News
Do I really need a new engagement letter for that?
January 08, 2024
Despite the known value of engagement letters, CPAs may not use them for small services or when responding to client questions. Is there an alternative?
GASB issues guidance on disclosure of certain risks
January 08, 2024
The Governmental Accounting Standards Board (GASB) issued guidance today that requires governments to disclose information about certain risks.
Risk Alert: Navigating Corporate Transparency Act/Beneficial Ownership Reporting
January 08, 2024
Starting January 1, 2024, a significant number of businesses are required to comply with the Corporate Transparency Act (“CTA” or “the Act”). The Financial Crimes Enforcement Network (“FinCEN”) estimates that in the first year approximately 32.6 million[3] businesses will need to comply with the Act and report information related to the business’ owners, officers, and controlling persons.
Accounting in 2024: The year ahead in numbers
December 29, 2023
With 2024 upon us, it's time — or perhaps past time — to start considering what the new year will bring, and for accounting firms to start making plans about how to grow over the next 12 months.
The 2023 Top 100 People: Fixing the pipeline problem
December 20, 2023
The talent shortage is currently the biggest challenge in accounting — as the 2023 Top 100 Most Influential People have all attested. But how would this year's top leaders and innovators recommend the profession remedy the this urgent issue?
Connecticut CPA Magazine Excerpt: The Role Accountants Can Play in Preparing for Future ESG Requirements
December 18, 2023
The business world is undergoing a profound transformation that extends far beyond traditional financial statements and profit margins. The pace of societal change and environmental impacts has elevated the focus around the impact of business activities on the environment and society. Environmental, Social, and Governance (ESG) considerations have often become embedded into the enterprise risk management process, influencing investment decisions, shaping corporate reputations, and impacting regulatory requirements.
FASB releases 2024 reporting taxonomies
December 18, 2023
FASB released its three annual taxonomies: the 2024 GAAP Financial Reporting Taxonomy (GRT), the 2024 SEC Reporting Taxonomy (SRT), and the 2024 [Data Quality Committee] Rules Taxonomy (DQCRT).
CTCPA Supports Letter Asking for Bills to be Included in Year-End Legislative Package to Delay BOI Reporting Requirements
December 14, 2023
In a letter addressed to members of the House Financial Services Committee and Senate Banking Committee, the AICPA and all 54 state CPA societies, including the Connecticut Society of CPAs asked that H.R. 4035 and S. 2623, the Protecting Small Business Information Act of 2023, or similar legislation to delay, be included in any year-end legislative package. The bills would delay the Beneficial Ownership Information (BOI) reporting requirement until all three rules under the Corporate Transparency Act have been finalized to specify that all such rules would take effect on the same date.
AICPA comments on proposed standard for sustainability assurance
December 13, 2023
As the International Auditing and Assurance Standards Board (IAASB) works to finalize a new global standard for assurance of sustainability reporting, the AICPA is working to provide important feedback to ensure the final standard works for CPAs in the United States.
FASB issues standard to improve the accounting for and disclosure of certain crypto assets
December 13, 2023
The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) intended to improve the accounting for and disclosure of certain crypto assets.
PEEC releases new ethics guidance related to public interest entities
December 11, 2023
The AICPA Professional Ethics Executive Committee (PEEC) has released new authoritative guidance related to public interest entities. The new definition of publicly traded entity and the revised definition of public interest entity fulfill the AICPA's responsibility as a member body of the International Federation of Accountants (IFAC) to converge with recent changes in international ethics for accountants.
Art of Accounting: Looking forward to the next 10 years
November 20, 2023
My first thought for a 10th anniversary column was to describe the changes in the last 10 years. A second reaction was to recall my greatest columns. I then realized that looking back or even at the present were exercises in vanity and would not provide any takeaways. To be successful you need to look to the future and be anxious to adopt the changes that are quickly occurring.
Internal auditors optimistic on economy, talent but risks remain
November 16, 2023
Internal auditors are less worried about economic uncertainty and talent availability going into 2024, despite ongoing risks in both areas, with most focus going instead into technology-related areas.
ESG becomes top priority for finance leaders
November 13, 2023
A new global report shows that ESG considerations are top of mind for finance leaders and that technical debt is holding back companies’ plans to innovate.
Connecticut Small Business Boost Fund – Low-Interest Loans Tailored to Small Businesses and Nonprofits
November 09, 2023
The average small business loan interest rates range from 5% to more than 11%. High-interest rates and limitations on traditional loans can impede small business owners’ ability to borrow money to reinvest in or expand their businesses. Supported by the Connecticut Department of Economic & Community Development (DECD), the Connecticut Small Business Boost Fund is focused on helping small businesses and nonprofits thrive. This low interest, fixed 4.5%, loan program provides access to flexible funding for capital expenditures and working capital and connects business owners with free support services. Supported by the Connecticut Department of Economic & Community Development (DECD), the Connecticut Small Business Boost Fund is focused on helping small businesses and nonprofits thrive. This low interest, fixed 4.5%, loan program provides access to flexible funding for capital expenditures and working capital and connects business owners with free support services.
Generative AI revolution: How auditors are leading the way
November 09, 2023
Reliance on generative artificial intelligence (GenAI) in the financial reporting space is rapidly expanding, as is reliance on auditors to play a leading role in all aspects of the revolution.
Quiz: Test your knowledge of the new QM standards
October 25, 2023
How well do you know the new quality management standards for firms that perform audit and accounting engagements? Find out with this quiz.
Danny Pannese, Benoit Boyer, Paul Iannone Pen 'The Fair Market Value-Fair Value Dichotomy: Valuation Discounts in Recent Shareholder Dissent Cases' for The Value Examiner
October 19, 2023
In shareholder litigation, a frequent issue is whether, under state law, valuation discounts are permissible in determining the value of a minority shareholder’s interest. This article discusses a 2022 Connecticut court case dealing with this subject. It also examines and compares recent disputes in other jurisdictions where valuation discounts became an issue in calculating the appropriate value of minority shares under a fair value standard.
SEC addresses securities transparency; PCAOB addresses audit concerns
October 16, 2023
The SEC recently adopted a series of rules and amendments aimed at strengthening transparency around securities in the capital market.
Why should CPAs understand ChatGPT?
October 14, 2023
Mfon Akpan, CGMA, DBA, an assistant professor of accounting at Methodist University, and Scott Dell, CPA, DBA, an assistant professor of accounting at Francis Marion University, explain why CPAs and other professionals can be left behind professionally if they don't spend time learning about tools such as ChatGPT. They talk about productivity gains, the competitive divide that could develop, and how, in the short term, more training is needed to fully harness generative AI.