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2023 accounting standards financial accounting 
Withum
DECEMBER 14, 2023
On December 13, 2023, the Financial Accounting Standards Board (FASB) finalized Accounting Standards Update (ASU) 2023-08 “Accounting for and Disclosure of Crypto Assets”.
Cherry Bekaert
FEBRUARY 27, 2024
On December 14, 2023, the Financial Accounting Standards Board (FASB) expanded income tax disclosure requirements for public and private companies. The expanded disclosure requirements are detailed in Accounting Standards Update No. 2023-09 (ASU 2023-09) and increase transparency of a filer’s global taxes.
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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape
Outsourcing Vs. In-House: The Ultimate Battle For Better Collections
Maximizing Profit and Productivity: The New Era of AI-Powered Accounting
The Silent Crisis: Why Finance Lags in Digital Transformation and How to Accelerate AI Adoption
CPA Practice
MARCH 31, 2023
The Financial Accounting Standards Advisory Council ( FASAC ) held its quarterly meeting on Tuesday, March 7, 2023. The FASB chair provided highlights on FASB activities, and the SEC and PCAOB staff members commented on current issues and activities. Council members discussed the following topics.
Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape
Outsourcing Vs. In-House: The Ultimate Battle For Better Collections
Maximizing Profit and Productivity: The New Era of AI-Powered Accounting
The Silent Crisis: Why Finance Lags in Digital Transformation and How to Accelerate AI Adoption
Cherry Bekaert
FEBRUARY 12, 2024
On December 14, 2023, the Financial Accounting Standards Board (FASB) issued final guidance concerning income tax disclosures, labeled Accounting Standards Update No. 2023-09 (ASU 2023-09). A tabular rate reconciliation may be provided but is not required.
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CPA Practice
JUNE 30, 2023
The accounting standard was developed jointly with the U.S. Financial Accounting Standards Board and came into effect in 2018. A PIR of an Accounting Standard does not automatically lead to standard-setting.
Cherry Bekaert
OCTOBER 25, 2023
After a period of relative inactivity, standard setters have issued four new standards. The Financial Accounting Standards Board (FASB) has issued Accounting Standard Update (ASU) 2023-03 through ASU 2023-06. For summaries of the standards issued continue reading.
Cherry Bekaert
FEBRUARY 12, 2024
The Financial Accounting Standards Board (FASB) released final guidance regarding income tax disclosures on December 14, 2023. Accounting Standards Update No. ASU 2023-09 eliminates certain existing requirements related to uncertain tax positions and unrecognized deferred tax liabilities.
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Withum
MARCH 1, 2024
In November 2023, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU) to improve disclosures related to reportable segments. Let’s Chat The post FASB Issues Disclosure Improvements to Segment Reporting in ASU 2023-07 appeared first on Withum.
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CPA Practice
APRIL 18, 2023
Representatives of the Financial Accounting Standards Board (FASB) and the Accounting Standards Board of Japan (ASBJ) held a meeting on April 17 in Norwalk, CT. The next meeting is planned in the second half of 2023 in Tokyo. The FASB and the ASBJ plan to continue to exchange views.
CPA Practice
JUNE 29, 2023
The accounting standard was developed jointly with the U.S. Financial Accounting Standards Board and came into effect in 2018. A PIR of an Accounting Standard does not automatically lead to standard-setting.
CPA Practice
NOVEMBER 27, 2023
The Financial Accounting Standards Board (FASB) on Monday approved new rules that are expected to improve disclosures about a public company’s reportable segments and provide more information to investors about a segment’s expenses. The changes outlined in Accounting Standards Update (ASU) No. 15, 2023.
CPA Practice
JUNE 1, 2023
Justin Chudzik (Pennsylvania), a graduate of the University of Pittsburgh with a Bachelor of Science in Business Administration (majoring in accounting) and a Master of Science in Accounting, is employed with the Financial Accounting Standards Board (FASB) in Norwalk, CT. Michael Paul Donnelly, Jr.
Cherry Bekaert
JULY 20, 2023
Standard setters have been relatively inactive this year. The Financial Accounting Standards Board (FASB) has issued only two new Accounting Standard Updates (ASUs) and the Government Accounting Standards Board (GASB) has not issued any new GASB Statements in 2023.
