FASB Publishes its First Direct Accounting Standard for Reporting Crypto Assets
The FASB on December 13, 2023, issued its first direct accounting and disclosure standard on crypto assets to provide guidance …
SEC to Consider PCAOB’s 2024 Budget
The SEC has scheduled a meeting for December 13, 2023, to consider approving the PCAOB’s 2024 budget of $384.7 million, …
FASB Rolling out New Process Next Year to Leverage Emerging Issues Task Force
FASB Chair Richard Jones told a conference on December 5, 2023, that the board will roll out a new process …
Insurers Provided Discount Factors for 2023 Accident Year
The IRS has issued a revenue procedure containing the discount factors for the 2023 accident year. This discount factor is …
FTC Expands Reporting Regulations for Non-Bank Financial Institutions
By Todd Ehret New regulations from the US Federal Trade Commission (FTC) will change the regulatory landscape for non-banking financial …
Annual IRS Unemployment Tax Forms Confirm FUTA Credit Reduction States
The IRS issued the annual Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, its instructions, and Schedule A (Form 940), Multi-State Employer and Credit …
SEC Approves PCAOB’s New Audit Confirmation Standard
The SEC has approved the PCAOB’s new standard that modernizes the auditor’s confirmation process, stating that it is “necessary or …
Data Theft Was Not Necessarily “Gross Misconduct” That Would Preclude COBRA Coverage
Johnson v. City of Kewanee, 2023 WL 8091963 (C.D. Ill. 2023) Two city employees—a married couple—were terminated for allegedly stealing …
Accounting Profession Not Just About Closing Books and Issuing Reports, Chief Accountants Say
The accounting profession is not just about closing books and producing annual and quarterly reports but about bringing value to …
Supreme Court Hopes to Avoid Tax Code Upheaval in Moore Ruling
Regardless of whether the Supreme Court rules in favor of petitioners or the government in a constitutional challenge to the …