News
New: Digital assets practice aid addresses auditing of lending, borrowing
September 03, 2025
The AICPA updated its digital assets practice aid to assist practitioners with scenarios involving crypto lending and borrowing.
PCAOB Postpones Effective Date of QC 1000 and Related Standards, Rules, and Forms
August 28, 2025
The Public Company Accounting Oversight Board (PCAOB) announced that it is postponing for one year, to December 15, 2026, the effective date for QC 1000, A Firm’s System of Quality Control, and other new and amended PCAOB standards, rules, and forms adopted by the Board on May 13, 2024. The Board’s action also postpones the related rescission date of certain rules and standards that are currently in force.
PCAOB Launches Smaller Firm Resource Group
August 26, 2025
The Public Company Accounting Oversight Board (PCAOB) today announced the formation of the Smaller Firm Resource Group, an advisory group of professionals from smaller audit firms.
8 steps to build your firm’s quality management system on time
August 12, 2025
Firms that haven’t started establishing their quality management system can get it done by the Dec. 15 deadline by following these steps.
AICPA unveils new QM resources to help firms meet Dec. 15 deadline
August 12, 2025
The clock is ticking. Accounting firms must establish systems of quality management (QM) by the Dec. 15, 2025, effective date of the new QM standards governing accounting and auditing (A&A) practices.
Be Prepared: The Quality Management Standards Are Coming
August 12, 2025
The AICPA’s Statements on Quality Management Standards’ (“SQMS”) December 15, 2025, effective date is fast approaching, and few firms are prepared.
FASB to Host September 12 Public Roundtable on Its Post-Implementation Review of the Leases Standard
August 12, 2025
The Financial Accounting Standards Board (FASB) today announced it will host a public roundtable on the FASB’s Post-Implementation Review (PIR) of Topic 842, Leases. The roundtable will take place on Friday, September 12, 2025, from 10:00 a.m. to 3:00 p.m. Eastern Daylight Time, at the FASB offices located at 801 Main Avenue, in Norwalk, Connecticut.
FASB Issues Standard that Improves Measurement of Credit Losses for Accounts Receivable and Contract Assets
July 30, 2025
The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that improves guidance on the measurement of credit losses for accounts receivable and contract assets.
Financial Accounting Foundation Seeks Nominations for the Financial Accounting Standards Advisory Council
July 24, 2025
The Board of Trustees of the Financial Accounting Foundation (FAF) today announced that it is seeking nominations for new members to join the Financial Accounting Standards Advisory Council (FASAC) for an initial one-year term beginning January 1, 2026. The FASAC is the primary advisory body to the Financial Accounting Standards Board (FASB).
FinCEN says it will postpone effective date of anti-money-laundering rule
July 21, 2025
Treasury’s Financial Crimes Enforcement Network (FinCEN) said Monday that it plans to postpone the effective date of a rule bringing certain investment advisers within the standards of its anti-money-laundering and countering-the-financing-of-terrorism (AML/CFT) programs as it revisits the rule.
Connecticut CPA Magazine Excerpt – Finance Transformation: How Technology Can Shorten the Financial Close
June 30, 2025
Completing the monthly or quarterly close activities can be lengthy and cumbersome. Many steps are repetitive and manual, which leads to inefficiencies making it difficult to close the books in a timely manner. The good news is there have been significant technology advancements enabling organizations to shorten the financial close cycle while enhancing accuracy and efficiency. Various technological solutions can streamline financial close operations while maintaining financial information integrity. There are specific actions you can take to move forward in terms of people, process, and technology to create efficiencies, reduce cost, and improve employee morale all while maintaining proper controls.
GASB updates guidance on application of standards
June 23, 2025
GASB on Monday issued Implementation Guidance Update — 2025, a guide updated for the first time in nearly two years that features questions and answers addressing how to apply GAAP to a variety of GASB standards.
Inside GASB's far-reaching agenda
June 23, 2025
The Governmental Accounting Standards Board is juggling a variety of projects to improve accounting for state and local governments as they come under pressure from the threat of reduced funding from the federal government.
PCAOB Publishes Annual Report on Broker-Dealer Audits
June 13, 2025
The PCAOB has released its “Annual Report on the Interim Inspection Program Related to Audits of Brokers and Dealers(PDF).” Under federal law, the PCAOB has the responsibility to oversee firms that audit broker-dealers registered with the U.S. Securities and Exchange Commission.
PEEC exposure draft seeks to clarify requirements for SSAE engagements
June 05, 2025
The AICPA Professional Ethics Executive Committee (PEEC) on Thursday released an exposure draft of proposed revisions to the AICPA Code of Professional Conduct (the Code). The exposure draft is the first of a five-phase approach to clarify independence requirements for engagements subject to the Statements on Standards for Attestation Engagements (SSAEs).
Sustainability reporting now falls to accountants
June 04, 2025
With sustainability disclosures no longer optional extras, the responsibility for reporting them is shifting to become a finance function issue.
PCAOB Publishes New Resource to Help Smaller Audit Firms Address Challenges of Auditing Accounting Estimates
May 21, 2025
A new PCAOB publication – “Audit Focus: Auditing Accounting Estimates” – provides auditors with reminders and good practices about accounting estimates, an especially challenging aspect of financial statements.
How KPMG is using AI to revamp their audit practice
May 16, 2025
Audit CTO and global solutions group leader Thomas Mackenzie explains how updating technology is reshaping audit quality, talent and regulatory strategy.
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.