Category: AICPA News

State and local governments will have increased flexibility to pursue a wider range of uses under the State and Local Fiscal Recovery Funds program.

GASB has decided to undertake a major project on accounting and financial reporting for going concern uncertainties and severe financial stress.

An addendum to the Office of Management and Budget Compliance Supplement that was issued in December provides clarity on single audit requirements related to two key federal pandemic relief programs.

Two new FASB concept statements address financial statement elements and factors FASB should consider in developing accounting guidance.

The IRS advises that Form 1099-C, Cancellation of Debt, should not be filed for student loans covered by the ARPA temporary special rule excluding most discharges from borrowers’ income.

Complying with ethical requirements for accepting and continuing engagements contributes greatly to audit quality. Take this quiz to test your knowledge of ethical standards you need to consider when accepting or continuing engagements.

Leaders are employing a range of strategies to keep workers; some save costs elsewhere to invest in employee training and benefits. One-fourth of companies are offering signing bonuses.

A proposed Accounting Standards Update would help investors and others better consider the effects on a buyer’s working capital, liquidity and cash flows. The comment deadline is March 21.

To be deductible at the entity level, payments by passthrough entities of state and local taxes should be made in the tax year of the liability, but state-specific elections may complicate that timing, tax advocates advise.

The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.