KNAV US

Recent PCAOB actions, levying fines on major audit firms, underscore a critical shift: quality standards need to be woven into the audit process, not just inspected. KNAV emphasizes the necessity of embedding these standards at every step, ensuring audits are not only compliant but exemplary. This approach demands continuous updates, training, and a dedication to best practices, moving beyond penalties to embody excellence and maintain public trust. Read more here - https://lnkd.in/gRniKfHZ Atul Deshmukh #AuditExcellence #ProactiveStandards #PCAOB #Assurance #KNAVUS #BeyondBetter

Important update for companies in the clean energy and semiconductor sectors! The U.S. Treasury and IRS have finalized regulations that allow for the transfer of specific tax credits to unrelated taxpayers. This initiative, effective for tax years ending on or after March 11, 2024, enables companies to receive cash payments for credits without affecting their gross income. Make sure your company completes the mandatory IRS pre-filing registration to leverage these benefits. Stay informed and consult with tax advisors to integrate these new opportunities into your tax strategies. Read more here - https://lnkd.in/dMPSyCnW Kavit Sanghvi #IRSregulations #TaxCreditTransfers #CleanEnergy #AdvancedManufacturing #TaxPolicy #CHIPSAct #InflationReductionAct #TaxCompliance #CorporateTax #TaxStrategy #KNAVUS #BeyondBetter

The AICPA's revisions to the Code of Professional Conduct are a game-changer for auditor independence, ensuring that fee dependency doesn't compromise the unbiased integrity critical to our profession. These updates, in line with IESBA's international standards, introduce a new principles-based framework to evaluate and address the risks associated with fee dependency, effective from January 2025. Key highlights include clarifications on attest engagement fees as standalone, assessing threats from significant fee proportions from a single client, and refined guidance on fee-related threats and client affiliates. This move not only aligns with global ethics standards but also reinforces the profession's commitment to maintaining trust through independence in audit engagements. Read more here - https://lnkd.in/dfyH-juy Atul Deshmukh #AuditIntegrity #AICPA #AuditorIndependence #EthicalStandards #KNAVUS #BeyondBetter

FASB's latest update, ASU 2023-05, revolutionizes accounting for Joint Venture Formations, aiming for clarity and consistency in financial reporting. This strategic amendment provides explicit guidance for the recognition and measurement of assets and liabilities at fair value during the formation of a joint venture, addressing a significant gap in GAAP and eliminating diverse practices. Effective from January 1, 2025, this change is poised to enhance comparability and support informed decision-making by investors. KNAV applauds this move towards uniformity and transparency, emphasizing the importance of accurate financial presentations and the role of auditors in advocating for best practices that align with evolving GAAP standards. Early adoption is encouraged, marking a significant step towards aligning global accounting practices. Read more here - https://lnkd.in/dPatFtN4 Atul Deshmukh #FASBUpdate #JointVentureAccounting #FinancialReporting #KNAVOpinion #KNAVUS #BeyondBetter

President Biden’s proposed FY 2025 budget introduces pivotal tax measures that could have far-reaching effects on corporate America. By proposing to increase the corporate income tax rate to 28% and expand the Corporate Alternative Minimum Tax, the administration is aiming to ensure that all corporations contribute their fair share. Additionally, the proposed changes in how stock buybacks and dividends are taxed could significantly alter corporate financial strategies. Businesses should proactively engage in strategic planning and legislative advocacy to mitigate potential adverse impacts and leverage opportunities within these proposed tax changes. Read more here - https://lnkd.in/dC_8RwEx Shishir Lagu #BidenBudget #TaxProposals #CorporateTax #TaxReform #BusinessTax #TaxChanges #RealEstate #DigitalAssets #InternationalTax #AffordableHousing #KNAVUS #BeyondBetter

IRS Alert: Beware of Scam Attempts to Set Up Online Account The IRS has issued a warning as part of their annual Dirty Dozen tax scams campaign, urging taxpayers to be vigilant against scammers posing as helpers offering to set up IRS Online Accounts. These fraudsters aim to steal personal and financial information to commit identity theft and file fraudulent tax returns. Remember to create your IRS Online Account directly through IRS.gov and be cautious of unsolicited communications offering assistance. Protect your personal information by only sharing with known and verified sources. Stay vigilant and use IRS-provided resources to ensure your security. Read more here - https://lnkd.in/dBzbAqsS #IRSWarns #TaxScams #IdentityTheftAwareness #ProtectYourInfo #KNAVUS #BeyondBetter

Embracing the Future: The integration of AI in US commercial real estate valuation is transforming the industry with improved accuracy and efficiency. But, it's not just about technology. The future lies in harmonizing AI's capabilities with human insight, ensuring data privacy, and maintaining the accuracy of AI models. A balanced approach between technology and human expertise is key to enhancing valuation methodologies for the US market. Read more here - https://lnkd.in/diBR5npA Vivek Shah #CommercialRealEstate #AIinValuation #MachineLearning #RealEstateTech #PropertyValuation #DataPrivacy #TechIntegration #HumanExpertise #CREvaluation #KNAVUS #BeyondBetter

With the introduction of a new excise tax on stock buybacks, it’s crucial for corporate leaders to understand and prepare for these changes. This tax aims to encourage companies to reinvest in their operations rather than focus solely on buybacks. Read our latest article to explore the essential strategies that companies can adopt to navigate this shift, including reassessing capital allocation and enhancing financial forecasting. Learn how to turn this new challenge into an opportunity for strategic growth and compliance. Click here to read the article - https://lnkd.in/dUv97N23 Shishir Lagu #TaxReform #CorporateFinance #TaxCompliance #FinancialStrategy #StakeholderCommunication #PolicyEngagement #FiscalResponsibility #BusinessInnovation #KNAVUS #BeyondBetter

PCAOB's groundbreaking revision of AS 2310, now titled 'The Auditor’s Use of Confirmation,' heralds a significant modernization in the audit confirmation process. This update embraces both traditional and electronic means, enhancing the robustness and reliability of audit evidence collected. Key highlights include the integration of risk-based considerations, new requirements for confirming cash equivalents held by third parties, and refined guidelines for when alternative procedures may be necessary. Set to impact audits for fiscal years ending on or after June 15, 2025, this shift underscores a commitment to leveraging technology while ensuring the audit evidence's relevance and reliability. KNAV endorses this evolution, emphasizing the importance of a meticulously designed confirmation process to uphold the quality and integrity of audits. This step is crucial for maintaining investor confidence through consistent, reliable, and high-quality audit evidence. Read more here - https://lnkd.in/drsedZ2t Atul Deshmukh #AuditStandards #PCAOB #ModernAuditing #KNAVOpinion #KNAVUS #BeyondBetter

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