Latest Articles

  • Regulatory Roundup - Dec. 16, 2019 - Jan. 6, 2020

    By:
    Chris Gaetano
    |
    Jan 6, 2020
    ​With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYSSCPA'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.
  • Fewer Situations Would Count as Threats to Auditor Independence Under New SEC Proposal

    By:
    Chris Gaetano
    |
    Jan 6, 2020
    The Securities and Exchange Commission has proposed loosening the rules around auditor independence, saying the market and economy have changed significantly since the current regulations were set in 2003. 
  • NY Banks Have a Month to Explain How They Will Manage Transition From LIBOR

    By:
    Chris Gaetano
    |
    Jan 6, 2020
    New York's top financial regulator has given banks until Feb. 7 to explain how they will manage their transition away from the London Inter-bank Offered Rate (LIBOR), a widely used metric that will nonetheless be phased out in light of a manipulation scandal. 
  • New Chairs Announced for FASB, FAF

    By:
    Chris Gaetano
    |
    Dec 20, 2019
    The Board of Trustees of the Financial Accounting Foundation has announced that Richard R. Jones will be the new chair of the Financial Accounting Standards Board and Kathleen L. Casey will be the new chair of the Financial Accounting Foundation. 
  • IRS Releases Final Guidance on Qualified Opportunity Zones

    By:
    Chris Gaetano
    |
    Dec 20, 2019
    The IRS has released final guidance for the Qualified Opportunity Zone program, a provision of the Tax Cuts and Jobs Act that is intended to direct capital to distressed communities throughout the country.
  • FASB Releases Simplified Income Tax Reporting Rules

    By:
    Chris Gaetano
    |
    Dec 19, 2019
    The Financial Accounting Standards Board (FASB) has released an update that it says will streamline and simplify income tax accounting by removing certain exceptions to the current rules outlined in Topic 740. 
  • SEC Proposes Expanding Definition of 'Accredited Investor'

    By:
    Chris Gaetano
    |
    Dec 19, 2019
    The Securities and Exchange Commission (SEC) has proposed expanding the definition of an "accredited investor" in order to encourage investing in private capital markets. 
  • Charities Bureau Chief Warns Houses of Worship About Risks of Complex Land Deals

    By:
    Chris Gaetano
    |
    Dec 18, 2019

    The New York State Attorney General's Charities Bureau has witnessed a growing number of houses of worship entering into complex land deals with real estate developers that could potentially interfere with their charitable mission in a number of different ways, according to Bureau Chief James Sheehan, a speaker at the FAE’s Exempt Organizations Conference on Dec. 17.

  • PCAOB Considering Revising Quality Control Rules Along International Lines

    By:
    Chris Gaetano
    |
    Dec 18, 2019
    The Public Company Accounting Oversight Board (PCAOB) is considering a slew of revisions to current quality control rules to make them conform more closely with a proposed international standard, ISQM 1. 
  • IRS Issues Proposed Regulations on Deductions for Highly Paid Public Company Officers

    By:
    Chris Gaetano
    |
    Dec 18, 2019
    The IRS has issued proposed guidance on the provision of the Tax Cuts and Jobs Act that limits the deduction that public companies can take for compensation of more than $1 million to its top officers.