Sep 30, 2025 | Newsletter
For the first time in a long while, the FASB has no exposure drafts open for comment, though one is expected soon, along with seven new ASUs before year-end—two already issued update software guidance (ASU 2025-06) and refine derivatives scope (ASU 2025-07). GASB advanced key projects in September, including revenue and expense recognition methods, subsequent events nearing completion, and clearer definitions of infrastructure assets. The ASB reviewed feedback on attestation and confirmation exposure drafts, while PEEC issued a tax services exposure draft (comments due December 15, 2025) and new guidance on simultaneous employment effective September 2026. Meanwhile, the 2025 Compliance Supplement is still pending, with auditors instructed not to issue reports until final, and NASBA and the AICPA are seeking comments by December 16, 2025, on proposed CPE rule changes.
Sep 26, 2025 | Auditing, Genuine Learning
The AICPA’s newly released 2025 MAP Survey shows strong revenue growth and rising staff compensation across U.S. accounting firms, with median firm revenue up 6.7% and partner earnings up nearly 12% since the last survey. Salaries for new grads also jumped significantly—up 11% for bachelor’s and 17% for master’s degree holders—highlighting continued demand for talent.
Aug 29, 2025 | Newsletter
The FASB issued ASU 2025-05 yesterday, amending CECL guidance with a practical expedient and an accounting policy election for private companies—early adoption is permitted for financial statements not yet issued. The FASB also has four other ASUs expected in Q3 2025 and an exposure draft anticipated this month. GASB’s July meetings focused on Subsequent Events, Infrastructure Assets, and revenue recognition discussions, while the ASB released an exposure draft proposing to supersede AU-C section 240 on auditor responsibilities relating to fraud, with comments due October 3. PEEC is preparing for its August meeting on AI, sustainability, digital assets, and quality management, and the profession continues to await the 2025 Compliance Supplement. Meanwhile, NASBA and the AICPA issued the Ninth Edition of the Uniform Accountancy Act, adding a new CPA licensure pathway and shifting from state-based mobility to individual practice privilege, with more details coming in an August blog.
Aug 29, 2025 | Auditing, Genuine Learning, Government
After much delay, the draft of the 2025 Compliance Supplement has been released. Key proposed changes include updates to program compliance requirements, the removal of COVID-19 funding programs from higher risk designations, and two Part 3 sections for compliance testing, one under the prior Uniform Guidance and one under the 2024 Uniform Guidance.
Aug 22, 2025 | Accounting, Auditing, Genuine Learning
To help firms prepare for the December 15 deadline, the AICPA has updated its quality management resources. The revised Quality Management Practice Aid expands on SQMS No. 1 objectives, clarifies ultimate responsibility for the QM system, and addresses sole practitioner considerations. It provides deeper coverage of the eight QM components, highlighting new requirements, small-firm implementation differences, and practical tools like risk libraries and documentation templates. The aid also clarifies evaluation requirements and expands guidance on documentation. In addition, the AICPA released The Monitoring and Remediation Process for a Firm’s System of Quality Management, which offers requirements, application guidance, and tips for continuous improvement.
