News

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.

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that improves financial reporting and responds to investor input by requiring public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.

The staff of the Public Company Accounting Oversight Board (PCAOB) today posted updated standard-setting and rulemaking agendas, reflecting the significant progress that the Board has made in 2024 to further advance its strategic goal of modernizing standards and rules to better protect investors.

A number of Connecticut municipalities listed below are scheduled to conduct real property revaluations effective October 1, 2024. Learn more from Pullman & Comley LLC >>

At the recent AICPA Fall Council meeting, Mark Peterson, Executive Vice President - Advocacy, energized attendees with a comprehensive update on the current legislative, regulatory, and political landscape.

Tax ID numbers, Social Security numbers, net income, etc. — CPAs manage a tremendous amount of valuable information for themselves and for their clients. Keeping it safe is a serious responsibility.

The Connecticut Society of CPAs (CTCPA) is sending CPAs and accounting professionals into classrooms across Connecticut in November as part of Accounting Opportunities Experience Month, a nationwide initiative to inspire high school students and help them learn about everything a career in accounting has to offer.

There are striking similarities between the roles and responsibilities of accountants and cybersecurity professionals, particularly in their need for precision, data protection, and thorough scrutiny before adopting new technologies. Both are working with sensitive information in highly regulated environments, making trust a cornerstone of client relationships.

Artificial Intelligence (AI) has transformed how we live and work, offering immense potential for innovation and progress. However, as with any technology, AI also has its drawbacks. Emerging technologies like deepfakes – AI-generated synthetic media that can convincingly manipulate or fabricate audio, video, and images – have rapidly gained popularity among cybercriminals as a potent tool for cyberattacks. By leveraging deepfakes, they can easily manipulate information, deceive individuals, and exploit vulnerabilities within organizations. The consequences of these attacks can be severe, ranging from financial losses to reputational damage. 

Pay transparency laws are being enacted across the U.S. If you have clients operating across state lines, you know how complicated staying compliant with these laws can be. Business owners need to understand what’s coming and how they can prepare.

GASB issued guidance that establishes requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures.

Looking for accounting talent is no longer just hunting for number crunchers. The digital age has ushered in the art of scouting for a diverse mix of tech wizards and creative thinkers. Think of it as adding fresh beats to classic tunes — it's all about building a lineup that's as diverse in skills as it is in ideas.

Mark Koziel, CPA, CGMA, has been named as the incoming CEO of AICPA & CIMA, which operate together as the Association of International Certified Professional Accountants.

Are you creating or updating your HR policies for 2025? A year-end HR compliance checklist is a great way to help make sure your bases are covered. There's too much at stake to leave compliance to chance. Particularly during the end of the year, there are many moving parts and critical deadlines your business must meet; otherwise, you could face penalties. To help you meet deadlines and compliance requirements, we've compiled a checklist that identifies some of the essential end-of-year tasks.

Connecticut companies will soon have an added incentive to offer student loan repayment benefits to employees.

More than half of finance leaders believe technology will improve audit quality, but the human element is irreplaceable.

Fewer US students are taking up accountancy, and 75% of CPAs are near retirement.

The American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) have issued two important exposure drafts related to the CPA pipeline and licensure: Exposure Draft: Competency-Based Experience Pathway Comments due by December 6 Exposure Draft: Proposed Amendments to the UAA Model Act and Rules Comments due by December 30

Thousands of candidates attended the latest AICPA/NASBA webinar on Navigating the CPA Exam. In case you missed it, you can view the webinar in its entirety.

Our sixth annual Priorities for Business Leaders survey, conducted in partnership with Bredin from July 3 to 19, 2024, highlights the strategic priorities reported by companies with 5-499 employees. The survey reveals that 85% of business leaders expect higher revenue over the next 12 months (up from 76% last year), and 50% plan to increase full-time employee headcount to support their growth objectives.