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Quiz: Test your knowledge of the new QM standards

October 25, 2023

How well do you know the new quality management standards for firms that perform audit and accounting engagements? Find out with this quiz.

  • accounting and auditing

Danny Pannese, Benoit Boyer, Paul Iannone Pen 'The Fair Market Value-Fair Value Dichotomy: Valuation Discounts in Recent Shareholder Dissent Cases' for The Value Examiner

October 19, 2023

In shareholder litigation, a frequent issue is whether, under state law, valuation discounts are permissible in determining the value of a minority shareholder’s interest. This article discusses a 2022 Connecticut court case dealing with this subject. It also examines and compares recent disputes in other jurisdictions where valuation discounts became an issue in calculating the appropriate value of minority shares under a fair value standard.

  • accounting and auditing
  • member news

SEC addresses securities transparency; PCAOB addresses audit concerns

October 16, 2023

The SEC recently adopted a series of rules and amendments aimed at strengthening transparency around securities in the capital market.

  • accounting and auditing

Why should CPAs understand ChatGPT?

October 14, 2023

Mfon Akpan, CGMA, DBA, an assistant professor of accounting at Methodist University, and Scott Dell, CPA, DBA, an assistant professor of accounting at Francis Marion University, explain why CPAs and other professionals can be left behind professionally if they don't spend time learning about tools such as ChatGPT. They talk about productivity gains, the competitive divide that could develop, and how, in the short term, more training is needed to fully harness generative AI.

  • accounting and auditing
  • business and industry
  • practice management
  • technology and cybersecurity

Pool of Accounting Graduates Continues to Shrink in U.S., AICPA Report Finds

October 12, 2023

The number of students earning U.S. postsecondary accounting degrees fell sharply in the 2021-22 academic year, according to a biennial American Institute of CPAs (AICPA) report on trends related to accounting graduation rates, the CPA Exam and hiring demand by accounting firms. Some 47,067 students earned a bachelor’s degree in accounting in the 2021-22 school year, down 7.8% from the previous year, according to 2023 Trends: A Report on Accounting Education, the CPA Exam and Public Accounting Firms’ Hiring of Recent Graduates. The number of students who earned a master’s degree in accounting, meanwhile, fell 6.4% to 18,238. In the previous Trends report, the comparative rates of decline were 2.8% and 8.4%, respectively.

  • accounting and auditing
  • career resources
  • practice management

FinCEN proposes BOI reports deadline extension for certain companies

October 06, 2023

Treasury's Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) on Wednesday that would extend the deadline for companies created or registered in 2024 to file their first beneficial ownership information (BOI) reports. The NPRM (RIN 1506-AB62) would provide 90 days for those companies to file initial reports rather than the original deadline of 30 days from the earlier of the date on which the company receives actual notice that its creation or registration has become effective or the date on which the secretary of state first provides public notice that the company has been created or registered.

  • accounting and auditing
  • business and industry
  • forensic accounting and fraud
  • practice management
  • advocacy - federal
  • boi

AICPA releases quality management practice aid

September 29, 2023

Practitioners preparing for the new AICPA quality management (QM) standards now have access to a practice aid designed to help their cause. The free practice aid, Establishing and Maintaining a System of Quality Management for a CPA Firm's Accounting and Auditing Practice, is available in versions for sole practitioners and for small- and medium-sized firms.

  • accounting and auditing
  • advocacy - federal

New Law Raises Connecticut Public Charities Audit Threshold as of July 1, 2023

September 07, 2023

For Connecticut Public Charity registrations originally due after July 1, 2023, Connecticut Public Acts 23-99 and P.A. 23-98, effectively raise the audit threshold for charitable organizations (subject to registration) to gross revenues greater than $1,000,000 and allows for an audit or review for organizations with gross revenues between $500,001 and $1,000,000. Gross revenue is calculated excluding grants or fees from government agencies or revenue from funds held in trust for the benefit of the organization. Public Acts 23-98 and 99 state that, “For a financial statement [i.e., a charitable registration] that is initially due after July 1, 2023, a charitable organization shall include with the charitable organization's financial statement (A) an attestation that an audit report has been completed by a certified public accountant if the charitable organization had gross revenue in excess of one million dollars in the year covered by such report, or (B) an attestation that an audit or review report has been completed by a certified public accountant if the charitable organization had gross revenue in excess of five hundred thousand dollars but not more than one million dollars in the year covered by such report.” With the law effective July 1, 2023, the new provision generally applies to each Connecticut charitable organization subject to registration with a fiscal year ending August 31, 2022 or later. CPAs should consider alerting their not-for-profit clients of the new requirements. The chart below refers to the financial documents required for renewal applications.

  • accounting and auditing
  • not-for-profit
  • advocacy - state

Corporate Transparency Act/Beneficial Ownership Information Reporting — Risk Management Considerations for CPA Firms

August 22, 2023

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”).

  • accounting and auditing
  • business and industry
  • practice management
  • boi

CTCPA Among State Societies Requesting Department of Homeland Security Recognize Accounting as STEM

August 02, 2023

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.

  • accounting and auditing
  • career resources
  • technology and cybersecurity
  • press room

4 AICPA & CIMA leaders discuss global sustainability standards

July 11, 2023

"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.

  • accounting and auditing

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