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Historic global standards for sustainability reporting released

July 10, 2023

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.

  • accounting and auditing
  • business and industry

Historic global standards for sustainability reporting released

June 26, 2023

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

  • accounting and auditing

Can ChatGPT answer your clients' questions?

June 01, 2023

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.

  • accounting and auditing
  • technology and cybersecurity
  • federal tax

Why private companies need a plan for ESG reporting, assurance

May 17, 2023

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.

  • accounting and auditing
  • business and industry
  • practice management

Sustainable Business: 7 Practical Ideas for CFOs

April 25, 2023

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

  • accounting and auditing
  • business and industry

NASBA Extends CPA Exam Testing Window to 30 Months

April 24, 2023

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

  • accounting and auditing
  • business and industry
  • career resources
  • practice management
  • advocacy - state
  • advocacy - federal

Opportunity knocks for firms as ESG reporting, assurance levels rise

February 27, 2023

The percentage of large companies around the world disclosing and obtaining assurance on data related to environmental, social, and governance (ESG) is on the rise, but the percentage of assurance provided by accounting firms is heading in the opposite direction.

  • accounting and auditing

Addressing ESG: Experts advise action but also patience

January 06, 2023

Sara DeSmith has headed PwC's Sustainability Assurance practice for eight years now, a tenure that takes her back to a time when many finance executives potentially in her purview didn't know what ESG stood for.

  • accounting and auditing

Paul Iannone and Danny Pannese write Tax Advisor magazine cover story: 10 good reasons why LLCs should not elect to be S corporations

October 06, 2022

Paul N. Iannone, CPA, J.D., MST, and Danny A. Pannese, CPA/ABV/CFF, CVA, CSEP, MST, both associate professors in the Jack Welch College of Business & Technology at Sacred Heart University in Fairfield, wrote the Tax Advisor magazine cover story: 10 good reasons why LLCs should not elect to be S corporations.

  • accounting and auditing
  • business and industry
  • member news
  • federal tax

Senate Bill Would Force Large Private Companies to Register with SEC

September 27, 2022

Sen. Jack Reed of Rhode Island and two other Senate Democrats have filed legislation that would establish new SEC registration triggers for certain large private companies.

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

Connecticut CPA Magazine Excerpt: Integrating ESG Into Your Business Strategy

September 21, 2022

By Timothy P. Hedley, PhD, CPA, CFF, CFE, Executive in Residence – Fordham University, CTCPA Chair-elect, and ESG Committee Chair

  • accounting and auditing
  • business and industry
  • member news
  • not-for-profit
  • practice management

Certain tax services do not violate US ban on provision of accounting services in relation to Russia sanctions

June 10, 2022

A U.S. accounting firm is not prohibited by a White House executive order regarding U.S. sanctions against Russia from providing tax advisory and preparation services to the U.S. subsidiary of a Russian company in certain scenarios, according to guidance issued Thursday by Treasury's Office of Foreign Assets Control (OFAC).

  • accounting and auditing
  • practice management
  • advocacy - federal
  • federal tax

Connecticut CPA Magazine Excerpt - The FASB and the GASB: Meet the New Chairs

January 06, 2022

Meet Joel Black, Chair of the Governmental Accounting Standards Board and Richard Jones, Chair of the Financial Accounting Standards Board.

  • accounting and auditing
  • business and industry
  • not-for-profit
  • practice management
  • advocacy - federal

New Record Retention Requirements for Connecticut CPAs

August 18, 2021

The bill requires CPAs to keep work product and workpaper related to work for a client for at least seven years after creation unless the law requires a longer retention. Current law only specifies that CPAs must retain workpaper as required by law.

  • accounting and auditing
  • practice management
  • advocacy - state

Connecticut CPA Magazine Excerpt - Tech-Driven Audit Approach: What You Need to Know

July 12, 2021

Deciding on the best audit approach isn’t a cookie-cutter process. While a long-standing relationship with a client or in-depth industry knowledge can give auditors a leg up, defining an effective audit approach requires careful consideration and planning for every engagement.

  • accounting and auditing
  • career resources
  • practice management
  • technology and cybersecurity

Connecticut CPA Magazine Excerpt - The FASB and the GASB: Meet the New Staff Leaders

July 12, 2021

Meet Alan Skelton, Director of Research and Technical Activities for the Governmental Accounting Standards Board and Hillary Salo, Director of Technical Activities and Chair of the Emerging Issues Task Force for the Financial Accounting Standards Board.

  • accounting and auditing
  • business and industry
  • practice management

PCAOB details priorities for audit inspections

June 23, 0023

The PCAOB released expanded details regarding its list of priorities for 2023 audit inspections, most notably risk of fraud, risk assessment and internal controls, and auditing and accounting risks.

  • accounting and auditing