NASBA Changes Conditioning Rule for CPA Exam
NASBA announced that they have extended the time to sit and pass the CPA exam from 18 months to 30 months after receiving over 850 comment letters. The original proposal was an increase to 24 months. In addition, the window is based on the date scores are released and not when the candidate sat for the exam. A big caveat is that NASBA has only changed the model rule. It is now up to the 55 State Boards of Accountancy to make changes at the state level.
COSO Issues Report on Internal Controls Over Sustainability Reporting (ICSR)
COSO has issued a nonauthoritative report on how organizations can leverage the 17 principles and 81 points of focus in COSO 2013 to sustainability reporting. The report provides examples and illustrative case studies to demonstrate how to leverage the internal control framework for a sustainability focus.
Proposed Ethics Interpretation: Fees
On March 15, 2023, the AICPA’s Professional Ethics Executive Committee (PEEC) issued an exposure draft relating to fees. The exposure draft includes new interpretations for determining fees for an attest engagement and new fee dependency interpretations, as well as a revised conceptual framework for independence interpretation and revised client affiliates interpretation. Comments are due by June 15, 2023.
Proposed ASU: Income Tax Disclosures
The FASB has issued an exposure draft regarding new disclosure requirements relating to income taxes. In addition to new disclosures, the proposal also includes removal of existing disclosure requirements. Comments are due May 30.
Q1 2023 in Review
Q1 2023 started off slow but ended with a burst of activity. We’ll review the standards issued by the AICPA and FASB in the first quarter of 2023 including the new leases under common control standard as well as SAS 149 for group audits.
Proposed Ethics Interpretation: Cheating in CPE
The AICPA’s Professional Ethics Executive Committee (PEEC) has issued an exposure draft to make falsifying attendance records or sharing answers (when not permitted) in CPE an act discreditable to the profession. This expands the rules around sharing answers or requesting answers to the CPA Exam. Comments are due by May 15.
FASB Issues Crypto ED
The Financial Accounting Standards Board (FASB) has issued an exposure draft to address feedback from users, preparers and auditors that crypto currency disclosures needed attention. The proposal would require entities to measure crypto assets at fair value (with adjustments flowing through net income). It would also add disclosures around significant holdings, restrictions, and changes in those holdings. Comments are due June 6!
Proposal for International Non-Profit Accounting Guidance
Taking a big first step towards a global nonprofit accounting framework, IFR4NPO has issued the first of 3 expected exposure drafts for public comment. The exposure draft addresses scope and basic framing for the development of a new global framework for nonprofit organizations. Comments are due March 31.
Disclaimer: The information contained within this blog is provided for informational purposes only. Viewing this material does not qualify for CPE credit. Additionally, this general knowledge is not intended to substitute for obtaining accounting, legal, or financial advice from a professional accountant with specific knowledge of your organization. Finally, watching this blog and/or subscribing to the newsletter do not create an accountant-client relationship.
