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SEC Accepts 2023 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy

March 21, 2023 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.”

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AICPA PEEC Seeks Feedback on Proposed Changes to Code of Professional Conduct

March 15, 2023 The 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.

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Peer Review Focus Areas for ERISA Audits

March 15, 2023 One 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.

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Final Changes to 2023 Forms 5500 Issued

February 23, 2023 Together 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.

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SEC Adopts Rule Changes To Reduce Risks, Proposes Other Changes

February 15, 2023 The 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.

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