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CPAJ News: FASB, IASB, PCAOB Update in Brief!

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Summary of CPAJ News Briefs: FASB, IASB, PCAOB

TLDR:

Key points:

  • FASB has concluded its work on digital assets with no new projects in development.
  • The IFRS Interpretations Committee welcomes three new members to support the consistent application of International Financial Reporting Standards.
  • The PCAOB has adopted a rule to increase auditor accountability by aligning contributory liability standards with negligence rather than recklessness.

This article covers updates from FASB, IASB, and PCAOB. FASB has shifted its focus away from digital assets towards other priorities such as intangibles. The groundbreaking crypto accounting standard introduced by FASB in 2023 has been well-received by investors and corporations. IASB has appointed three new members to the Interpretations Committee to ensure the consistent application of International Financial Reporting Standards. The PCAOB has adopted a rule to increase auditor accountability by aligning contributory liability standards with negligence. This rule aims to deter auditor misconduct more effectively.


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