The Trusted Professional | NYSSCPA

 
 
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CPA Evolution Aims for Radical Rethinking of Profession
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Read the Summer/Fall 2020 Issue (pdf)
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No Change to Ethics CPE in January 2020
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SEC Seeks to Change Auditor Independence Rules
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First Mazars Female Partner Speaks on Diversity

Latest Articles

  • SEC Announces Chair Gary Gensler to Step Down on Jan. 20

    By:
    Karen Sibayan
    |
    Nov 21, 2024
    The Securities and Exchange Commission (SEC) announced on Nov. 21 that its 33rd Chair, Gary Gensler, will step down from the SEC on Jan. 20, 2025. Gensler started his tenure on April 17, 2021,

  • Treasury Department, IRS Publish Final Rules Expanding Clean Energy Tax Credit Access

    By:
    Karen Sibayan
    |
    Nov 21, 2024
    The Treasury Department and the IRS released final regulations to assist certain entities co-owning clean energy projects access clean energy tax credits via elective pay (also commonly referred to as direct pay). The guidance offers greater clarity for direct pay eligible entities that want to jointly invest in clean energy projects. 

  • IFRS Foundation Releases Guide on Sustainability-Related Risk

    By:
    Karen Sibayan
    |
    Nov 20, 2024
    The IFRS Foundation has released a new comprehensive guide made to assist organizations in identifying and disclosing material information regarding sustainability-related risks and opportunities that can reasonably be expected to impact their cash flows, access to finance or cost of capital. 

  • FASB Seeks Input About Adding Guidance on Government Grant Accounting

    By:
    Karen Sibayan
    |
    Nov 20, 2024
    The Financial Accounting Standards Board (FASB) released a proposed Accounting Standards Update (ASU) on Nov. 20 that would establish authoritative guidance on accounting for government grants received by business entities. The deadline for comments on this ASU is Mar. 31, 2025. 

  • Nominations for Society's Board of Directors Due Dec. 31

    By:
    Trusted Professional Staff
    |
    Nov 20, 2024
    Are you interested in serving on the NYCPA’s Board of Directors? The Society’s Nominating Committee is accepting submissions of interest by members to fill key leadership positions on the NYCPA’s Board of Directors. Terms begin on June 1, 2025. The deadline to submit a nomination is Tuesday, Dec. 31, 2024.  

  • Annual CAQ Survey Shows a Shift in Audit Labor Strategies

    By:
    Karen Sibayan
    |
    Nov 19, 2024
    Public companies are shifting their strategic priorities for the upcoming year due to the uncertain economic environment. This is one of the significant findings of the Center for Audit Quality’s (CAQ) Audit Partner Pulse Survey.  A specific area where this shift is happening is in staffing as shortages are no longer in the audit partners’ list of key economic risks. Instead, they are more focused on cost management, financial performance and growth.  

  • Tax Interest Rates Set to Dip in the First Quarter of 2025

    By:
    Karen Sibayan
    |
    Nov 18, 2024
    On Nov. 18, the IRS announced that interest rates will decrease for the calendar quarter starting Jan. 1, 2025. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. 

  • After Trump's Win, Accounting Professionals Are in a 'Wait-and-See' Mode on IRS' Future

    By:
    Karen Sibayan
    |
    Nov 18, 2024

    IRS funding has long been a point of contention for the Republican party, proven by the clawback of $20 billion from the $80 billion provided to it by the Inflation Reduction Act of 2022. And so, under the incoming Trump administration, IRS funding is at significant risk. In particular, tax practitioners are wondering whether any portion of the funding will remain available for taxpayer service-related improvements at the IRS.

  • Regulatory Roundup: November 12-18

    By:
    Karen Sibayan
    |
    Nov 18, 2024
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYCPA's regular series that collects relevant regulatory announcements from the past week and puts them in one place to help you stay on top of the issues.

  • PCAOB Amends Rule on Registration of Inactive or Non-Existent Audit Firms

    By:
    Karen Sibayan
    |
    Nov 15, 2024

    The Public Company Accounting Oversight Board (PCAOB), on Nov. 14, adopted a rule amendment enabling it to respond to situations where a registered firm no longer exists or is operational. It also addresses circumstances where the firm fails to file annual reports and pay annual fees for at least two straight reporting years.
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