News

The last time plans were at least 100% funded was before the 2008 financial crisis.

The Justice Department (DOJ) filed an emergency application with the Supreme Court asking it to stay the district court injunction that is preventing the government from enforcing the Corporate Transparency Act and its requirements to report beneficial ownership information (BOI).

The Financial Accounting Standards Board (FASB) today published an Invitation to Comment (ITC) that gives stakeholders the opportunity to provide feedback on its future standard-setting agenda. Stakeholders are asked to review and provide comment on the ITC by June 30, 2025.

The Jan. 1, 2025, deadline for reporting companies to file beneficial ownership information (BOI) reports could be extended by one year, based on a draft continuing resolution proposed in the House of Representatives. The 1,500-page short-term funding bill, which would keep the government funded until March 14, 2025, could be voted on today by the House and shortly thereafter by the Senate.

Firms with A&A practices should pay particular attention to the new standard on engagement quality reviews (EQRs) as they implement the new suite of quality management (QM) standards that are effective Dec. 15, 2025.

A federal district court, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, issued an order Tuesday prohibiting the enforcement of the CTA and the beneficial ownership information (BOI) reporting rule in the CTA’s accompanying regulations.

In Texas Top Cop Shop v Garland et al. ( case 4:24-cv-00478 December 3, 2024) , the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA), questioning its constitutionality and its impact on small businesses. The CTA, enacted as part of broader anti-money laundering efforts, mandates companies to disclose their beneficial ownership information to a federal database maintained by the Financial Crimes Enforcement Network (FinCEN).

The U.S. District Court for the Eastern District of Texas has suspended the implementation of the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting requirements.

The transformative leader, who is retiring on Dec. 31, guided the organization and the profession for nearly three decades.

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that improves the relevance and consistency in application of the induced conversion guidance in FASB Accounting Standards Codification® Subtopic 470-20, Debt—Debt with Conversion and Other Options.

The Governmental Accounting Standards Board (GASB) announced today that it has issued two Exposure Drafts: an Exposure Draft of a proposed Statement, Subsequent Events, and an Exposure Draft of a proposed Implementation Guide, Implementation Guidance Update—2025.

The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of Robert W. Scott to a five-year term on the Governmental Accounting Standards Board (GASB). Mr. Scott currently serves as the director of finance and administration for the city of Brookfield, Wisconsin. His term begins July 1, 2025, and extends through June 30, 2030.

A program designed to help accounting graduates more easily meet education requirements for CPA licensure is expanding its reach.

The deadline for beneficial ownership information (BOI) reports that applies to most small businesses should be delayed, the AICPA said in a letter to congressional committee leaders.

The PCAOB adopted a rule amendment that enables the board to address situations in which a registered firm doesn't file annual reports and doesn't pay annual fees for two consecutive reporting years.

With less than two months left for most small businesses to file beneficial ownership information (BOI) reports, the Financial Crimes Enforcement Network (FinCEN) has received a fraction of the expected 32 million reports, a FinCEN representative said Thursday during the AICPA's Town Hall.

With six of seven possible seats up for election this year, Connecticut’s congressional delegation remained in Democratic hands Tuesday following what was likely going to end up being five lopsided victories and one that was close in the 5th, once official results are in.

The AICPA Peer Review Board (PRB) voted Monday to approve a standards update designed to better align peer review standards with new quality management (QM) standards and to clarify and improve existing technical guidance.

Connecticut voters turned out en masse Tuesday to cast their ballots, despite a large number of voters having already participated in early voting and submitting absentee ballots.

At the recent AICPA Fall Council meeting, Mark Koziel was officially introduced as the incoming CEO, and was recognized for his impactful leadership and commitment to the profession. Mark's journey from his early days in public accounting to his current role as CEO of Allinial Global was highlighted.