The Financial Accounting Standards Board released a proposed accounting standards update containing a set of targeted improvements to the FASB Accounting Standards Codification. The amendments in the proposed ASU involve incremental changes to the codification and would affect a wide range of topics. They would apply to all reporting entities
Enjoy complimentary access to top ideas and insights — selected by our editors. I met Natasha Kosnac through the Accountants Club of America where she is the current president. She succeeded Peter Frank, who was a long-time president and who guided the club through the pandemic lockdown. Natasha is a
A federal court in Texas has issued another preliminary injunction and stay halting enforcement of the Corporate Transparency Act and its beneficial ownership information reporting requirement, which were already on hold following a recent reversal by a federal appeals court. The U.S. District Court for the Eastern District of Texas,
The Public Company Accounting Oversight Board imposed over $35 million in fines in 2024. Last year was a big year for the PCAOB with modernizing standards, ramping up inspections and expanding engagement. The Board particularly ramped up its enforcement program. In mainland China and Hong Kong, the PCAOB revoked the
The Financial Accounting Standards Board today asked stakeholders for feedback on its future standard-setting agenda. FASB published an Invitation to Comment and is requesting feedback on improvements to financial accounting and reporting needed to give investors more and better information that informs their capital allocation decision-making, reduces cost and complexity,
The Justice Department filed an emergency request with the U.S. Supreme Court, asking it to lift the injunction on the beneficial ownership information reporting requirement under the Corporate Transparency Act after a federal appeals court reversed itself on the injunction last week. The 2021 law requires businesses to report on
The year-end CPE cram. It’s as cyclical as the busy season and as predictable as a client giving you the supporting documents you requested one day before the deadline while asking, “Do you think you can get this done in time?” With all of these circumstances, we know the event
The Financial Accounting Standards Board has posted the 2025 GAAP Financial Reporting Taxonomy (GRT), the 2025 SEC Reporting Taxonomy (SRT), and the 2025 GAAP Employee Benefit Plan Taxonomy (EBPT). The FASB also announced earlier this month the availability of the 2025 DQC Rules Taxonomy (DQCRT) and 2025 GAAP Meta Model Relationships Taxonomy (MMT), which together
In a case involving phony documents and unpaid taxes, a prominent Washington, D.C.-based accountant pleaded guilty last week for making false statements on a mortgage application after failing to file IRS returns. A certified public accountant with expertise on tax compliance and due diligence matters, Timothy Trifilo has held partner
With 2025 almost upon us, it’s worth thinking about what the new year will bring, and what accounting firms expect their next 12 months to look like. With that in mind, Accounting Today conducted its annual Year Ahead survey in the late fall to find out firms’ expectations for 2025,