- AICPA releases new ethics guidance related to public interest entities
The new definition of publicly traded entity and the revised definition of public interest entity fulfill the AICPA’s responsibility as a member body of the International Federation of Accountants (IFAC) to converge with recent changes in international ethics for accountants.
- IAASB Issues Guidance for Assurance Practitioners When Citing IFRS Accounting Standards
The guidance will help stakeholders understand how to reference IFRS Accounting Standards to follow recent updates to the IFRS FoundationÂź Trade Mark Guidelines. Thr guidance clarifies how auditors or practitioners should refer to the IFRS Accounting Standards in their reports.
- IAASB issues new standard for audits of less complex entities
The International Standard on Auditing (ISA) for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE, is a stand-alone global auditing standard designed specifically for smaller and less complex businesses and organizations.
- AICPA seeks comments on criteria for stablecoins
The AICPAâs Assurance Services Executive Committee issued an exposure draft to provide a framework to present information about stablecoins and the assets that back them in order to provide transparency for holders of these digital assets.
- PCAOB shares inspection priorities for 2024
The report highlights key risks, like high interest rates, and other considerations, like audit areas with recurring deficiencies, that auditors should be focused on when planning and performing audit procedures.
- FASB issues new segment reporting guidance.
The new guidance improves disclosures about a public entityâs reportable segments and addresses requests from investors and other allocators of capital for additional, more detailed information about a reportable segmentâs expenses.
- IRS announces withdrawal process for Employee Retention Credit claims.
As part of a larger effort to protect small businesses and organizations from scams, the IRS released details of a special withdrawal process to help those who filed an Employee Retention Credit (ERC) claim and are concerned about its accuracy.
- New PCAOB staff report sheds light on rising audit deficiencies related to engagement quality reviews.
To improve audit quality, the staff report provides EQR good practices and reminders for auditors, as well as potential questions for audit committees.
- SEC adopts rule to increase transparency into short Selling and Amendment to CAT NMS Plan for Purposes of Short Sale Data Collection.
The SEC adopted new Rule 13f-2 to provide greater transparency to investors and other market participants by increasing the public availability of short sale related data.
- IAASB enhances auditorâs report transparency on independence to reflect revisions in the IESBA Code of Ethic.
These narrow scope amendments to two IAASB standards operationalize changes to the International Ethics Standards Board for Accountantsâ (IESBA) International Code of Ethics for Professional Accountants (including International Independence Standards) related to listed and public interest entities.
- PCAOB issues proposal to strengthen accountability for contributing to firm violations.
To better protect investors, the proposal would update a nearly 20-year-old rule to allow the PCAOB to hold associated persons accountable when they negligently, directly, and substantially contribute to firmsâ violations
- What management needs to know about the new SEC cybersecurity disclosure rules.
This post explores what audit committees and company management need to know about the SEC’s new rules around cybersecurity disclosures and their impact on reporting and on an organizationâs cybersecurity programs.
- PCAOB Issues Proposal to Strengthen Accountability for Contributing to Firm Violations.
If adopted, this new proposal would update a nearly 20-year-old rule to allow the PCAOB to hold associated persons accountable when they negligently, directly, and substantially contribute to firmsâ violations.
- SEC Approves Revised Privacy Act Rule
The SEC a rule to revise the Commissionâs regulations under the Privacy Act, which is the principal law governing the handling of personal information in the federal government.
- IESBA releases 2023 Ethics Handbook
IFAC’s International Ethics Standards Board for Accountants (IESBA) releases the 2023 Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards).
- South Carolina taxpayers impacted by Idalia qualify for tax relief.
The Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by Idalia, anywhere in South Carolina. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments.
- FASB to require that all entities disclose to the public the amount of income taxes paid.
The Board discussed feedback received and issues for redeliberation on the proposed guidance on Income Taxes (Topic 740): Improvements to Income Tax Disclosures, and decided, among other things, to require that all entities disclose the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign.
- IRS: Those impacted by Idalia qualify for tax relief; Oct. 16 deadline, other dates postponed to Feb. 15
The IRS announced tax relief for individuals and businesses affected by Idalia in parts of Florida. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments.