Articles | Tennessee Society of CPAs

FASB Clarifies Interim Effective Date for New Disaggregation of Income Statement Expenses Standard for Non-Calendar Year-End Entities

January 6, 2025 The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update that clarifies for non-calendar year-end entities the interim effective date of Accounting Standards Update No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.

PEEC issues recruiting guidance, exposure draft on simultaneous employment

December 16, 2024 On Monday, the AICPA Professional Ethics Executive Committee (PEEC) released new ethics guidance related to recruiting services for attest clients.

SEC Modernizes the Submission of Certain Forms, Filings, and Materials Under the Securities Exchange Act of 1934

December 16, 2024 The Securities and Exchange Commission today adopted amendments to require the electronic filing, submission, or posting of certain forms, filings, and other submissions that national securities exchanges, national securities associations, clearing agencies, broker-dealers, security-based swap dealers, and major security-based swap participants make with the Commission.

FASB Issues Standard That Improves Accounting Guidance for Induced Conversions of Convertible Debt Instruments

November 26, 2024 The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that improves the relevance and consistency in application of the induced conversion guidance in FASB Accounting Standards Codification® Subtopic 470-20, Debt—Debt with Conversion and Other Options.

PCAOB Adopts New Requirements To Standardize Disclosure of Firm and Engagement Metrics and To Modernize the PCAOB’s Reporting Framework

November 21, 2024 Changes adopted today by the PCAOB will increase audit firm transparency, bring consistency to the disclosure and calculation of audit firm and engagement metrics, and help the PCAOB conduct its oversight to protect investors.

Stakeholder Alert: Crucial Details of AICPA’s and NASBA’s CBE Proposal

November 15, 2024 On Sept. 12, 2024, the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) jointly proposed a new initiative in the form of an Exposure Draft aimed at enhancing the pathways to Certified Public Accountant (CPA) licensure.

SEC’s New Promulgation on Climate-Related Disclosure Rules

November 15, 2024 In March 2024, the SEC adopted its new climate-related disclosure rules (hereinafter, rules) for public business entities (PBEs).

PCAOB Adopts Rule Amendment To Enhance the Usefulness of Audit Firm Registration Information

November 14, 2024 The Public Company Accounting Oversight Board (PCAOB) today adopted a rule amendment to advance the PCAOB’s investor-protection mission and to enhance the Board’s registration program.

AICPA Board Updates Peer Review Standards

November 5, 2024 The AICPA Peer Review Board recently approved a standards update intended to align peer review standards more closely with new quality management (QM) standards and to clarify and enhance current technical guidance.

FASB Issues Standard That Improves Disclosures about Income Statement Expenses

November 4, 2024 The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that improves financial reporting and responds to investor input by requiring public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.

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