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Cherry Bekaert
SEPTEMBER 22, 2023
Contributors: Graham Michitsch, Senior Manager On September 6, 2023, the Financial Accounting Standards Board voted on cryptocurrency accounting and set in place a new rule that business must use fair-value accounting for certain crypto assets that meet the predefined criteria, such as bitcoin.
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Cherry Bekaert
APRIL 26, 2024
The Financial Accounting Standards Board (FASB) issued two Accounting Standard Updates (ASUs) in the first quarter of 2024. The Government Accounting Standards Board (GASB) did not issue any new GASB Statements in the first quarter of 2024. However, FASB Concepts Statements are nonauthoritative.
CPA Practice
NOVEMBER 25, 2024
The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the appointment of Robert W. Scott to a five-year term on the Governmental Accounting Standards Board (GASB). Before entering the public sector, he was employed as an audit manager with the accounting firm of Deloitte & Touche.
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CPA Practice
JUNE 11, 2024
The AICPA last week announced the 40 winners of the 2023 Elijah Watt Sells Award, granted to CPA candidates who obtain a cumulative average score above 95.50 across all four sections of the Uniform CPA Examination, pass all four sections of the exam on their first attempt, and completed testing in 2023.
52 
CPA Practice
JANUARY 23, 2024
Have you been over to the Financial Accounting Standards Board’s (FASB) website lately? A cross-organizational team worked throughout most of 2023 to create the new sites, according to the FAF. If not, it has a new look. The websites for the GASB and the FAF will also have a new look in the coming weeks.
CPA Practice
APRIL 27, 2023
FASB Names Three New Members to Its Investor Advisory Committee The Financial Accounting Standards Board (FASB) recently announced the appointment of three new members to its Investor Advisory Committee (IAC). It advises the FASB on broad topics on the FASB’s agenda, emerging trends, and other areas of interest to investors.
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Cherry Bekaert
JANUARY 29, 2024
The Financial Accounting Standards Board (FASB) issued nine Accounting Standard Updates (ASUs), and the Government Accounting Standards Board (GASB) issued only one new GASB Statement in 2023. For summaries of standards issued in the first three quarters, view our previous rundowns here.
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Withum
MAY 28, 2024
The Financial Accounting Standards Board (FASB) has issued two new accounting standards updates applicable to business combination accounting. It is expected to provide more useful information to investors and other financial statement users.
69 
Going Concern
DECEMBER 22, 2023
This year, PwC delayed about 600 full-time consulting hires’ start dates from August 2023 to January 2024. City accountant looks to outsource paperwork to India [ The Telegraph ] One of the UK’s largest accountants Evelyn Partners is considering outsourcing its services to India as the firm outgrows its new City headquarters.
111 
CPA Practice
APRIL 14, 2023
The Financial Accounting Standards Board (FASB) issued a new standard on March 29 that will allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. Accounting Standards Update (ASU) No.
52 
CPA Practice
APRIL 13, 2023
The Financial Accounting Standards Board (FASB) issued a new standard on March 29 that will allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. Accounting Standards Update (ASU) No.
52 
CPA Practice
OCTOBER 4, 2023
The Financial Accounting Standards Board ( FASB ) will host a public roundtable on its July 2023 proposed Accounting Standards Update (ASU), Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.
52 
Going Concern
MARCH 24, 2023
Accounting Firm, Sees 15% Growth On Way to $2 Billion [ GlobeNewswire ] *makes jerkoff motion* Accounting Today recently named CLA (CliftonLarsonAllen LLP) to its 2023 Top 100 Firms List. Accounting Board Seeks Crypto Standards Requiring Firms to Report Price Shifts [ CoinDesk ] U.S. CLA, 8th Largest U.S.
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Cherry Bekaert
JULY 29, 2024
The Financial Accounting Standards Board (FASB) did not issue any new Accounting Standard Updates (ASUs) in the second quarter of 2024, while the Government Accounting Standards Board (GASB) issued one new GASB Statement. The latest issue of the Rundown features a summary of this new standard.
CPA Practice
APRIL 11, 2023
The Financial Accounting Standards Board ( FASB ) will host a fireside chat on Tuesday, April 11, 2023, from approximately 1:00 – 1:30 p.m. and former SEC chief accountant. Additional validation rules included in the 2023 DQC Rules Taxonomy. Registration for the webcast is free. is eligible for up to 1.8
Withum
MAY 7, 2024
When equity investments are valued at fair value, fair value needs to be measured based upon the requirements in Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement. Whether users of financial statements need additional information to evaluate the quantitative information disclosed.
