Accounting
FASB Private Company Council Identifies 4 Priorities
The Private Company Council (PCC) met on Monday, June 24, 2024. Below is a summary of topics discussed by PCC and FASB members at the meeting:
Isaac M. O'Bannon
Managing Editor
isaac.obannon@cpapracticeadvisor.com
Isaac M. O'Bannon is the managing editor and digital content manager for CPA Practice Advisor (www.CPAPracticeAdvisor.com), drawing on two decades of experience covering the areas of professional accounting, taxation, business productivity and consumer technologies.
Prior to CPA Practice Advisor, O'Bannon was a consultant at firms in San Francisco, Denver and Tulsa, serving clients that included Logitech, Polycom, Hilti, Microsoft, the Stanford Research Institute, the University of Oklahoma's College of Engineering and other technology leaders. He is a U.S. Navy veteran.
Email: isaac.obannon - @ - cpapracticeadvisor.com
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Accounting
Ed Duarte Starts Tenure as Chair of FICPA
The chief financial officer of Foreign Parts Distributors, Inc., (FPD) in Miami, Florida, Duarte spent the first 15 years of his career working in public accounting in New York City, South Florida and Puerto Rico
Accounting
AICPA Awards $691,000 in Scholarships
The AICPA Foundation was established in 1922 to advance the science of accountancy and accounting education.
Accounting
78 Percent of Organizations Say AI Is an Emerging Technology Risk
The data shows organizations in 2024 are 2.5 times more likely to be in the later stages of digital risk maturity than last year, showcasing a solid trend toward proactive risk management.
Taxes
IRS Issues Final Regs on New 1% Excise Tax on Corporate Stock Repurchases
These final regulations require that the stock repurchase excise tax be reported on Form 720, Quarterly Federal Excise Tax Return, due for the first full calendar quarter after the end of the corporation’s taxable year.
Payroll
Workers Say They Are 'Financially Unwell'
The new report also reveals a generational divide in financial stability and the importance of specific benefits.
Accounting
Scholarship Fund Launched to Expand the CPA Pipeline
The fund is a program developed by the Controllers Council and administered by the AICPA Foundation, a charitable organization of the American Institute of Certified Public Accountants
Firm Management
Roundtable Labs Announces Launch of Second Empower Your Passion Cohort
It's a dynamic mastermind group designed to empower participants to break free from conventional norms, embrace imperfections, challenge power dynamics, and shape a more sustainable future for themselves and their communities.
Accounting
Airwallex Adds Integration with QuickBooks for Bank Feed Data
Data demonstrated that accountants overwhelmingly need to gain a greater understanding of what financial transformation means for their organizations.
Accounting
Accountants Hold Vital Role in Driving Financial Transformation
Data demonstrated that accountants overwhelmingly need to gain a greater understanding of what financial transformation means for their organizations.
Accounting
Rightworks Acquires Cyber Security Firm Practice Protect
The acquisition will enable firms to manage risk, secure client data, and achieve regulatory compliance while using cloud and desktop applications in Rightworks OneSpace.
Payroll
Workers Less Confident on Retirement
Four in 10 employees (41%) are not on the right track with respect to their finances, and nearly a quarter (21%) expect their financial situation to worsen over the next year.