Feb 28, 2025 | Newsletter
February was an eventful month in the accounting world! PEEC revised guidance on Executive Recruiting, effective January 1, 2026, and clarified that 529 plan owners hold an indirect financial interest, effective May 31, 2025. GASB advanced key projects, including Going Concern, Revenue Recognition, and EFR taxonomy. The PCAOB withdrew its firm metrics proposal, while the ASB prepared new exposure drafts. AICPA and NASBA proposed a third CPA licensure pathway to address talent shortages. Meanwhile, FASB had a quiet month, with only one meeting on share-based consideration. Expect more developments ahead!
Feb 20, 2025 | Ethics
On December 16, 2024 the AICPA’s Professional Ethics Executive Committee (PEEC) issued proposed revisions related to simultaneous employment or association with an attest client. Key changes from this exposure draft include a new definition of being simultaneously employed or associated with the client, as well as the addition of a new exception to the rules for USERRA/compliance with employment laws. In addition, the proposed revised interpretation uses both a rules-based approach and a principles-based approach in making determinations regarding independence. Comments are due March 16, 2025.
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.
