TSCPA News

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FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons, Sets New Deadlines for Foreign Companies

March 21, 2025 The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule exempting U.S. companies and persons from reporting beneficial ownership information (BOI), while requiring foreign entities registered to do business in the U.S. to report BOI under new deadlines. This rule redefines "reporting company" to include only foreign entities and exempts domestic entities from BOI reporting requirements.

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SEC Accepts 2025 FASB Taxonomies

March 18, 2025 The Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2025 GAAP Financial Reporting Taxonomy (GRT), the 2025 SEC Reporting Taxonomy (SRT), and the 2025 GAAP Employee Benefit Plan Taxonomy (EBPT).

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SEC Modernizes the Submission of Certain Forms, Filings, and Materials Under the Securities Exchange Act of 1934

December 16, 2024 The Securities and Exchange Commission today adopted amendments to require the electronic filing, submission, or posting of certain forms, filings, and other submissions that national securities exchanges, national securities associations, clearing agencies, broker-dealers, security-based swap dealers, and major security-based swap participants make with the Commission.

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SEC Adopts Rules on Cybersecurity Disclosures

July 26, 2023 The Securities and Exchange Commission recently adopted final rules requiring registrants to disclose material cybersecurity incidents they experience and to disclose on an annual basis material information regarding their cybersecurity risk management, strategy and governance.

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SEC Adopts Money Market Fund Reforms

July 12, 2023 The Securities and Exchange Commission (SEC) recently adopted amendments to certain rules that govern money market funds under the Investment Company Act of 1940.

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PCAOB Issues Proposal on Auditor Reporting of Noncompliance

June 6, 2023 The Public Company Accounting Oversight Board recently issued for public comment a proposal that would amend PCAOB auditing standards related to the auditor’s responsibility for considering a company’s noncompliance with laws and regulations, including fraud.

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