The Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2024 GAAP Financial Reporting Taxonomy (GRT) and the 2024 SEC Reporting Taxonomy (SRT) (collectively referred to as the “GAAP Taxonomy”).
SEC Accepts 2024 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy Read More »
The Financial Accounting Standards Board (FASB) has several proposed Accounting Standards Updates (ASUs) at various phases of the process.
The Securities and Exchange Commission today adopted rules to enhance and standardize climate-related disclosures by public companies and in public offerings.
SEC Adopts Rules to Enhance and Standardize Climate-Related Disclosures for Investors Read More »
By Sonny Grover, CPA; Darren Guillot; and Rick Meyer, CPA, MBA, MST
Preparing for an ERC Audit? Six Key Questions IRS Will Ask Read More »
During May 2023, the AICPA’s Professional Ethics Executive Committee released interpretive guidance entitled Responding to Noncompliance With Laws and Regulations and Ethical Conflicts (the Interpretation), which became effective on June 30, 2023.
Recent AICPA Code of Professional Conduct Update: Focus on NOCLAR Read More »
Disclosures are an important and necessary component of financial reports. Disclosures support financial statements with relevant and necessary information. Disclosures are one of the primary means of understanding and explaining the numbers on the face of the financial statements.
A Focus on Disclosure Updates: The FASB’s Proposed Updates That Enhance Transparency Read More »
As we navigate an environment with rapidly changing technological advancements, the audit world will need to integrate artificial intelligence (AI) into its approach to enhance accuracy, efficiency and insight.
Implementing AI in Financial Audits Read More »
The Financial Accounting Standards Board (FASB) hit a significant milestone in 2023. Established in 1973, the FASB is still going strong, after 50 years.
Having emerged from many of the constraints of the COVID-19 pandemic, many businesses are at a point of considering the “new normal” regarding remote working.
The Auditing Standards Board (ASB) issued SAS 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, in 2021. SAS 145 updates AU-C 315 by enhancing the guidance related to understanding an entity and assessing risks of material misstatement.