News

Earlier this summer, the Private Company Council (PCC) reaffirmed its support for focusing our attention on the financial reporting issues currently most important to U.S. private companies. PCC members unanimously supported conducting preliminary research on:

The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU) that would clarify certain aspects of the guidance on hedge accounting and address several incremental hedge accounting issues arising from the global reference rate reform initiative. Stakeholders are encouraged to review and provide input on the proposed ASU by November 25, 2024.

The AICPA Accounting and Review Services Committee (ARSC) voted Thursday to expose for public comment a proposed revision that would "make explicit" that a CPA preparing financial statements as a byproduct of a consulting services engagement performed in accordance with CS Section 100 is not required to apply AR-C Section 70, Preparation of Financial Statements.

Sustainability is rapidly becoming a business requirement – yet so many companies are still dragging their feet. Immediate Past CTCPA Chair Timothy Hedley, PhD, CPA, CFF, CFE, a Fordham University adjunct professor responsible for the college’s ESG literacy programs and initiatives, joins us to share why companies need to care about ESG.

Imagine that a claim has been brought against your firm and you are sitting on the witness stand defending the firm's services. Your confidence is bolstered by detailed engagement letters used for each service that was delivered to the client by the firm. Yet doubt creeps into your mind as you remember your client's comments.

The SEC approved a PCAOB standard that establishes a risk-based quality control system for public accounting firms.

Outsourcing and internal collaboration have skyrocketed as organizations’ demands and goals outpace their audit teams, according to new Jefferson Wells data.

At first glance, it might appear that the growing number of regulations related to sustainability will affect only the largest CPA firms.

Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule that brings certain investment advisers within the standards of FinCEN's anti-money-laundering and countering-the-financing-of-terrorism (AML/CFT) programs.

Both the number of enforcement actions and monetary sanctions surged in the first half of this year.

Changes address general responsibilities of an auditor conducting an audit as well as technology-assisted analysis and contributory liability rule for associated persons.

Finance leaders from DUDE Products, e.l.f Beauty, Fireworks Over America and the Portland Pickles share how they are using AI within their finance teams.

The National Association of State Boards of Accountancy (NASBA) President and CEO elect Daniel J. Dustin, CPA, has selected Kent A. Absec, Brenner Allen, Esq., William A. Emmer, CPA, and Sedrik Newbern to join the leadership team at NASBA, effective August 1, 2024. These changes to leadership follow the retirement of current NASBA President and CEO Ken L. Bishop.

A large majority of finance chiefs say they feel the heat on sustainability issues from multiple stakeholder groups.

An effort aimed at streamlining access to pertinent information for auditors of employee benefit plan (EBP) financial statements is creating concerns that auditors and firms may be subject to the risk of violations of laws, regulations, and professional standards, as well as increased financial risk.

At the beginning of the legislative session, CTCPA's Governmental Accounting and Auditing (GAA) Committee proposed a change to state law to assist many municipalities and governmental auditors. The committee requested extending the deadline for filing certified reports required by the State Department of Education (SDE) from December 31 to January 31. This extension would provide much-needed relief for municipalities and auditors, recognizing the challenges school districts face in meeting the December 31 deadline and allowing for a more systematic and less stressful process.

A study conducted by the Center for Audit Quality (CAQ) found that the number of financial restatements filed with the SEC fell by more than 50% over a recent 10-year period.

The IRS now has enough money that it can hire more experienced workers to audit both companies and individuals, and it does not have to pick and choose among whom to audit, a managing director at Grant Thornton told attendees at AICPA & CIMA ENGAGE 2024 in Las Vegas.

GASB issued guidance aimed at improving the blueprint for government financial reports that it established a quarter-century ago.

The PCAOB on Monday adopted a pair of foundational auditing standards with ties to AICPA standards.