Financial Data Transparency Act: Joint Data Standards
The proposed joint data standards for the Financial Data Transparency Act (FDTA) were issued in August 2024. The public is invited to make comments on the proposed rule by October 21, 2024. In this blog, we will walk through the different data standards that were proposed jointly by the 9 agencies. This is a must watch as you don’t want to miss your opportunity to review the rule before enactment, and provide your feedback.
The Risk of Access Agreements to EBP Audits
In July 2024, the Employee Benefit Plan Audit Quality Center (EBPAQC) Executive Committee issued an important letter warning auditors conducting ERISA employee benefit plan audits about the potential risks of signing nondisclosure agreements or similar contracts with recordkeepers, third-party administrators (TPAs), and other service providers.
AICPA’s NPAG Releases Data-Driven Strategies
This past July, the AICPA’s National Pipeline Advisory Group (NPAG) related its Accounting Talent Strategy Report to address the accounting talent shortage. This report was based off of data collected from a national pipeline survey, focus groups with state societies and firms, and discussions with professional and regulatory bodies. More than 7,950 students and accounting professionals took the national survey, and more than 1,600 people participated in the focus group. The report analyzes the root causes of the accounting talent shortage, potential solutions, and next steps forward.
Derivative Scope Exceptions
The FASB has issued a proposed ASU, DERIVATIVES SCOPE REFINEMENTS AND SCOPE CLARIFICATION FOR A SHARE-BASED PAYMENT FROM A CUSTOMER IN A REVENUE CONTRACT, which will provide additional scope exceptions to derivative accounting and address diversity in practice with respect to revenue recognition. Comments are due October 21st.
Detecting Government Fraud – AICPA 2024 Report
The AICPA’s Government Performance and Accountability Committee issued the Detecting Government Fraud report in June 2024. The report highlights 4 cases of government fraud with what controls could have detected or prevented the fraud. The report also explores who is responsible for finding fraud, plus strategies to help you mitigate and address fraud in the public sector.
Working Draft: Chapters 8 and 9 for AICPA Accounting & Valuation Guide
The AICPA's Financial Reporting Executive Committee has issued an early working draft of chapter 8, "Inferring Value From Transactions in a Private Company's Securities," and chapter 9, "Selected Accounting and Disclosure Matters," which is part of a broader...
TQA on DOE’s Related Party Disclosure Requirements
The AICPA has issued a TQA to assist auditors with addressing how to consider the new Department of Education's related party disclosure requirements. The TQA provides example disclosures and an understanding of the auditor's responsibilities for these disclosures...
Proposed Changes to the Green Book
The GAO has issued proposed changes to the Standards for Internal Control in the Federal Government (the Green Book) which were last updated in 2014. The proposal is a response to the issues identified by the pandemic as well as the rise in cyber-attacks. Comments are...
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