On June 3rd, 2024, the U.S. Court of Appeals for the 11th Circuit temporarily suspended an Atlanta-based venture capital firm‘s grant program that was restricted to businesses that are at least 51 percent owned by black women [American Alliance for Equal Rights v. Fearless Fund Management LLC, et al.; 103 F. 4th 765 (11th Cir. 2024)]. …
Appeals Court Rules Against Race-based Grant Program Read More »
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) …
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