News

Has your firm started work on implementing the new quality management standards? If you haven't already started, it may be challenging getting it done by the Dec. 15, 2025, deadline for having a quality management system in place.

Today, the PCAOB released a new staff Spotlight report, “Considerations for Audit Firms Using the Work of Specialists

As part of its ongoing efforts to support smaller audit firms, the Public Company Accounting Oversight Board (PCAOB) today launched a new online resource page: Information for Smaller Firms. The page features PCAOB content tailored for smaller firms, including publications, videos, and more.

The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU) focused on targeted improvements to the FASB Accounting Standards Codification®. Stakeholders are encouraged to review and provide input on the proposed ASU by April 22, 2025.

Late in last year’s legislative session, P.A. 24-132 was passed, increasing the State Single Audit threshold from $300,000 to $500,000 for nonstate entities with a fiscal year beginning July 1, 2024 or after.

The AICPA updated its digital assets practice aid to assist practitioners with newly effective FASB standards.

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update that clarifies for non-calendar year-end entities the interim effective date of Accounting Standards Update No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. Public business entities are required to adopt the guidance in Update 2024-03 in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027.

The Justice Department (DOJ) filed an emergency application with the Supreme Court asking it to stay the district court injunction that is preventing the government from enforcing the Corporate Transparency Act and its requirements to report beneficial ownership information (BOI).

The Financial Accounting Standards Board (FASB) today published an Invitation to Comment (ITC) that gives stakeholders the opportunity to provide feedback on its future standard-setting agenda. Stakeholders are asked to review and provide comment on the ITC by June 30, 2025.

The AICPA Peer Review Board voted in November to approve Peer Review Standards Update (PRSU) No. 2, which aligns peer review standards with new quality management standards that go into effect late next year. The update also clarifies and improves existing technical guidance.

The Jan. 1, 2025, deadline for reporting companies to file beneficial ownership information (BOI) reports could be extended by one year, based on a draft continuing resolution proposed in the House of Representatives. The 1,500-page short-term funding bill, which would keep the government funded until March 14, 2025, could be voted on today by the House and shortly thereafter by the Senate.

The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU) intended to improve the financial accounting for and disclosure of financial activities related to environmental credits and environmental credit obligations. The changes are expected to provide investors with additional decision-useful information by improving the (1) understandability of financial accounting and reporting information about environmental credits and environmental credit obligations and (2) comparability of that information by reducing diversity in practice. Stakeholders are encouraged to review and provide input on the proposed ASU by April 15, 2025.

The Financial Accounting Standards Board (FASB) today announced the availability of the 2025 GAAP Financial Reporting Taxonomy (GRT), the 2025 SEC Reporting Taxonomy (SRT), and the 2025 GAAP Employee Benefit Plan Taxonomy (EBPT). The FASB also announced the availability of the 2025 DQC Rules Taxonomy (DQCRT) and 2025 GAAP Meta Model Relationships Taxonomy (MMT), which together with the GRT, SRT, and the EBPT are collectively referred to as the “FASB Taxonomies.”

On Monday, the AICPA Professional Ethics Executive Committee (PEEC) released new ethics guidance related to recruiting services for attest clients. The committee also released an exposure draft related to simultaneous employment with an attest client.

Firms with A&A practices should pay particular attention to the new standard on engagement quality reviews (EQRs) as they implement the new suite of quality management (QM) standards that are effective Dec. 15, 2025.

A new AICPA guide aims to demystify accounting and valuations in mergers and acquisitions and related transactions.

In Texas Top Cop Shop v Garland et al. ( case 4:24-cv-00478 December 3, 2024) , the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA), questioning its constitutionality and its impact on small businesses. The CTA, enacted as part of broader anti-money laundering efforts, mandates companies to disclose their beneficial ownership information to a federal database maintained by the Financial Crimes Enforcement Network (FinCEN).

The U.S. District Court for the Eastern District of Texas has suspended the implementation of the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting requirements.

The Financial Accounting Standards Board (FASB) today today published a proposed Accounting Standards Update (ASU) on the measurement of credit losses for accounts receivable and contract assets for private companies and certain not-for-profit entities. Stakeholders are encouraged to review and provide input on the proposed ASU by January 17, 2025.

The transformative leader, who is retiring on Dec. 31, guided the organization and the profession for nearly three decades.