IASB News First Taxonomy for Filing Digital Reports on Climate, Sustainability Issues Published. The International Sustainability Standards Board (ISSB) has published its first taxonomy for tagging sustainability-related information in financial reports filed in accordance with international financial reporting standards (IFRS). IFRS Sustainability Disclosure Taxonomy 2024 was issued to help investors analyze sustainability disclosure efficiently, the board said. The taxonomy includes elements for tagging IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Informat ..read more

Professional independence is required for CPAs performing financial statement attest services, whether the client company is privately held or publicly traded. In both circumstances, CPAs are generally required to follow professional standards issued by the AICPA and state boards of accountancy. In the case of publicly traded audit clients, CPAs must also comply with the SEC and PCAOB independence rules. The good news is that the various promulgating bodies have similar independence requirements; the bad news is that CPAs still manage to run afoul of the standards. For example, “SEC Enforceme ..read more

In 1969, as the accounting profession grappled with a staggering lack of diversity, at a time when Black CPAs comprised less than 0.2% of the profession, Frank K. Ross embarked on a groundbreaking journey. Ross, alongside eight visionary colleagues, co-founded the National Association of Black Accountants (NABA), a pivotal step aimed at addressing the challenges faced by Black individuals within the accounting field. Fast forward more than half a century and the representation of Black CPAs has only marginally increased, to 2%, underscoring the enduring hurdles to inclusivity in the accounting ..read more

Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is a quick-reference guide to the most pressing issues coming down the regulatory and administrative pipeline. Visit https://tax.thomsonreuters.com/checkpoint-news/ for further information and daily updates. IRS News CPAs Submit Tweaks to Proposed Donor Advised Fund Regulations. The AICPA sent a letter to leaders in the IRS Office of Chief Counsel suggesting improvements to proposed regulations on taxable distributions from donor advi ..read more

The first panel of the conference, “Regulators and Standard Setters Updates and Panel Discussion,” featured presentations and discussion on current topics in auditing standards and regulation. The participants included Sara Lord, Chair, Auditing Standards Board; Anita Doutt, Senior Associate Chief Accountant, Office of the Chief Accountant, Securities and Exchange Commission (SEC); and Barbara Vanich, Chief Auditor, Office of the Chief Auditor, Public Company Accounting Oversight Board (PCAOB). The panel was moderated by Douglas Carmichael, professor at Baruch College, New York, N.Y. The comm ..read more

IASB News Major Review of Intangible Assets Standard Launches The International Accounting Standards Board (IASB) will start its review of its accounting standard on intangible assets, the board said on April 23. The review comes as the board heard that the standard does not result in enough information about internally generated intangible assets, which are key value drivers of businesses. The review will assess whether the requirements of International Accounting Standard (IAS) 38, Intangible Assets, “remain relevant and continue to fairly reflect current business models or whether to improv ..read more

About the Panelists The first panel of the afternoon, “Digital Assets/Cryptocurrency,” focused on what auditors need to know about these interrelated cutting-edge technologies. The panel consisted of Michael Gonzales, partner, EY; Sean Prince, partner, Crowe; and Jamiel Sheikh, founder, Scifn. It was moderated by Amy Steele, partner, Deloitte. The comments and opinions expressed at the conference and reproduced here represent the speakers’ own views, and not necessarily those of their employers or affiliated institutions. * * * The past few years have seen many new develo ..read more

The start of the new year brings new strategies and new challenges. Many employees will lobby to participate in new opportunities. The organizations’ best and brightest will frequently receive these highly sought-after assignments that provide higher training and pay. Budgets, executive management attention, and career opportunities also focus on the new and exciting; yet, the survival of the organization usually relies on the ability to continue existing business development, operations, and outstanding customer service delivery. Although not glamorous, successful maintenance and upkeep requ ..read more

“I was told once, when I mentioned having ADHD, ‘You aren’t going to get special treatment just because you can’t concentrate well. All that matters during tax season is if you can do the work. If you can’t, this career isn’t for you.’ I hadn’t asked for special treatment.” —L. Jiles et al. I came across the above quote while reading some recent research (L. Jiles, Q. Duong, and R. Venkatesh, “Perceived Organizational Inclusion: Evidence from Neurodivergent Accountants in the U.S.,” Accounting Horizons, vol. 38, no. 1, pp. 95–110, 2024), and what really struck me was the dismissive n ..read more

Beginning in 2024, California employees may face payroll tax increases on two separate fronts. But in both cases, there may be ways taxpayers can reduce or even eliminate these taxes. California State Disability Insurance (SDI) Tax In 2023, California residents incurred a State Disability Insurance (SDI) tax that was 0.9% on wages up to $153,164 in annual income, resulting in a maximum individual contribution of $1,378 for the year. The $153,164 cap meant that all wages above that amount did not incur the tax. Under Senate Bill 951, which was enacted in 2022 and becomes effective January 1, 2 ..read more