News

We wrapped up our annual Conference on Current SEC and PCAOB Developments last week, and it’s hard to pick a single theme or highlight from the sheer volume of information presented and professional networking packed into a few days.

The AICPA Professional Ethics Executive Committee (PEEC) voted Friday to issue the exposure draft of Proposed Revisions Related to Alternative Practice Structures, which features updated guidelines related to independence rules and private-equity investments.

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) focused on updating the FASB Accounting Standards Codification® for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements.

The Governmental Accounting Standards Board (GASB) has issued Statement No. 105, Subsequent Events, which is designed to improve the financial reporting requirements for subsequent events.

The Financial Accounting Standards Board (FASB) today announced the availability of the 2026 GAAP Financial Reporting Taxonomy (GRT), the 2026 SEC Reporting Taxonomy (SRT), and the 2026 GAAP Employee Benefit Plan Taxonomy (EBPT). The FASB also announced the availability of the 2026 DQC Rules Taxonomy (DQCRT) and the 2026 GAAP Meta Model Relationships Taxonomy (MMT), which, together with the GRT, SRT, and EBPT, is collectively referred to as the “FASB Taxonomies.”

A new report from CPA.com and the AICPA creates a snapshot of what a typical audit firm transformation looks like, based on feedback from 54 U.S. firms of various sizes and maturity levels.

The Office of Management and Budget (OMB) posted the delayed 2025 OMB Compliance Supplement, an annual resource for practitioners involved in single audits and federal grant compliance.

The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that improves the navigability of the required interim reporting disclosures and clarifies when that guidance is applicable. It also provides additional guidance on what disclosures should be provided in interim reporting periods.

Back to the basics. Paul Atkins, installed as SEC chair in April, hammered that home Monday when he addressed attendees of the AICPA Conference on Current SEC & PCAOB Developments in Washington, D.C.

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that establishes authoritative guidance on the accounting for government grants received by business entities.

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) to clarify and improve hedge accounting guidance.

The Financial Accounting Standards Board (FASB) today issued the report on Post-Implementation Review: Leases (Topic 842).

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that improves the accounting for purchased loans.

In a significant development for employers nationwide, the U.S. Department of Labor (DOL) announced it will not enforce the Biden-era 2024 Independent Contractor (IC) Rule. While the rule remains in effect for private litigation, this shift in federal enforcement policy signals a more employer-friendly approach to worker classification at the federal level.

The American Institute of CPAs has created an artificial intelligence-enabled tool, Josi, that provides secure, direct access to the AICPA’s professional standards, authoritative guidance and related information.

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that addresses stakeholders’ concerns about (1) the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract and (2) the diversity in accounting for share-based noncash consideration from a customer that is consideration for the transfer of goods or services.

With a bit of time, training and technology, it’s possible to upgrade your engagement letters to create a more automated, better-connected way of working where firms get more value.

PEEC welcomes comments on all aspects of these proposed revisions to the code. In addition, PEEC is asking for feedback on the following specific aspects of the revisions...

The AICPA updated its digital assets practice aid to assist practitioners with scenarios involving crypto lending and borrowing.

The Public Company Accounting Oversight Board (PCAOB) announced that it is postponing for one year, to December 15, 2026, the effective date for QC 1000, A Firm’s System of Quality Control, and other new and amended PCAOB standards, rules, and forms adopted by the Board on May 13, 2024. The Board’s action also postpones the related rescission date of certain rules and standards that are currently in force.