Business Technology

How the New Risk Assessment Standards Affect Information Technology

In the last two editions of this newsletter, we published a two-part article on how SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, will affect governmental audits. This article examines in more detail the new information technology (IT) requirements that will affect governmental audits. Auditors will begin applying …

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Capitol building US

US House Panel Approves Repeal of Biden Independent Contractor Rule

By Daniel Wiessner, Reuters Summary: A Republican-led U.S. House of Representatives committee on Thursday advanced a proposal to repeal a Biden administration rule heavily criticized by trade groups that makes it more difficult for companies to treat workers as independent contractors rather than their employees. The House Committee on Education & the Workforce approved the …

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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 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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