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GASB Issues Guidance on Subsequent Events

The Governmental Accounting Standards Board (GASB) has issued Statement No. 105, 'Subsequent Events,' to improve financial reporting requirements for subsequent events. The guidance is effective for fiscal years beginning after June 15, 2026.

IRS Schedule 1-A for Tax Year 2025 Deductions

The IRS has published new Schedule 1-A and instructions for tax year 2025, detailing how taxpayers can claim new deductions for tips, overtime, car loans, and an enhanced deduction for seniors. These changes are part of the 'One, Big, Beautiful Bill' and aim to provide significant tax benefits to eligible individuals.

Treasury, IRS Issue Proposed Regulations for Trump Accounts Pilot Program

The Treasury Department and IRS have issued proposed regulations for the Trump Accounts contribution pilot program, established under the Working Families Tax Cuts. These regulations provide guidance on how the Treasury will deposit a one-time $1,000 contribution into eligible children's accounts.

SEC Staff Accounting Bulletin 118 on Tax Cuts and Jobs Act Income Taxes

The SEC staff has published Staff Accounting Bulletin No. 118 to provide guidance on applying accounting standards for income taxes following the Tax Cuts and Jobs Act of 2017. This bulletin clarifies interpretations for registrants regarding ASC Topic 740, Income Taxes.

SEC Staff Accounting Bulletin 119 on Credit Loss Guidance

The SEC's Office of the Chief Accountant published Staff Accounting Bulletin 119 to update guidance on measuring credit losses on financial instruments. This update aligns SEC staff interpretations with the FASB's Accounting Standards Codification Topic 326, which introduces an expected credit loss model.

SEC Staff Accounting Bulletin 120: Fair Value Guidance for Share-Based Payments

The SEC's Office of the Chief Accountant and Division of Corporation Finance have issued Staff Accounting Bulletin (SAB) 120, updating guidance on estimating the fair value of share-based payment transactions when a company possesses material non-public information. This update aligns existing interpretive guidance with current accounting standards, specifically FASB ASC Topic 718.

SEC Rescinds SAB 121, Issues SAB 122 on Crypto-Asset Custody

The SEC has rescinded Staff Accounting Bulletin (SAB) 121 and issued SAB 122, which provides new guidance on accounting for crypto-asset custody obligations. This change affects how entities recognize and measure liabilities related to safeguarding crypto-assets for platform users.

OSHA Guidance on Recordability of Lithium-Ion Battery Injuries

OSHA issued guidance clarifying that workplace injuries resulting from employees improperly carrying personal rechargeable lithium-ion batteries (e.g., in e-cigarettes) are considered work-related and must be recorded under OSHA's recordkeeping regulation (29 CFR Part 1904). The guidance addresses a specific scenario involving unprotected batteries sparking in a pocket.

OSHA Clarifies Lead Contamination on Surfaces

OSHA has issued a clarification regarding the interpretation of "as free as practicable" for lead contamination on surfaces in its lead standard for construction. This guidance addresses employer responsibilities for maintaining clean work areas and lunchroom facilities to minimize lead exposure.

OSHA Interpretation on Respirator Medical Evaluations

OSHA has issued an interpretation clarifying its Respiratory Protection standard (29 CFR § 1910.134) regarding medical evaluations for respirator use. This interpretation addresses the extent of information employers must provide to healthcare professionals and the scope of the PLHCP's evaluation concerning an employee's ability to perform job tasks safely while using a respirator.