Category: AICPA News

The IRS said the five signs are the result of what IRS compliance teams found while analyzing and processing claims for the employee retention credit (ERC). The Service plans to briefly reopen its voluntary disclosure program.

IRS provides fifth quarterly update on transformation efforts, with Commissioner Danny Werfel saying the agency is making “substantial progress.”

The Financial Accounting Standards Board is seeking feedback on a proposed Accounting Standards Update related to the application of derivative accounting to contracts and to the diversity in accounting for a share-based payment from a customer.

The amendments conform implementation guidance to several existing reporting standards for federal government entities.

The results of an annual survey found that organizations have made minimal gains in risk oversight over the past five years despite an increasingly threatening risk landscape.

Almost 16,000 entities will spend over 8.7 million hours seeking access to beneficial ownership information in the first year, FinCEN estimated in a new notice.

The final regulations reflect changes to the required minimum distribution rules made by the SECURE Act and SECURE 2.0 and generally follow proposed regulations issued in 2022.

A letter from the Employee Benefit Plan Audit Quality Center addresses nondisclosure agreements and recommends actions that auditors can take to avoid running afoul of legal, regulatory, or professional standards.

The AICPA and the National Association of State Boards of Accountancy expanded international testing availability of the U.S. CPA Exam to the Philippines with three testing centers.

The new section is related to the measurement of items recognized in financial statements. It completes the board’s framework.