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News

The Trusted Professional | NYSSCPA

 
 

Accounting

  • FASB Proposes Adding Guidance to Profits Interests Awards

    By:
    S.J. Steinhardt
    |
    May 12, 2023
    The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU) that would improve generally accepted accounting principles (GAAP) by adding illustrative guidance to help companies determine whether profits interest and similar awards should be accounted for as a share-based payment arrangement.

  • Report: SEC Increased Accounting and Auditing Enforcement Actions in FY 2022

    By:
    S.J. Steinhardt
    |
    Apr 28, 2023
    The number of accounting and auditing enforcement actions initiated by the Securities and Exchange Commission (SEC) in fiscal year 2022 increased by 55 percent from fiscal year 2021, but remained below pre-pandemic levels, a new report found.

  • Financial Accounting Foundation Eases Pathway for Stakeholder Feedback About Due Process Issues at FASB, GASB

    By:
    S.J. Steinhardt
    |
    Apr 27, 2023
    The Financial Accounting Foundation (FAF) has instituted a due process correspondence procedure to make it easier for stakeholders to raise concerns about possible violations of authoritative standard-setting due process at either the Financial Accounting Standards Board (FASB) or the Governmental Accounting Standards Board (GASB), both of which it oversees, as outlined in the FAF bylaws.

  • PCAOB Report Lists 2023 Inspection Priorities

    By:
    S.J. Steinhardt
    |
    Apr 18, 2023
    A new staff report from the Public Companies Accounting Oversight Board (PCAOB) lists the body’s top priorities for inspections.

  • ISSB to Give Priority to Climate Risk Disclosures in Initial Reporting

    By:
    S.J. Steinhardt
    |
    Apr 5, 2023
    The International Sustainability Standards Board (ISSB) will provide transitional reliefs to companies applying the ISSB’s first two Standards—S1 (general requirements) and S2 (climate)—by allowing them to focus their initial efforts on ensuring they meet investor information needs around climate change.  

  • FASB Releases Update on Tax Credit Investments

    By:
    S.J. Steinhardt
    |
    Mar 30, 2023
    The Financial Accounting Standards Board (FASB) released an accounting standards update to allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits.

  • FASB Proposes Accounting Standard for Crypto Assets

    By:
    S.J. Steinhardt
    |
    Mar 24, 2023

    The Financial Accounting Standards Board (FASB) has proposed a standards update on the accounting for, and disclosing information on, crypto assets.
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