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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.

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.

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.

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.

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.

Richard Spencer, ICAEW’s director of sustainability, talks to Neil Cutting about the need for finance leaders to view sustainability through a business lens.

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.

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.

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?

The Governmental Accounting Standards Board (GASB) issued guidance today that requires governments to disclose information about certain risks.

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.

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 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?

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 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).

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.

As the International Auditing and Assurance Standards Board (IAASB) works to finalize a new global standard for assurance of sustainability reporting, the AICPA is working to provide important feedback to ensure the final standard works for CPAs in the United States.

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) intended to improve the accounting for and disclosure of certain crypto assets.

The AICPA Professional Ethics Executive Committee (PEEC) has released new authoritative guidance related to public interest entities. The new definition of publicly traded entity and the revised definition of public interest entity fulfill the AICPA's responsibility as a member body of the International Federation of Accountants (IFAC) to converge with recent changes in international ethics for accountants.

My first thought for a 10th anniversary column was to describe the changes in the last 10 years. A second reaction was to recall my greatest columns. I then realized that looking back or even at the present were exercises in vanity and would not provide any takeaways. To be successful you need to look to the future and be anxious to adopt the changes that are quickly occurring.