Specialized accounting search

14+ min ago (368+ words) The Governmental Accounting Standards Board released a new standard to improve the financial reporting for state and local governments on subsequent events that occur after financial statements are issued. Statement No. 105, Subsequent Events, aims to provide more consistent reporting of such events. GASB has found from its research that there were differences in practice in how the previous guidance from GASB Statement No. 56 was being applied The new guidance defines subsequent events as transactions or other events that occur after the date of the financial reporting statements but before the date the financial statements are available to be issued. The definition of subsequent events in the new Statement No. 105 modifies the subsequent events time frame throughout the GASB literature. Statement No. 105 also makes clearer the various types of subsequent events, when note disclosures are required, and the information that should…...

2+ hour, 35+ min ago (556+ words) The role of the CFO is undergoing a profound transformation. No longer confined to balancing the books and the monthly close, today's finance leaders are navigating talent shortages, evolving compliance demands and economic unpredictability. In fact, 82% of CFOs say their responsibilities have expanded significantly in the last five years. This shift isn't just about doing more, it's about doing things differently. The stakes are high, and the margin for error is slim. Finance leaders need technology that not only scales with complexity, but that can be trusted to operate with precision and purpose. That's where AI comes in, but not just any AI. Trust is non-negotiable when it comes to AI in finance. More leaders in the industry need to introduce comprehensive AI commitments designed to ensure solutions are built ethically and without bias. A dedication to safety, transparency, and…...

2+ hour, 39+ min ago (505+ words) AI has made all sorts of people more efficient, productive and effective, greatly increasing both their capacities and the scale at which they can be applied. While this includes professionals like accountants, lawyers and finance executives, unfortunately it also includes scammers, fraudsters and cyber-criminals." Even if the vendor is real, though, fraudsters can still strike. Another emerging attack vector is AI-generated phishing attempts that involve stealing legitimate vendor credentials then sending fraudulent invoices or changing payment details. Teams need to verify payment changes through pre-approved, out-of-band channels and monitor deviations from vendor patterns." Other times the scammers might and instead decide to clone invoice formatting, metadata and line items from a legitimate vendor to directly submit fake invoices. In this case, teams should flag invoices that deviate from a vendor's historical behavior and"enforce controls on unusual invoice activity." Scammers…...

15+ hour, 22+ min ago (172+ words) Nine organizations including the American Institute of CPAs have sent a letter to the U.S. Department of Education expressing strong opposition to draft regulations that would exclude accounting from recognition as a professional degree program, urging accounting programs be included in the proposed rule. Nine organizations wrote to the Department of Education expressing opposition to rules excluding accounting from recognition as a professional degree program. The Institute of Internal Auditors has released its latest "topical requirement," this time on organizational behavior as part of a company's culture. The Top 50 Firm based in Troy, Michigan, has completed its fourth acquisition in Houston this year and its 10th across the country. The accounting profession is seriously divided over the value of private equity, and its potential impact on the profession. The Financial Accounting Foundation's board of trustees appointed 13 new members to the Financial Accounting…...

15+ hour, 55+ min ago (270+ words) The Institute of Internal Auditors has released its latest "topical requirement," this time on organizational behavior as part of a company's culture. The IIA has previously released two other topical requirement documents, on cybersecurity and third-party relationships. The organizational behavior guidance deals with the human side of risk, including the observable actions, decisions and interpersonal dynamics of individuals and groups within an organization." The document offers guidance to help internal auditors review how behavior is overseen in the organization, how behavior-related risks are identified and addressed, and whether the structures in place, such as controls, incentives and accountability, encourage people to act in ways that support the organization's goals. The next topical requirement will focus on organizational resilience, dealing with risks that could significantly disrupt or impair an organization's ability to deliver its core products and services, maintain stakeholder trust,…...

16+ hour, 19+ min ago (164+ words) Doeren Mayhew, a Top 50 Firm based in Troy, Michigan, has completed an acquisition of TBK CPA PLLC in Houston, the firm's fourth acquisition in Houston this year and its 10th across the country. The Top 50 Firm based in Troy, Michigan, has completed its fourth acquisition in Houston this year and its 10th across the country. The accounting profession is seriously divided over the value of private equity, and its potential impact on the profession. The Financial Accounting Foundation's board of trustees appointed 13 new members to the Financial Accounting Standards Advisory Council. Private company leaders looking to sell reported that tax on recognized gains (88%) and transfer taxes (87%) were major concerns, per a Deloitte survey. With no guidance available, tax practitioners and their clients have to figure out how much risk they want to take. Xero plans to shift third party app developers from…...

17+ hour, 13+ min ago (765+ words) Almost half of accountants are at least open to investment from private equity firms, but a third are completely opposed to the idea " often vehemently so. "PE is a cancer," said a manager at a midsized firm in Accounting Today's "State of PE in Accounting 2025" survey, and many of the 35% of respondents who said they were "Not all open" to PE had similarly strong feelings. "PE firms are ruining the profession," said a partner at another midsized firm. "There are CPA firms owned by PE who are issuing fraud due to using outsourced, inexperienced resources with no relevant experience." Still others pointed to the reputation private equity has of wringing value out of their portfolio companies at any cost. In some cases, though, those who opposed PE investment simply didn't see the need for it. "First, our firm is financially…...

19+ hour, 59+ min ago (271+ words) Gains and transfer taxes are major concerns for private companies looking to go to market. About half (51%) of the private companies who say they are selling in one to three years say they are ready for the due diligence process, and 55% selling in three to five years say they are ready but still need to hire third-party advisors. Sixty-three percent of respondents say their organization has received a recent fair market value appraisal. When asked about following plans in the event of a transfer or sale, 48% of private company owners and founders say they have established trusts which currently own an interest in the business for estate planning purposes. Thirty-seven percent plan to roll equity into the new company, if allowed, 25% have charitable intentions, and the remaining 20% responded none of the above or were unsure." Private company leaders looking to…...

21+ hour, 11+ min ago (392+ words) With so-called "prediction markets" giving taxpayers new ways to place wagers on future events such as sports, elections, pop culture happenings and even the weather, the uncertainty isn't limited to the predictions " users are taking tax risks as well. Under the One Big Beautiful Bill Act gambling losses are only deductible to 90% of gambling winnings. For example, if a taxpayer has $10,000 of gains and $10,000 of losses, they still must report $1,000 of income. "It is hard to tell where the liner is," said James Creech, principal with Baker Tilly's specialty tax practice. "If I make a prediction on who will win the Super Bowl on an app rather than at a casino, the tax treatment could be completely different. Even if I am making lots of small bets, the differences in the tax treatment can have meaningful impact over time." "There's…...

22+ hour, 50+ min ago (259+ words) The Financial Accounting Foundation's board of trustees appointed 13 new members to the Financial Accounting Standards Advisory Council, which advises the Financial Accounting Standards Board. The new FASAC members will serve a one-year term beginning on Jan. 1, 2026, and may be reappointed for more terms. The new appointees are: "The new FASAC members were chosen from a strong slate of candidates for their diverse experience and demonstrated commitment to supporting the FASB's standard-setting mission," Edward Bernard, chair of the FAF Board of Trustees, said in a statement. "We are pleased to welcome them to their new roles and look forward to the perspectives they will bring to group discussions next year." Twelve FASAC members will conclude their service in 2025. They are Todd Castagno, Jeremy Croucher, Debra Dial, Jill Lehman, Saul Martinez, Sarah McVay, Dorri McWhorter, W. Howard Morris, Jonathan Nus, Johnbull Okpara, Richard…...