News

As the year ends, CFOs should focus on these key areas to ensure a smooth close process and improve operational performance.

Governor Ned Lamont today announced that the ongoing trend of decreasing rates in workers’ compensation insurance will result in Connecticut businesses receiving a 6% rate decrease beginning January 1, 2025.

On July 31, 2024, Massachusetts Governor Maura Healey signed the Frances Perkins Workplace Equity Act into law aiming to improve pay transparency and curb wage disparities. Massachusetts is the 5th state to pass pay transparency legislation in 2024 joining Hawaii, Illinois, Maryland, Minnesota, and Vermont. This trend began in 2019 with Colorado. Since then, California, Connecticut, Maryland, Nevada, New York, Rhode Island, and Washington have all passed similar measures.

The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of Robert W. Scott to a five-year term on the Governmental Accounting Standards Board (GASB). Mr. Scott currently serves as the director of finance and administration for the city of Brookfield, Wisconsin. His term begins July 1, 2025, and extends through June 30, 2030.

The Treasury Inspector General for Tax Administration has launched a social media campaign to commemorate its 25th anniversary, even as the Senate Finance Committee holds hearings on a replacement for the agency's long-time inspector general, who died earlier this year.

With finding and keeping new talent a challenge across the profession, BDO and Albert Goodman share tips for tackling the skills crisis.

A program designed to help accounting graduates more easily meet education requirements for CPA licensure is expanding its reach.

Another large accounting firm has struck a deal with private-equity investors.

FML’s Destiny Hartmann is one of only 30 CPAs honored by the American Institute of CPAs (AICPA) as a member of the Leadership Academy’s 16th graduating class. Hartmann was selected based on her exceptional leadership skills and professional experience for the four-day Leadership Academy program, which will be held Dec. 9-12 in Durham, N.C.

For an industry that's often stereotyped as stagnant, the world of accounting is changing at unprecedented speed: accounting industry trends include headline-grabbing topics such as AI, automation, ESG consulting, and remote work.

The Connecticut Society of CPAs (CTCPA) will host a Day of Giving social and collection drive to benefit Connecticut Foodshare at the CTCPA office in Rocky Hill on Tuesday, December 3 (#GivingTuesday) from 8 to 9:30 a.m. Participation is open to the public and includes complimentary coffee, hot cocoa, seasonal treats, and an opportunity to connect with CTCPA members and staff. No need to pre-register.

Two of the nation's top 15 accounting firms have joined forces with the completion of CBIZ's acquisition of Marcum LLP.

Paul N. Iannone, CPA, J.D., MST and Danny A. Pannese, CPA/ABV/CFF, CSEP, MST, associate professors, and Benoit N. Boyer, Ph.D., retired professor, all in the Jack Welch College of Business and Technology at Sacred Heart University in Fairfield, wrote “Cleaning up intercompany debt” for the November 2024 issue of The Tax Advisor.

The AICPA Assurance Services Executive Committee recently provided an update and held a meeting to discuss the evolution of assurance services and the exciting advancements on the horizon. The critical need for CPAs to adapt to emerging non-financial assurance opportunities, including cybersecurity, blockchain, digital assets, and sustainability, was emphasized. The CPA profession is uniquely positioned to provide assurance inthese new areas, thanks to established frameworks, ethical guidelines, and a legacy of trust.

In October, the CTCPA hosted an informative Town Hall meeting featuring Melissa Travis, FEMA CISA specialist and CEO of the Rhode Island Society of CPAs . Travis delivered crucial insights on business continuity planning, disaster preparedness, and the pressing challenges of cybersecurity.

At the recent NASBA annual meeting, the AICPA and NASBA delivered an update on the progress of the CPA exam, highlighting significant advancements and future initiatives that promise to enhance the candidate experience.

At the recent AICPA Fall Council meeting, Mark Koziel was officially introduced as the incoming CEO, and was recognized for his impactful leadership and commitment to the profession. Mark's journey from his early days in public accounting to his current role as CEO of Allinial Global was highlighted.

During a recent session at the NASBA Annual Meeting, the complexities and misconceptions surrounding private equity (PE) investments in accounting firms were thoroughly discussed. There is no one-size-fits-all strategy when it comes to the diverse structures of private equity.

At the recent NASBA annual meeting and AICPA Fall Council meeting, Barry Melancon, President and CEO of the Association of International Certified Professional Accountants, provided an overview of the future of the accounting profession. His insights highlighted the changes driven by technological advancements and the vital role of Certified Public Accountants (CPAs) in navigating this evolving landscape.

At the NASBA annual meeting, there was a session on "AI Revolution: Unlocking the Future of Tomorrow," which showcased the remarkable pace at which artificial intelligence is being integrated into various sectors. With 80% of Fortune 500 companies weaving AI into their workflows just nine months after the launch of ChatGPT, it's evident that we stand on the brink of a transformative era.