News

5 hybrid skills accountants need to embrace

June 18, 2021

Today's business environment comes with its own unique set of challenges. Now, more than ever, it's becoming increasingly important for finance and accounting candidates to showcase additional soft skills outside of their core competencies, emphasizing strengths in areas like communication, technology and leadership.

  • accounting and auditing
  • career resources
  • practice management

Understanding the global minimum tax and the growing risk of ransomware

June 18, 2021

The G7 announced a framework for a global minimum tax last week. In this episode, Amy Wang Miller, CPA, J.D., senior manager with the AICPA’s Tax Policy & Advocacy team, explains what the framework means, what accounting and finance professionals can expect next, and what the future of a global minimum tax looks like.

  • accounting and auditing
  • federal tax
  • state tax
  • technology and cybersecurity

FASB Proposes Improvements to Discount Rate Guidance for Lessees That Are Not Public Business Entities

June 16, 2021

The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) that would improve discount rate guidance for lessees that are not public business entities—including private companies, not-for-profit organizations, and employee benefit plans.

  • accounting and auditing

Time commitment, relevance push people away from CPA Exam

June 16, 2021

Young accounting professionals who don't want to pursue CPA licensure cite a lack of time and professional need to do so, according to a new report from the Illinois CPA Society.

  • accounting and auditing
  • career resources
  • practice management

AICPA, NASBA unveil CPA Evolution curriculum

June 15, 2021

The American Institute of CPAs and the National Association of State Boards of Accountancy debuted their CPA Evolution Model Curriculum on Tuesday during a free online launch event.

  • accounting and auditing
  • business and industry
  • career resources
  • federal tax
  • practice management
  • technology and cybersecurity

Auditors face rising SOX compliance hours

June 15, 2021

The increasing number of hours devoted to Sarbanes-Oxley compliance, along with the COVID-19 pandemic, have accelerated the need to use technology and automation to cope, according to a new survey.

  • accounting and auditing
  • coronavirus
  • technology and cybersecurity

CFO's advice: Learn auditing, young finance professional

June 14, 2021

Even in this era of rapid technological change, foundational accounting skills are still among the most important career advantages for finance professionals, according to one CFO.

  • accounting and auditing
  • business and industry

AICPA offers audit guidance on use of specialists and pricing info

June 11, 2021

The American Institute of CPAs’ Auditing Standards Board amended its standards Tuesday to include guidance on the use of specialists and pricing information.

  • accounting and auditing

Big Four’s share of public co. audits dips

June 11, 2021

The largest auditing firms continued to boost their share of the public company audit market in 2020, according to a new report, but the gains were distributed differently than in the previous year.

  • accounting and auditing

New standard addresses investments, specialist matters

June 11, 2021

The AICPA Auditing Standards Board issued a standard Tuesday that provides guidance on the use of specialists and pricing information obtained from external information sources.

  • accounting and auditing

Single Audits and Peer Review: Are your Clients Required to Have a Single Audit?

June 10, 2021

The CARES Act allocated significant amounts of money in new aid to non-federal entities requiring many of them to complete a single audit perhaps for the first time. A single audit also requires the financial statement audit to be performed under Government Auditing Standards (GAS). You may be asked to perform single audit engagements as your clients navigate the requirements of the CARES Act.

  • accounting and auditing
  • coronavirus

Audit fees expected to rise 62% this year

June 08, 2021

Clients anticipate that audit fees will increase nearly two-thirds in 2021 due to the impact of inflation, COVID-19, acquisitions and divestitures, according to a survey by Gartner.

  • accounting and auditing
  • practice management

GASB Provides Guidance to Assist Stakeholders with Application of Its Pronouncements

June 02, 2021

The Governmental Accounting Standards Board (GASB) today issued implementation guidance in the form of questions and answers intended to clarify, explain, or elaborate on certain GASB pronouncements.

  • accounting and auditing

COVID didn’t derail FAF, FASB and GASB

May 28, 2021

Responding to the COVID-19 pandemic was very much on the agenda at the Financial Accounting Foundation in 2020, but that didn’t keep it, and the two U.S. accounting standard-setting boards that it oversees, from a busy agenda that included major leadership changes, continued stakeholder outreach, and the release of a number of standards.

  • accounting and auditing
  • coronavirus

FAF Issues 2020 Annual Report, 'Standards That Work from Main Street to Wall Street'

May 26, 2021

The Financial Accounting Foundation (FAF) today posted its 2020 Annual Report to the FAF website. The report is available as a printable PDF file and as an interactive digital version.

  • accounting and auditing

Private companies still unprepared for leases standard

May 24, 2021

A sizable chunk of private companies still aren’t ready to implement the new lease accounting standard before the end of the year, despite postponements in the deadline due to the pandemic.

  • accounting and auditing
  • business and industry

FASB Virtual Credit Losses Roundtable Recap

May 20, 2021

Earlier today, the Financial Accounting Standards Board (FASB) hosted a virtual roundtable on implementation of the current expected credit losses (CECL) standard and related technical issues.

  • accounting and auditing

A new road map for risk assessment, audit work

May 17, 2021

The AICPA Auditing Standards Board’s (ASB’s) plans to finalize a new risk assessment standard at its August meeting should be welcome news for many practitioners.

  • accounting and auditing

Firm registrations declining at PCAOB

May 17, 2021

The number of audit firms registered with the Public Company Accounting Oversight Board declined from 2019 to 2020, continuing a decade-long trend.

  • accounting and auditing

SBA to reopen Shuttered Venue Operators Grant portal Saturday

April 23, 2021

In a brief statement issued late Thursday night, the SBA said that it had completed rigorous testing on the portal, which was forced to shut down due to technical issues only hours after it opened on April 8. The SBA also provided updated documents and guidance Friday. The agency said that interested applicants should register for an account in advance through the portal.

  • accounting and auditing
  • business and industry
  • advocacy - federal
  • coronavirus