In December 2023, the FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which is effective for all entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Improves Current Accounting for Certain Crypto Assets Current accounting generally treats holdings of crypto …
The AICPA periodically issues (or updates previously issued) Technical Questions and Answers. Recent Q&As address reporting issues and noncompliance with laws and regulations. FASB ASC 105-05-05-3 includes Technical Q&As as nonauthoritative guidance. Reporting Q&A 9165.01. This Q&A, Auditor Reporting When the Entity Issues Its Annual Report Subsequent to Its Financial Statements, addresses a question related to AU-C 720, The …
PRE-REGISTRATION REQUIRED FOR ELECTIVE PAYMENTS. More information about the IRS’s advance registration system is expected before the end of 2023. The pre-filing notice of the intent to claim and receive an elective payment must be submitted electronically in sufficient time to have a valid registration number (for each applicable credit property) at the time the …
Because a firm’s system of quality control (and whether it is adhered to) affects a firm’s peer review, it’s important to understand the peer review process and the AICPA standards for peer reviews. For firms subject to peer review, the AICPA Peer Review Board’s clarified Standards for Performing and Reporting on Peer Reviews (clarified standards) …
As the filing deadline (for June 30 year-end organizations) and the extended deadline (for calendar year organizations) approach, it’s important to avoid common return preparation errors. Some of these errors are highlighted in this edition. Form 990 Common errors occurring when completing Form 990 include the following: Board review of 990 reminder While board review …
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