necessary to address talent issues within corporate finance.

While many accountants are determined to stay as far away from artificial intelligence as possible, others have found ways to use the technology to yield tangible benefits for their firms (see "Accounting's reluctant AI revolution").

The proportion of CFOs integrating ESG concerns into core business strategies has soared in the past year.

A new PCAOB spotlight report provides staff observations regarding the potential positive impact of performing a root cause analysis on the quality of audits performed by PCAOB-registered public accounting firms.

In a recent letter to the Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), the American Institute of CPAs (AICPA) and CTCPA, together with 54 state CPA societies, expressed serious concerns with the rollout and push to implement FinCEN’s Beneficial Ownership Information reporting requirement without regard for the impact to the small business community.

In a recent letter to the Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), the American Institute of CPAs (AICPA) and CTCPA, together with 54 state CPA societies, expressed serious concerns with the rollout and push to implement FinCEN’s Beneficial Ownership Information reporting requirement without regard for the impact to the small business community.

The March 6 installment of the AICPA's monthly A&A Focus Series webcast updated members on critical accounting, auditing, and assurance issues.

The 886-page rule on climate-related disclosures adopted last week by the SEC doesn't make for light reading, but a resource published by the AICPA and the Center for Audit Quality (CAQ) sheds some light in 883 fewer pages.

The Department of Labor has announced a six-factor test for determining whether a worker is an independent contractor or an employee under the Fair Labor Standards Act. This new rule takes effect on March 11, 2024.