News
4 things CPAs need to know about SEC climate rule
March 15, 2024
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.
DOL Enacts New Independent Contractor Test
March 06, 2024
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.
With 340,000 fewer accountants, companies pay the price
March 01, 2024
Mistakes continued to pile up this earnings season in the wake of Lyft Inc.'s market-roiling typo: Planet Fitness Inc., Mister Car Wash Inc. and Rivian Automotive Inc. all had to correct their quarterly earnings statements. These types of errors shake investor confidence and in extreme cases can result in heavy fines from the Securities and Exchange Commission.
NPAG national pipeline surveys open for responses
February 29, 2024
The National Pipeline Advisory Group (NPAG) on Thursday opened the response period for its national pipeline survey and its survey for college students, which will shape profession-wide efforts to address the accounting talent shortage.
PCAOB reconsidering auditors' role in noncompliance reporting
February 27, 2024
The PCAOB will host a public virtual roundtable March 6 and has reopened the public comment period regarding its proposal to amend auditing standards related to the auditor's responsibility for considering a company's noncompliance with laws and regulations (NOCLAR).
GASB's 40th Anniversary
February 20, 2024
The GASB held its first meeting on June 14, 1984, at the Board’s offices in High Ridge Park in Stamford, CT. Since that day, our Board and staff have worked to develop and maintain high-quality accounting and financial reporting standards for state and local governments across the United States. Ultimately, those standards have helped ensure that users of government financial statements have access to information they can use to make decisions and assess accountability.
7 warning signs that an ERC claim is questionable, from the IRS
February 13, 2024
The IRS alerted small businesses to seven warning signs that could indicate that their employee retention credit (ERC) claim is questionable and to help them resolve issues before a March deadline for a special disclosure program.
Be a better leader by making stress your friend
February 05, 2024
Stress can be disabling but Lucy Cohen, one of the headline speakers at the Festival of Accounting & Bookkeeping, explains that harnessing the benefits can change you as a leader.
Sustainability incentives: A bonus for company leaders
January 26, 2024
More than four in five companies in a global study offered ESG-related executive incentives in 2023, up from two in three companies just two years ago.
ESG needs business – not just environmental – focus
January 24, 2024
Richard Spencer, ICAEW’s director of sustainability, talks to Neil Cutting about the need for finance leaders to view sustainability through a business lens.
Financial Accounting Foundation Launches Redesigned Website for the Financial Accounting Standards Board; Additional Sites Premiere Soon
January 23, 2024
The Financial Accounting Foundation (FAF) today announced the launch of a completely redesigned website for the Financial Accounting Standards Board (FASB). Users can access the new FASB site immediately at www.fasb.org.
Auditor options when finding ineligible ERC claims
January 10, 2024
An employee retention credit (ERC) grant is a fully refundable payroll tax credit that eligible businesses and tax-exempt organizations can claim for qualified wages paid to their employees. This credit was designed to help businesses retain their employees during periods of economic hardship during the COVID-19 pandemic. Eligible employers must meet certain criteria, such as experiencing a significant decline in gross receipts or being fully or partially shut down by a government order. The credit is claimed by amending payroll tax returns.
Do I really need a new engagement letter for that?
January 08, 2024
Despite the known value of engagement letters, CPAs may not use them for small services or when responding to client questions. Is there an alternative?
GASB issues guidance on disclosure of certain risks
January 08, 2024
The Governmental Accounting Standards Board (GASB) issued guidance today that requires governments to disclose information about certain risks.
Risk Alert: Navigating Corporate Transparency Act/Beneficial Ownership Reporting
January 08, 2024
Starting January 1, 2024, a significant number of businesses are required to comply with the Corporate Transparency Act (“CTA” or “the Act”). The Financial Crimes Enforcement Network (“FinCEN”) estimates that in the first year approximately 32.6 million[3] businesses will need to comply with the Act and report information related to the business’ owners, officers, and controlling persons.
Accounting in 2024: The year ahead in numbers
December 29, 2023
With 2024 upon us, it's time — or perhaps past time — to start considering what the new year will bring, and for accounting firms to start making plans about how to grow over the next 12 months.
The 2023 Top 100 People: Fixing the pipeline problem
December 20, 2023
The talent shortage is currently the biggest challenge in accounting — as the 2023 Top 100 Most Influential People have all attested. But how would this year's top leaders and innovators recommend the profession remedy the this urgent issue?
Connecticut CPA Magazine Excerpt: The Role Accountants Can Play in Preparing for Future ESG Requirements
December 18, 2023
The business world is undergoing a profound transformation that extends far beyond traditional financial statements and profit margins. The pace of societal change and environmental impacts has elevated the focus around the impact of business activities on the environment and society. Environmental, Social, and Governance (ESG) considerations have often become embedded into the enterprise risk management process, influencing investment decisions, shaping corporate reputations, and impacting regulatory requirements.
FASB releases 2024 reporting taxonomies
December 18, 2023
FASB released its three annual taxonomies: the 2024 GAAP Financial Reporting Taxonomy (GRT), the 2024 SEC Reporting Taxonomy (SRT), and the 2024 [Data Quality Committee] Rules Taxonomy (DQCRT).
CTCPA Supports Letter Asking for Bills to be Included in Year-End Legislative Package to Delay BOI Reporting Requirements
December 14, 2023
In a letter addressed to members of the House Financial Services Committee and Senate Banking Committee, the AICPA and all 54 state CPA societies, including the Connecticut Society of CPAs asked that H.R. 4035 and S. 2623, the Protecting Small Business Information Act of 2023, or similar legislation to delay, be included in any year-end legislative package. The bills would delay the Beneficial Ownership Information (BOI) reporting requirement until all three rules under the Corporate Transparency Act have been finalized to specify that all such rules would take effect on the same date.