Accounting, Auditing, and Financial Reporting

The Financial Accounting Foundation (FAF) annual report details its activities throughout 2024, highlighting how FASB and GASB engage with stakeholder groups to create and improve GAAP. The report includes an update to FAF’s 2022 strategic plan and includes perspectives from FAF leadership.

A small business advocacy organization that sued over beneficial ownership information (BOI) reporting requirements asked the federal government to destroy BOI reports filed before the government dropped the requirement for domestic entities.

External auditors have long been tasked with ensuring financial integrity, detecting fraud and providing an independent opinion on a company's financial statements.

The Financial Accounting Standards Board (FASB) today announced the release of an FASB Staff Educational Paper that addresses questions about how to apply revenue recognition guidance about presentation and disclosures to construction contracts that contain retainage (or retention) provisions. The educational paper, which does not change or modify current generally accepted accounting principles (GAAP), was prompted by input from private company stakeholders, including the Private Company Council.

The PCAOB has released its 2024 Annual Report(PDF). The Annual Report discusses how the PCAOB advanced its investor-protection mission during fiscal year 2024 and provides the PCAOB’s financial results, including audited financial statements, the auditor’s report, and management’s report on internal control over financial reporting.

The Governmental Accounting Standards Board (GASB) issued a Preliminary Views (PV) today for public comment on proposals associated with accounting and financial reporting for severe financial stress and probable dissolution disclosures.

Following focused efforts by the PCAOB to drive improvement, the aggregate Part I.A deficiency rate across firms is expected to drop seven percentage points year over year.

The IFRS Foundation launched an interactive tool to help jurisdictions develop approaches for the adoption of ISSB standards into their regulatory frameworks.

The climate disclosure rules adopted a year ago by the SEC will no longer be defended in court by the commission after a vote Thursday.

The AICPA Accounting and Review Services Committee (ARSC) voted Wednesday to issue an amendment clarifying that a CPA preparing financial statements as part of a consulting services engagement performed in accordance with CS Section 100, Consulting Services: Definitions and Standards, is not required to apply AR-C Section 70, Preparation of Financial Statements.