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The Financial Accounting Standards Board recently announced the U.S. Securities and Exchange Commission has accepted the 2023 GAAP Financial Reporting Taxonomy and the 2023 SEC Reporting Taxonomy (collectively referred to as the “GAAP Taxonomy”). The FASB also finalized the 2023 DQC Rules Taxonomy, which together with the GAAP Taxonomy are collectively referred to as the “FASB Taxonomies.”
View MoreThe Federal Accounting Standards Advisory Board recently issued Technical Bulletin 2023-1, addressing intragovernmental accounting issues not directly covered under Statement of Federal Financial Accounting Standards 54, Leases, and other relevant Statements.
View MoreThe AICPA Professional Ethics Executive Committee recently released for public comment two exposure drafts intended to align its Code of Professional Conduct with that of the International Ethics Standards Board for Accountants, as well as clarify members' ethical responsibilities regarding the sharing of CPE examination answers.
View MoreOne of the many specialized areas CPAs can focus on is audits of employee benefits plans, which are subject to the Employee Retirement Security Act of 1974 (ERISA). There is typically elevated risk in these engagements because the Department of Labor (DOL) oversees the Form 5500 filings to which the audited financial statements are attached.
View MoreThe ESG movement is in full swing. Companies across industries now recognize that acting on and planning for environmental, social and governance (ESG) issues is an integral part of doing business in today’s economy.
View MoreThe Financial Accounting Foundation has launched its free, enhanced online access to the Accounting Standards Codification® and the Governmental Accounting Research System™, implementing a change announced to stakeholders last month.
View MoreTogether with the U.S. Labor Department and the Pension Benefit Guaranty Corporation, the U.S. Treasury Department and the IRS recently released notices of final forms and instructions revisions regarding annual reporting of employee benefit plans.
View MoreThe SEC recently adopted rule changes to reduce the standard settlement cycle for most broker-dealer transactions in securities from two business days after the trade date to one to reduce risk. The Commission also proposed two other rule changes regarding the protection of advisory client assets and the Privacy Act.
View MoreThe PCAOB recently released a staff report intended to assist audit firms in remedying quality control issues cited during the inspection process.
View MoreThe Financial Accounting Foundation recently announced it will provide free, enhanced online access to the Accounting Standards Codification® and the Governmental Accounting Research System™ in an effort to make financial accounting standards more widely accessible to stakeholders and the public.
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