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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.

  • accounting and auditing

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.

  • accounting and auditing
  • business and industry
  • practice management
  • advocacy - federal

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.

  • accounting and auditing
  • business and industry

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.

  • accounting and auditing
  • business and industry
  • career resources
  • practice management
  • advocacy - state
  • advocacy - federal

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).

  • accounting and auditing

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.

  • accounting and auditing

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.

  • accounting and auditing
  • practice management
  • federal tax

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.

  • accounting and auditing
  • business and industry
  • career resources

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.

  • accounting and auditing
  • business and industry

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.

  • accounting and auditing
  • business and industry
  • practice management

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.

  • accounting and auditing

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.

  • accounting and auditing
  • federal tax

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?

  • accounting and auditing
  • practice management

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.

  • accounting and auditing
  • advocacy - federal

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 and auditing
  • practice management
  • boi

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.

  • accounting and auditing
  • business and industry
  • practice management
  • technology and cybersecurity

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?

  • accounting and auditing
  • business and industry
  • practice management

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.

  • accounting and auditing
  • business and industry
  • not-for-profit
  • practice management

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).

  • accounting and auditing

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.

  • accounting and auditing
  • practice management
  • advocacy - federal
  • boi