The AICPA has released their 2023 National Management of an Accounting Practice (MAP) Survey Executive Summary. This summary can help firms benchmark themselves against the [...]
The GASB recently proposed to separate out disclosures of various types of assets to help users understand the types of assets. Due to the creation [...]
The AICPA's Auditing Standards Board has issued a proposed SSAE to conform the attestation standards with the new quality management suite. Comments are due December [...]
The FASB has issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60) Recognition and Initial Measurement, to address diversity in practice with respect to the [...]
On October 5th, the Office of Management and Budget proposed changes to the Uniform Guidance. One of the most noteworthy changes is a proposal to [...]
This blog will review the accounting, auditing and ethics standards issued or proposed during the 3rd quarter of 2023. We'll also review some resources that [...]
Last month the FASB issued their investor outreach report which outlines the outreach performed by the FASB to get feedback from investors as part of [...]
OMB has updated regulations with respect to the domestic preferences provisions in the Build America, Buy America Act of the Infrastructure Investment and Jobs Act. [...]
By Walda Wildman, CPA All kinds of big companies are playing up their compliance with ESG standards. However, those companies haven’t had any codified standards to use in preparing [...]
In August, the FASB issued Chapter 5 of the Conceptual Framework, Recognition and Derecognition. The chapter addresses the criteria that would be used to determine [...]
The FASB has issued a new Concept Statement around the Reporting Entity. While concept statements are not authoritative GAAP they are the theory that underlies [...]
The International Sustainability Standards Board (ISSB) has proposed a Sustainability Disclosure Taxonomy. The proposal addresses a taxonomy for the disclosure requirements in IFRS S1 and [...]
Each year like many nonprofits, the FAF issues their annual report and posts it to their website. The FAF provides an excellent overview of the [...]
At the end of July, the FASB proposed new disclosure requirements that would require public business entities to provide more disaggregated data around their income [...]
In June, the FASB proposed changes to the accounting for purchased financial assets. Based on feedback obtained in its post-issuance review of CECL, stakeholders found [...]
On July 21st, the Office of Chief Counsel at the IRS issued a memorandum to address noncompliance with ERTCs. The memorandum provides responses to various [...]
This week's Genuine Learning Blog looks at IFRS S2 - Climate-related Disclosures. Issued the same day as S1, these disclosures focus on strategy, governance, metrics and risk [...]
The second quarter of 2023 was a slower one for standard setters. We'll look at the standards that were issued and proposed from April through June of [...]
The International Sustainability Standards Board (ISSB) has issued the first of their new sustainability disclosure standards. The goal is to provide a single, global baseline of sustainability [...]
The AICPA's Professional Ethics Executive Committee (PEEC) has proposed a new definition of publicly traded company and has revised the definition of public interest entity as part of [...]
By Melisa Galasso, CPA, CSP, CPTD This article originally appeared in the Winter 2023 issue of the South Carolina CPA Report. As a result of a plethora of federal funding, [...]
GASB has approved the issuance of a new Implementation Guide to be issued soon. This blog will review a key question related to SBITAs that is addressed [...]
This week's GLS Genuine Learning Blog gives an overview of the happenings at the Spring 2023 AICPA Council meeting with a look at the agenda and key [...]
On Friday May 19, the Office of Management & Budget issued the 2023 Compliance Supplement. This blog will review the largest changes of the various parts of [...]
The AICPA issued the 4th version of their plans to improve the pipeline of accounting professionals. The AICPA provides some examples of what is causing the issues [...]
The FASB has issued a proposal to provide guidance for companies (both public and private) to reduce diversity in practice around accounting for profits interests. The proposal includes [...]
By Jaclyn Veno, CPA, Galasso Learning Solutions This article appears in the Spring 2023 issue of the South Carolina CPA Report For more than a decade, leases have been a [...]
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. [...]
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 [...]
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 [...]