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.

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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. A joint venture provides relevant disclosures.

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CPA Practice

OCTOBER 18, 2024

The Greater Washington Society of CPAs (GWSCPA) recently announced its list of board members and nominations for the 2024/2025 year. She manages the accounting department and ensures the timely and accurate preparation of monthly financial statements for the Association.

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Cherry Bekaert

JUNE 20, 2024

More than 20 years after issuing Statement No. 103, Financial Reporting Model Improvements (GASB 103). More than 20 years after issuing Statement No. 103, Financial Reporting Model Improvements (GASB 103). The requirements of GASB 103 are effective for fiscal years beginning after June 15, 2025.

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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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CPA Practice

AUGUST 23, 2023

The Financial Accounting Standards Board (FASB) issued a new standard on Wednesday that addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. 1, 2025, and early adoption is permitted.

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CPA Practice

MAY 28, 2024

The Governmental Accounting Standards Board (GASB) has issued guidance designed to improve key components of the financial reporting model—the blueprint for governmental financial reports. GASB Statement No. Statement 103 is available on the GASB website, www.gasb.org. Earlier application is encouraged.

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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. For entities other than public business entities, the guidance is effective for annual periods beginning after December 15, 2025.

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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.

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Cherry Bekaert

OCTOBER 29, 2024

The Financial Accounting Standards Board (FASB) did not issue any new Accounting Standard Updates (ASUs) in the third quarter of 2024; however, we are expecting a number to be issued in the fourth quarter. The Government Accounting Standards Board (GASB) issued one new GASB Statement in the third quarter of 2024.

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Withum

FEBRUARY 1, 2023

Pass-Through Entity Level Tax The TCJA limited the deduction of state and local taxes for individual taxpayers to a flat $10,000 for tax years 2018 through 2025. NADA is optimistic that the bill will Pass.

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Cherry Bekaert

FEBRUARY 8, 2023

Standard setters were relatively inactive this past year. The Financial Accounting Standards Board (FASB) issued only six new Accounting Standard Updates (ASUs) and the Government Accounting Standards Board (GASB) issued only three new GASB Statements in 2022.

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CPA Practice

NOVEMBER 25, 2024

The Governmental Accounting Standards Board (GASB) issued two exposure drafts on Monday: one on a proposed standard on subsequent events and the other a proposed update to an implementation guide in the form of questions and answers intended to clarify, explain, or elaborate on certain GASB pronouncements.

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CPA Practice

NOVEMBER 13, 2024

The Financial Accounting Standards Board (FASB) is looking to provide investors and other stakeholders some clarity on the current interim reporting requirements, specifically when that guidance is applicable and which disclosures are required in interim reporting periods.

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CPA Practice

OCTOBER 17, 2024

The Governmental Accounting Standards Board ( GASB ) has issued guidance that establishes requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures. GASB Statement No. This is designed to allow users to make informed decisions about these and to evaluate accountability.

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CPA Practice

DECEMBER 3, 2024

The Financial Accounting Standards Board (FASB) published a proposed Accounting Standards Update (ASU) on Dec. 3 that addresses the measurement of credit losses for accounts receivable and contract assets for private companies and certain not-for-profit entities. 17, 2025.

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CPA Practice

NOVEMBER 19, 2024

A new proposal that would establish authoritative guidance on the accounting for government grants received by businesses was issued by the Financial Accounting Standards Board (FASB) on Nov. Stakeholder comments on the proposed ASU should be submitted to the FASB by March 31, 2025.

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Shay CPA

FEBRUARY 26, 2025

As new regulation impacts taxes and new bookkeeping requirements get issued by the Financial Accounting Standards Board (FASB), for example, things shift. We tapped our Founder and CEO, Akshay Shrimanker , for some suggestions for 2025. Here are Shrimankers top five accounting tips for the coming year. #1:

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Withum

MARCH 20, 2025

The Governmental Accounting Standards Board (GASB) recently issued Statement No. This change ensures that financial statements accurately reflect the status of assets that are expected to be sold. This standard should be applied retrospectively to all periods presented in the financial statement unless impractical.

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CPA Practice

NOVEMBER 14, 2024

The Financial Accounting Standards Board (FASB) is calling on academics, accountants, auditors, lenders, financial statement preparers, and other stakeholders to provide their views on financial key performance indicators (KPIs). The FASB on Nov.

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Anders CPA

APRIL 15, 2025

In January 2025, the Office of Management and Budget (OMB) ordered a pause on certain federal grants, transactions and loan fund disbursement, causing understandable concern for not-for-profits that rely on these funds for their mission. When accounting for federal funding that comes with a donor-imposed condition, (i.e.

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Accounting Seed

JANUARY 7, 2025

What To Look for In Accounting Software To begin preparing to change accounting systems, clearly identify what you need from a new software tool. If youre fed up with its slowness, or how hard it is to create financial statements, ensure you understand how this is addressed in a new system. The post Is it time to upgrade?

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CPA Practice

OCTOBER 11, 2024

Several Governmental Accounting Standards Board (GASB) proposals regarding the accounting and financial reporting for infrastructure assets are on the table for stakeholders to review and provide feedback. 10 on the infrastructure assets project, which the standard-setting board said is in its “relatively early stage.”

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Going Concern

OCTOBER 25, 2024

Vault Releases Its 2025 Internship Rankings [ PR Newswire ] Vault, the leader in data-driven employer rankings and reviews, today released its 2025 Internship Rankings, highlighting the top programs in more than 30 categories. 22 that the municipality’s normal firm, Potsdam-based financial firm Pinto Mucenski Hooper VanHouse & Co.,

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