FASB Releases 2023 GAAP Taxonomy
The FASB recently released the 2023 GAAP Financial Reporting Taxonomy and the 2023 SEC Reporting Taxonomy, collectively referred to as the GAAP Taxonomy.
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Treasury and IRS Provide Automatic Extension for Health Coverage Statements
The Treasury Department and IRS recently issued final regulations granting an automatic extension for providers of minimum essential coverage health insurance to furnish individuals statements regarding their coverage.
View MoreFASB Issues Updated Insurance Standard
The Financial Accounting Standards Board recently issued an Accounting Standards Update that amends transition guidance in ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI), for contracts that have been derecognized because of a sale or disposal of individual or a group of contracts or legal entities before the LDTI effective date.
View MoreSEC Amends Rule and Adopts New Disclosures on Insider Trading
The Securities and Exchange Commission recently adopted amendments to Rule 10b5-1 under the Securities Exchange Act of 1934 and new disclosure requirements to enhance investor protections against insider trading.
View MoreFederal Reserve Raises Rates by Half a Percentage Point
After four consecutive three-quarter point increases, the Federal Reserve raised the benchmark interest rate by half of a percentage point at its December meeting.
View MoreNASBA and AICPA Issue Proposed Revisions to CPE Provider Standards
NASBA and the AICPA recently issued proposed revisions to the Statement on Standards for Continuing Professional Education Programs for public comment.
View MoreFTX Crypto Exchange Bankruptcy Prompts Tax Questions
In the wake of the Nov. 11 bankruptcy filing of offshore cryptocurrency exchange FTX Trading Ltd., questions remain regarding tax consequences for customers.
View MoreIRS Issues Final Regulations on Centralized Partnership Audit Regime
The IRS recently issued final regulations T.D. 9969 providing an exception from the centralized partnership audit regime for partnership-related items involved with special enforcement matters.
View MoreTreasury and IRS Set Procedures for Manufacturers, Sellers of Clean Vehicles
The Treasury Department and IRS recently issued Revenue Procedure 2022-42, setting out key processes for manufacturers and sellers of clean vehicles.
View MorePCAOB Issues Interim Report on Critical Audit Matters
The PCAOB recently released an interim report evaluating the effect of a 2017 standard requiring the identification and reporting of critical audit matters (CAMs) in audit reports.
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