News

Most CPA firms are steeped in the partner model of ownership, but one of the country's largest firms recently opted to break with that model by establishing an employee stock ownership plan (ESOP).

Companies should develop a governance infrastructure to identify, report, and monitor ESG-related risks and opportunities.

The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act. The CTA is intended to address and guard against money laundering, terrorism financing, and other forms of illegal financing by mandating certain entities (primarily small and medium size businesses) to report “beneficial owner” information to the Financial Crimes Enforcement Network (“FinCEN”).

As ESG efforts gain traction, they may be distracting companies from other social impact issues, like the use of slave labor in supply chains.

On August 1, the AICPA and all 54 State CPA Societies, including CTCPA, sent a letter to the Department of Homeland Security (DHS) requesting DHS recognize accounting under the “T” for Technology in Science Technology Engineering Math (STEM) education.

In June 2022, the AICPA's Auditing Standards Board (ASB) and Accounting and Review Services Committee (ARSC) issued four interrelated final standards on quality management intended to clarify and improve existing quality processes for audit and attest engagements.

Philip Fisher takes a look at the FRC's annual review of audits and finds little to offer comfort. Is auditing really that difficult?

But progress is being made in laying the strategic groundwork for embedding sustainability into organizations’ DNA.

The Financial Accounting Foundation (FAF) today posted its 2022 Annual Report to its website. The report is available as a printable PDF file and as an enhanced digital version.

"A new frontier for accountancy." Those were the words of Jeremy Osborn, FCMA, CGMA, Global Head of ESG at AICPA & CIMA, a couple of days after the International Sustainability Standards Board issued the first two standards aimed at creating a global baseline for sustainability reporting.

In a milestone moment for the creation of a global common language for sustainability reporting, the International Sustainability Standards Board (ISSB) on Monday issued its first two standards. IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2, Climate-related Disclosures have an effective date of Jan. 1 for some portions, pending adoption in more than 140 jurisdictions worldwide. IFRS S1 features a global baseline for reporting requirements on the disclosure of sustainability-related risks and opportunities. IFRS S2 features reporting requirements specific to climate-related disclosures, in concert with the reporting framework established by IFRS S1.

https://www.journalofaccountancy.com/news/2023/jun/historic-global-standards-sustainability-reporting-released.html

AI such as ChatGPT is changing the world as we know it. As a practitioner, can it help you better serve your clients, support your staff, and prepare you and your practice for the future? Let's first take a look at what ChatGPT is as we attempt to answer these questions. We will then provide an example of a conversation between this powerful AI chatbot and a hypothetical client and let you be the judge.

The Governmental Accounting Standards Board (GASB) recently added a major project on accounting and financial reporting issues for Infrastructure Assets to the Board’s Current Technical Agenda.

The SEC proposed rule amendments and a new rule Wednesday that would require clearinghouses to enhance their risk management and recovery planning.

A midnight rummage through your refrigerator won't result in the discovery of something manufactured by Southwire alongside your favorite brand of cheese, but that cheese might not smell so appetizing without Southwire.

The PCAOB has moved two standard-setting projects to the front burner.

The organization that oversees FASB and GASB is continuing an effort to strengthen oversight by offering a convenient way for those impacted by the boards' standards to share concerns about due process.

CFOs play a pivotal role in determining what sustainable business management means for their organization.

In response to feedback submitted through the exposure draft, NASBA has announced that it will adopt an increased testing window of 30 months.