Feb 2, 2025 | Newsletter
The FASB had a busy start to 2025, issuing an Invitation to Comment (ITC) on January 3rd, inviting stakeholders to provide feedback on the Board’s future agenda by June 30, 2025. On January 6th, FASB released ASU 2025-01, clarifying guidance for non-calendar year-end entities regarding ASU 2024-03, and on January 22nd, issued an exposure draft proposing improvements to the FASB Codification. Meanwhile, the AICPA updated its digital assets practice aid in response to FASB’s ASU 2023-08, and the GASB held a quieter month, preparing for their February meeting.
Dec 5, 2024 | Accounting, Auditing
On September 23, 2024, the AICPA’s Accounting & Review Services Committee proposed amendments to AR-C Section 70, Preparation of Financial Statements, in AICPA Professional Standards. The proposed changes clarify that AR-C Section 70 does not apply to financial statements prepared as part of a consulting services engagement performed in accordance with CS Section 100, Consulting Services: Definitions and Standards. The comment period ends December 20. The proposed SSARS would become effective for the preparation of financial statements for period ending on or after December 15, 2026. Early implementation would be permitted.
Nov 14, 2024 | Accounting, Auditing
The AICPA Fall Council Meeting was one for the books! This was Barry Melancon’s last council meeting as the AICPA’s CEO and included a celebratory lunch in his honor. The Council was also introduced to Mark Koziel who will be leading the AICPA as of January 1, 2025. Updates came from different AICPA committees and departments about the pipeline, the NASBA exposure drafts, and more! Listen in to hear the latest information coming out of the AICPA.
Oct 24, 2024 | Accounting, Auditing
On September 12, the AICPA & NASBA issued an exposure draft on the CPA Competency-Based Experience Pathway, offering an additional pathway for CPA candidates to meet initial licensure requirements in response to pipeline issues instead of earning a master’s degree or a bachelor’s degree and up to 30 additional credit hours at an institute of higher learning. Under this alternative pathway, CPA candidates would need a bachelor’s degree, complete one year of professional general experience, pass the CPA Exam, and exhibit competency in specific professional & technical areas. In addition, on September 30, the AICPA & NASBA issued an exposure draft on proposed Uniform Accountancy Act changes. The proposed changes to the UAA would facilitate the adoption of the Competency-Based Experienced Pathway. Comments are due on the CPA Competency-Based Experience Pathway by December 6, and comments on the UAA are due by December 30.
Sep 5, 2024 | Government
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.