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Blockchain: Disruption and Opportunity

The buzz around blockchain is spreading quickly around the globe. Finding someone in the corporate world today who hasn’t heard of blockchain is difficult. Yet not everyone understands how blockchain works and what it can do for business. Most probably know it primarily for its connection to bitcoin and other cryptocurrencies, but blockchain has far more potential uses in business. As it is developed further and its use grows, blockchain can provide an opportunity for exponential disruption...

PCAOB Report Details High Rate of Deficiencies for Broker-Dealer Auditors (PDF)

The Public Company Accounting Oversight Board (PCAOB) released a report on its inspections last year of auditors of brokers and dealers, indicating a continuing high number of audit deficiencies overall, albeit with fewer independence violations than in previous years.

SEC Adopts Amendments to Simplify, Update Disclosure Requirements

The U.S. Securities and Exchange Commission (SEC) announced that it has voted to adopt amendments to certain disclosure requirements that have become duplicative, overlapping, or outdated in light of other Commission disclosure requirements, U.S. Generally Accepted Accounting Principles (GAAP), or changes in the information environment.

D.C. Circuit Court Upholds IRS Unenrolled Preparer Program

The Court of Appeals for the D.C. Circuit held in American Institute of Certified Public Accountants v. Internal Revenue Service, No. 16-5256 (D.C. Cir. 8/14/18), that the AICPA had standing to challenge the IRS’s voluntary Annual Filing Season Program (the Program). However, the court held for the IRS on the merits, allowing the Service to continue the Program, which had already gone into effect while AICPA’s challenge was pending.

Effective Date for AICPA Independence Interpretation on Hosting Services Delayed

The effective date of the new “Hosting Services” interpretation (ET §1.295.143) in the American Institute of CPAs' (AICPA) “Independence Rule” (ET §1.200.001) has been extended 10 months by the AICPA Professional Ethics Executive Committee (PEEC). PEEC voted last week to move the effective date to July 1, 2019; the ethics interpretation originally was scheduled to take effect on Sept. 1, 2018. The additional time is being provided to allow AICPA members to work with their third-party vendors...