FASB proposes scope-related changes to two ASC topics
The Financial Accounting Standards Board is seeking feedback on a proposed Accounting Standards Update related to the application of derivative accounting to contracts and to the diversity in accounting for a share-based payment from a customer. Read More
FASAB issues amendments, seeks new board members
The amendments conform implementation guidance to several existing reporting standards for federal government entities. Read More
Improving enterprise risk management: 5 steps to success
The results of an annual survey found that organizations have made minimal gains in risk oversight over the past five years despite an increasingly threatening risk landscape. Read More
FinCEN estimates millions of hours will be spent seeking BOI access
Almost 16,000 entities will spend over 8.7 million hours seeking access to beneficial ownership information in the first year, FinCEN estimated in a new notice. Read More
Final and proposed regs. issued on retirement plan RMDs
The final regulations reflect changes to the required minimum distribution rules made by the SECURE Act and SECURE 2.0 and generally follow proposed regulations issued in 2022. Read More
Warning for EBP audit firms: Service agreements creating headaches
A letter from the Employee Benefit Plan Audit Quality Center addresses nondisclosure agreements and recommends actions that auditors can take to avoid running afoul of legal, regulatory, or professional standards. Read More
CPA Exam to be offered in the Philippines
The AICPA and the National Association of State Boards of Accountancy expanded international testing availability of the U.S. CPA Exam to the Philippines with three testing centers. Read More
FASB issues new chapter of Conceptual Framework
The new section is related to the measurement of items recognized in financial statements. It completes the board’s framework. Read More
Survey: CFO optimism reaches highest level in 3 years, new survey shows
Grant Thornton’s Q2 2024 CFO survey found that 58% of CFOs are optimistic about the U.S. economy — the highest level of optimism since the third quarter of 2021. Plus, a rising percentage of CFOs expect profits to grow in the next 12 months. Read [...]
IRS collects $1 billion from high-income people who owed back taxes
The IRS is collecting on tax liabilities that were not “even in dispute,” Commissioner Danny Werfel said, but the IRS did not previously have the resources to pursue payment. Read More
Taxed at work? 4 keys to staying healthy, happy, and productive
Practitioners who once contemplated changing professions share strategies that changed their lives for the better — at the office and away from it. Read More
Financial restatements drop, a good sign for reporting quality
The number of financial restatements filed with the SEC dropped by more than 50% from 2013 to 2022, according to a Center for Audit Quality study. Read More
