News

A proposed change to the AICPA Peer Review Program would centralize the administration of peer reviews for firms operating under alternative practice structures, such as those with private equity investments.

PEEC welcomes comments on all aspects of these proposed revisions to the code. In addition, PEEC is asking for feedback on the following specific aspects of the revisions...

The AICPA updated its digital assets practice aid to assist practitioners with scenarios involving crypto lending and borrowing.

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.

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.

Firms that haven’t started establishing their quality management system can get it done by the Dec. 15 deadline by following these steps.

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.

The AICPA’s Statements on Quality Management Standards’ (“SQMS”) December 15, 2025, effective date is fast approaching, and few firms are prepared.

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.

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).

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.

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 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.

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.

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.

With sustainability disclosures no longer optional extras, the responsibility for reporting them is shifting to become a finance function issue.

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.

Audit CTO and global solutions group leader Thomas Mackenzie explains how updating technology is reshaping audit quality, talent and regulatory strategy.

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).

Approximately three-quarters of large global companies are receiving assurance services on their sustainability reporting, according to a new report.