69 
CPA Practice
OCTOBER 20, 2023
During his career, Mr Bless has had responsibility for financial, regulatory and sustainability reporting. He has served on the boards of the SASB Foundation and the Value Reporting Foundation, and as a member of the IFRS Advisory Council and the US Financial Accounting Standards Advisory Council.
52 
CPA Practice
OCTOBER 19, 2023
During his career, Mr Bless has had responsibility for financial, regulatory and sustainability reporting. He has served on the boards of the SASB Foundation and the Value Reporting Foundation, and as a member of the IFRS Advisory Council and the US Financial Accounting Standards Advisory Council.
52 
Going Concern
MAY 12, 2023
Shawver will serve as the new chair of the Financial Accounting Standards Board panel devoted to private company accounting concerns, FASB’s parent organization announced Friday. 1, 2024, the Financial Accounting Foundation said. #NEW Is anyone actually convinced? [ ” And guess what?
111 
CPA Practice
DECEMBER 19, 2023
The Financial Accounting Standards Board (FASB) released what is likely to be its last proposed Accounting Standards Update (ASU) of 2023 on Tuesday, focused on improving the application and relevance of accounting guidance related to induced conversions of convertible debt instruments.
CPA Practice
JANUARY 10, 2024
The Financial Accounting Standards Board ( FASB ) has announced the appointment of six new members to its Not-for-Profit Advisory Committee ( NAC ), effective January 1, 2024. The NAC serves as a standing resource for the FASB.
CPA Practice
AUGUST 1, 2023
The Financial Accounting Standards Board ( FASB ) has published a proposed Accounting Standards Update (ASU) intended to provide investors with more decision-useful information about a public business entity’s expenses. Stakeholders are encouraged to review and provide comment on the proposal by October 30, 2023.
Xero
DECEMBER 13, 2023
In 2023, generative AI tools can generate poems, short stories and complex legal and medical documents in a matter of seconds. At the same time, the release of the sustainability standards by the International Sustainability Standards Board (ISSB) could see reporting on carbon emissions no longer be optional for businesses.
107 
Withum
JANUARY 29, 2024
The current environment in the financial markets compels the consideration of low tide in the valuation of private equity and venture capital investments as the funding landscape has experienced a shift in financing conditions and outlook over the past year. Venture Capital deal value in Q3 2023 fell to the lowest level since Q2 2018. [1]
CPA Practice
OCTOBER 18, 2023
Herz, CPA, CGMA, FCA, with its 2023 AICPA Gold Medal Award of Distinction. The award, presented since 1944, is the highest honor bestowed by the AICPA, recognizing CPAs “whose influence on the accounting profession has been especially notable.” The American Institute of CPAs has awarded Robert H.
52 
Cherry Bekaert
MARCH 8, 2023
The Financial Accounting Standards Board (FASB) actively engages with stakeholders to monitor implementation of Accounting Standards Codification ASC Topic 842, Leases (ASC 842). FASB recently voted to approve an update to ASC 842.
52 
CPA Practice
MARCH 1, 2024
The Financial Accounting Foundation has started its effectiveness review—which includes a public comment period—of the Private Company Council, the panel that advises the Financial Accounting Standards Board on private company matters.
Cherry Bekaert
MARCH 21, 2023
Overview of New Guidance Last summer, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 15, 2023, including interim periods within those fiscal years. Fair value of equity securities subject to contractual sale restrictions reflected on the balance sheet.
74 
Withum
OCTOBER 11, 2023
The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.
80 
ThomsonReuters
DECEMBER 11, 2023
Accounting for tax equity investments Implementing ASU 2023-02 Accounting professionals with equity investor clients who are involved with projects to receive income tax credits and other income tax benefits need to have a clear understanding of the proportional amortization method (PAM), especially in light of recent changes.
52 
CPA Practice
JANUARY 5, 2024
The Financial Accounting Standards Board ( FASB ) has appointed six new members to its Not-for-Profit Advisory Committee ( NAC ), effective January 1, 2024. The NAC serves as a standing resource for the FASB.
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