News
FASB Issues Standard That Clarifies Guidance for Identifying the Accounting Acquirer in a Business Combination
May 12, 2025
The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that improves the requirements for identifying the accounting acquirer in FASB Accounting Standards Codification® Topic 805, Business Combinations. The ASU is based on a recommendation of the Emerging Issues Task Force (EITF).
More companies get assurance on sustainability reporting
May 12, 2025
Approximately three-quarters of large global companies are receiving assurance services on their sustainability reporting, according to a new report.
Will cybercriminals come for accountants next?
May 12, 2025
With major retailers recently brought to their knees by hackers, accountants would do well to think about what could happen to their businesses and take precautions.
PCAOB Continues Efforts To Help Firms With Implementation of New Quality Control Standard With Release of Additional Staff Videos
May 09, 2025
The PCAOB has posted a new set of staff presentation videos designed to help firms implement four areas of their quality control (QC) system under QC 1000, A Firm’s System of Quality Control.
Tackling ESG: 3 keys to getting internal audits in order
May 06, 2025
CFOs should keep these priority areas in mind as they undergo internal audits and look to set themselves up for long-term ESG reporting success.
FASB Seeks Public Comment on Proposal to Improve Accounting for Debt Exchanges
April 30, 2025
The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU) that would provide accounting guidance for debt exchange transactions involving multiple creditors. The proposed ASU is based on a recommendation of the Emerging Issues Task Force (EITF). Stakeholders are encouraged to review and provide comments on the proposed ASU by May 30, 2025.
AICPA monitoring proposed changes to public company auditing oversight
April 29, 2025
AICPA leadership is monitoring a legislative proposal that would defund the PCAOB, saying in a statement Monday that it “is committed to supporting the drivers of audit quality.”
PCAOB Makes Available New Downloadable Datasets Featuring PCAOB Inspection Findings From Audit Firm Inspection Reports
April 28, 2025
The new datasets, which contain public inspection information from inspection reports going back to 2018, are machine-readable and can be used to analyze PCAOB inspection findings.
Financial Accounting Foundation issues annual report
April 18, 2025
The Financial Accounting Foundation (FAF) annual report details its activities throughout 2024, highlighting how FASB and GASB engage with stakeholder groups to create and improve GAAP. The report includes an update to FAF’s 2022 strategic plan and includes perspectives from FAF leadership.
Business advocacy group seeks destruction of millions of BOI records
April 14, 2025
A small business advocacy organization that sued over beneficial ownership information (BOI) reporting requirements asked the federal government to destroy BOI reports filed before the government dropped the requirement for domestic entities.
Continuous auditing: A new era or a challenge to tradition?
April 03, 2025
External auditors have long been tasked with ensuring financial integrity, detecting fraud and providing an independent opinion on a company's financial statements.
FASB Staff Educational Paper Clarifies Guidance on the Presentation and Disclosure of Retainage for Construction Contractors
April 01, 2025
The Financial Accounting Standards Board (FASB) today announced the release of an FASB Staff Educational Paper that addresses questions about how to apply revenue recognition guidance about presentation and disclosures to construction contracts that contain retainage (or retention) provisions. The educational paper, which does not change or modify current generally accepted accounting principles (GAAP), was prompted by input from private company stakeholders, including the Private Company Council.
PCAOB Releases 2024 Annual Report
April 01, 2025
The PCAOB has released its 2024 Annual Report(PDF). The Annual Report discusses how the PCAOB advanced its investor-protection mission during fiscal year 2024 and provides the PCAOB’s financial results, including audited financial statements, the auditor’s report, and management’s report on internal control over financial reporting.
GASB Requests Input on Severe Financial Stress and Probable Dissolution Disclosures
March 31, 2025
The Governmental Accounting Standards Board (GASB) issued a Preliminary Views (PV) today for public comment on proposals associated with accounting and financial reporting for severe financial stress and probable dissolution disclosures.
PCAOB Posts Report Detailing Significant Improvements Across Largest Firms, Alongside Inspection Results In Record Time
March 31, 2025
Following focused efforts by the PCAOB to drive improvement, the aggregate Part I.A deficiency rate across firms is expected to drop seven percentage points year over year.
IFRS launches tool to help companies implement ISSB standards
March 28, 2025
The IFRS Foundation launched an interactive tool to help jurisdictions develop approaches for the adoption of ISSB standards into their regulatory frameworks.
SEC ends legal defense of its climate rules
March 28, 2025
The climate disclosure rules adopted a year ago by the SEC will no longer be defended in court by the commission after a vote Thursday.
Amendment clarifies CPAs’ financial statement preparation engagements
March 26, 2025
The AICPA Accounting and Review Services Committee (ARSC) voted Wednesday to issue an amendment clarifying that a CPA preparing financial statements as part of a consulting services engagement performed in accordance with CS Section 100, Consulting Services: Definitions and Standards, is not required to apply AR-C Section 70, Preparation of Financial Statements.
GASB Staff Completes Study of GAAP Utilization Among U.S. State and Local Governments
March 24, 2025
The Governmental Accounting Standards Board (GASB) has completed a study of the utilization of Generally Accepted Accounting Principles (GAAP) by state and local governments in the U.S.
PCAOB Posts Three Staff Presentation Videos on Monitoring and Remediation Process Under New Quality Control Standard
March 24, 2025
The PCAOB has posted a series of three staff presentation videos designed to help auditors implement the monitoring and remediation process under QC 1000, A Firm’s System of Quality Control. The videos are the latest in a series of resources the PCAOB has recently released to assist and inform auditors in their implementation of Quality Control (QC) and other PCAOB standards and rules. The PCAOB encourages firms to take advantage of the various implementation resources, including staff-led videos, guidance documents, knowledge checks, a practice aid, and interactive chart, which are available on the Implementation Resources for PCAOB Standards and Rules page.