Crypto Coins

Crypto Asset Accounting Guidance Issued

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 …

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Kansas City Skyline

Kansas Adopts Workforce Retention Incentive Credit Regulations

By Ashleigh M. Paige, Esq. The Kansas Department of Revenue has adopted new regulations, Kan. Admin. Regs. §§ 92-12-150 and 92-12-151, related to the workforce retention incentive income tax credit, effective March 22, 2024. Workforce retention incentive credit.  L. 2023, S123 (c. 64), effective 05/04/2023, allows personal income taxpayers to claim a Kansas workforce retention incentive …

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How the Newly Clarified Peer Review Standards Impact Firms

You might recall that the AICPA issued clarified peer review standards in February 2022. These standards, Standards for Performing and Reporting on Peer Reviews, were effective for peer reviews commencing on or after May 1, 2022. This newly clarified guidance replaced and restructured all previously existing peer review guidance. The standards were developed to make peer …

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New Risk Assessment Standards in Governmental Audits—Part I

Auditors will begin applying the new risk assessment standards in audits of 2023 calendar year-end governmental clients, periods ending on or after December 15, 2023. SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, provides the new guidance. So, how does SAS No. 145 change your audit processes? We …

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Maryland Comptroller Provides Guidance on Private Letter Rulings Procedures and Administration

By Saleem A. Shareef, Esq. The Maryland Comptroller’s Office has adopted new regulations (Md. Regs. Code §§ 03.01.05.01 through -.07, effective 01/08/2024) and provided additional guidance on the procedures and administration of private letter rulings on state and local taxes and fees administered by the comptroller. Private letter rulings are administered by the Legal Division …

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