Compliance
The American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) jointly released a draft amendment to the Uniform Accountancy Act this week, aiming to provide an alternative pathway to CPA licensure without requiring additional college credits. The draft suggests that candidates with a bachelor's degree could meet licensure requirements through two years of relevant work experience, to alleviate the talent shortage in the accounting profession. The public comment period ends on December 30. Susan Coffey, CEO of Public Accounting at AICPA, expressed hope that all 55 jurisdictions would adopt the model, emphasizing that uniformity is crucial for maintaining cross-state licensure mobility.
McKinsey's latest survey reveals that diversity commitments in US companies have declined. While women's representation across workplace levels has improved, progress remains fragile, especially for women of color. The report recommends that companies strengthen women's development programs, leverage manager roles, and improve performance evaluations.
California Governor Newsom vetoed the controversial AI safety bill SB 1047, prompting the industry to reassess regulatory paths. This article outlines the reasons for the veto, reactions from various parties, and subsequent legislative developments, including 17 AI-related bills signed into law and regulatory trends across states.
2024 New York Climate Week opened on Sunday, focusing on the theme of urgency. On Monday, multiple institutions issued climate announcements in rapid succession, including 14 financial institutions supporting a tripling of nuclear energy financing, the formation of the American Green Bank 50 Alliance, Frontier and CarbonRun signing a river limestone carbon removal agreement, and Climeworks partnering with British Airways.
The U.S. Securities and Exchange Commission (SEC) announced fines totaling $88 million against 12 investment advisers, broker-dealers, and other financial services firms for violating securities laws by failing to preserve employee electronic communications. The firms involved include CIBC World Markets, Invesco Distributors, and Stifel, Nicolaus & Company, all of which admitted to the facts in the regulatory orders and have begun remediation. SEC Enforcement Director Gurbir Grewal emphasized that firms that proactively self-report deficiencies may receive significantly reduced penalties.
A report released by Deloitte on Monday indicated that among 1,848 surveyed technology and business professionals, nearly three-quarters ranked data privacy among the top three ethical concerns for generative AI applications, with 40% considering it the primary issue, a significant increase from 25% in 2023.
The latest report from EY shows that the outcome of the 2024 U.S. presidential election will reshape the public policy environment. Vice President Harris and former President Trump hold notably divergent stances on six key issues: taxation, trade, regulation, climate, labor, and technology (including AI), and business leaders need to pay close attention.
The Financial Accounting Standards Board (FASB) has agreed to proceed with more than 30 proposed updates to the codification that underpins U.S. GAAP, setting a 90-day comment period. The changes are intended to clarify or correct unintended consequences, with no expected significant effect on current accounting practice. The proposal covers areas such as comparative financial statement requirements and beneficial interest calculations, drawing mixed reactions from stakeholders.
Mastercard announced on Monday that its long-time CFO Sachin Mehra has been diagnosed with non-Hodgkin lymphoma, but the condition is early-stage, localized, and treatable. He will work remotely and continue participating in daily operations over the coming months. The company's disclosure strategy has been praised by governance experts for striking a balance between transparency and privacy.
Israeli startup Datricks announced the completion of a $15 million Series A funding round, with SAP joining as a participant and Team8 leading the round. The company focuses on an AI-driven risk detection platform designed to help businesses quickly identify financial risks such as fraud and compliance failures. The funds will be used to strengthen the platform's AI capabilities, expand large language model applications, and recruit senior sales engineers.