Accounting Regulatory Watch: FASB, AICPA, PCAOB, IRS, SEC

The Ledgerism Brief regulatory desk covers every regulator whose actions move accounting practice: FASB, AICPA, PCAOB, IRS, SEC, state boards of accountancy. Every standards update, every enforcement order, every proposed regulation that changes how the work is done. Primary sources are linked on every story.

Featured regulatory tracking

FASB and ASU pipeline

The Financial Accounting Standards Board issued ASU 2023-08 on crypto assets in December 2023 (effective fiscal years beginning after December 15, 2024). ASU 2024-03 on expense disaggregation in November 2024 (effective fiscal years beginning after December 15, 2026, public). Currently active exposure drafts: revisions to ASC 815 derivatives scope, ASC 740 income taxes interim reporting, and ASC 326 credit losses TDR. We track every ASU release, every exposure draft, and the basis-for-conclusions arguments that drive the final standard.

PCAOB and audit standards

PCAOB AS 1000 General Responsibilities of the Auditor in Conducting an Audit became effective for issuer audits with fiscal periods ending on or after December 15, 2024. AS 1000 sweeps in the prior AS 1001, AS 1005, AS 1010, and AS 1015 into a single restated standard with substantive changes to the engagement quality reviewer (EQR) standard. Read the AS 1000 implementation guide for what changes for the EQR specifically. We also track every PCAOB Part I.A inspection deficiency finding and the trend lines by firm.

IRS proposed regulations and notices

Proposed Reg 1.6045-1 on digital asset broker reporting drew over 44,000 comment letters in 2024 and remains in active rulemaking through 2026. OBBBA Section 1202 QSBS changes lifted the per-issuer exclusion cap to $15 million for stock acquired after July 4, 2025. Section 174 R&E capitalization repeal is pending in House budget reconciliation. The 2026 IRS proposed regulations on Section 162(m) executive compensation deductibility limits are in active comment. Track Section 1202 OBBBA changes and the R&D credit Section 174 capitalization context.

SEC enforcement against accountants

SEC enforcement against accountants and audit firms moved into a higher gear in 2024-2026. We cover every Division of Enforcement administrative action that bars an accountant from practicing before the Commission under Rule 102(e), every settled order against an audit firm for SOX 11 violations, and every named-individual settlement involving fraud, audit deficiency, or independence violations.

State boards of accountancy

State boards issue discipline orders, license revocations, and reciprocity changes that show up nowhere in the national trade press. We aggregate the actions from California Board of Accountancy, Texas State Board of Public Accountancy, New York State Board of Accountancy, Florida Board of Accountancy, and the 10 next largest state boards into a monthly state board discipline digest. NASBA Uniform Accountancy Act (UAA) updates affecting CPA reciprocity are tracked across all 55 boards (50 states + DC + Guam + Puerto Rico + US Virgin Islands + CNMI).

How regulatory reporting works here

Every regulatory article links the primary source. When we say FASB released an ASU, we link the ASU PDF on fasb.org. When we say the PCAOB sanctioned an audit firm, we link the order on pcaobus.org. When we say an IRS notice changed a reporting requirement, we link the notice on irs.gov. We do not publish summaries that replace the primary source. We publish reporting that explains why the action matters, what changes, what it costs, and who is affected.

What is coming next

Active build queue: the ASU 2024-03 expense disaggregation implementation guide; the proposed Reg 1.6045-1 final regulations preview; the PCAOB FY2025 inspection deficiency trend report; the SEC enforcement against accountants 2024-2026 review; and the state board discipline digest expanded coverage.

Full article index

Every Regulatory desk article, organized by the standard-setter or rule. PCAOB auditing standards, AICPA pronouncements, government audit requirements, and state tax compliance.

PCAOB auditing standards

• AS 1000 general responsibilities
• AS 2201 ICFR audit
• AS 2401 fraud consideration
• AS 1215 audit documentation
• How to prepare for a PCAOB inspection

AICPA standards

• SSAE 18 attestation standards
• SAS 145 risk assessment
• SSARS 21 compilation and review
• SAS 99 fraud detection

Government and specialty audits

• Single audit under Uniform Guidance
• Yellow Book (GAGAS) audit
• ERISA plan audit
• When you need a 401(k) audit

State tax compliance

• Pass-through entity tax (PTET)
• New York PTET
• Economic nexus for sales tax
• Delaware franchise tax
• California LLC fee
• Texas franchise tax

Crypto and digital asset rules

• IRS 1099-DA electronic delivery
• Crypto wallet cost basis (Rev. Proc. 2024-28)
• Stablecoin regulatory treatment

• PCAOB Enforcement Database