Regulatory News

PCAOB Adopts New Quality Control Standard With a Risk-Based Approach Designed to Drive Continuous Improvement in Audit Quality

The Public Company Accounting Oversight Board (PCAOB) today adopted a new standard designed to lead registered public accounting firms to significantly improve their quality control (QC) systems.

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FASB Issues Standard That Clarifies Accounting Guidance Related to Profits Interest Awards

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that improves generally accepted accounting principles (GAAP) by adding illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Topic 718, Compensation—Stock Compensation.

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SEC Accepts 2024 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy

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”).

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