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PCAOB Proposes Modernization of Core Auditing Standards

March 28, 2023 The Public Company Accounting Oversight Board recently issued for public comment a proposed new standard, AS 1000, General Responsibilities of the Auditor in Conducting an Audit.

FASB Issues Update to Leases Guidance

March 27, 2023 The Financial Accounting Standards Board recently issued an Accounting Standards Update intended to improve the guidance for applying Topic 842, Leases, to arrangements between entities under common control.

IRS Revises Form 1099-K FAQs

March 22, 2023 The IRS recently revised frequently asked questions for Form 1099-K, Payment Card and Third Party Network Transactions, in Fact Sheet FS-2023-06.

Federal Reserve Raises Rates by a Quarter Percentage Point

March 22, 2023 The Federal Reserve recently increased the benchmark interest rate by a quarter of a percentage point, the ninth increase since March 2022.

SEC Accepts 2023 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy

March 21, 2023 The Financial Accounting Standards Board recently announced the U.S. Securities and Exchange Commission has accepted the 2023 GAAP Financial Reporting Taxonomy and the 2023 SEC Reporting Taxonomy (collectively referred to as the “GAAP Taxonomy”). The FASB also finalized the 2023 DQC Rules Taxonomy, which together with the GAAP Taxonomy are collectively referred to as the “FASB Taxonomies.”

IRS Publishes FAQs on Medical Expenses Related to Nutrition, Wellness

March 17, 2023 The IRS recently posted frequently asked questions addressing whether certain costs related to nutrition, wellness and general health are medical expenses that may be paid or reimbursed under a health savings account, health flexible spending arrangement, Archer medical savings account, or health reimbursement arrangement.

FASAB Issues Technical Bulletin on Reimbursable Work Agreements

March 17, 2023 The Federal Accounting Standards Advisory Board recently issued Technical Bulletin 2023-1, addressing intragovernmental accounting issues not directly covered under Statement of Federal Financial Accounting Standards 54, Leases, and other relevant Statements.