2025 Accounting & Auditing Update

Overview

Stay informed and prepared with this comprehensive annual update on the latest developments in accounting and auditing. We'll begin with a deep dive into the Accounting Standards Updates (ASUs) effective in 2025, followed by insights from the FAF's 2024 PCC Review and an overview of FASB's Invitation to Comment - Agenda Consultation, which will shape the future of accounting standards. On the auditing side, we'll tackle the essential changes in quality management standards that firms must implement by the end of 2025. The session will also highlight common deficiencies identified by the DOL in EBP (Employee Benefit Plan) engagements and provide a peek at upcoming projects from the Auditing Standards Board (ASB). Join us to gain practical insights and actionable takeaways to navigate these updates with confidence.

Objectives

• Recognize the impact of Accounting Standards Updates effective in 2025 on financial reporting
• Recall the changes made to PCC processes as a result of the 2024 PCC Review
• Identify potential topics identified by advisory groups in the FASB's ITC agenda consultation
• Identify the components of quality management
• Recall deficiencies identified by the DOL for EBP audits
• Recall key projects of the Auditing Standards Board

Highlights

• Accounting Standards Updates
• Auditing & Accounting
• Yellowbook