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Your go-to for up-to-the-minute updates, we curate essential news, insights, and trends to keep you well-informed. Explore our regularly updated content, covering industry developments, regulatory changes, expert articles, upcoming events, and exclusive CalCPA updates.

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CalCPA President & CEO Denise LeDuc Froemming joined the CBA’s Accounting for California podcast with Executive Officer Dominic Franzella to dive into new CBA-backed proposals on CPA licensure and mobility and how these changes align with recent NASBA & AICPA Exposure Drafts.

California Moves to Modernize CPA Requirements Amid Talent Shortage

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What's better than morning coffee and curated news?  On weekday mornings, get significant headlines and essential information to keep you ahead in the business world, available exclusively for CalCPA members.

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Education is among the most dynamic sectors, continuously adapting to the evolving needs of students and society. As different organizations pursue their respective niches, their combined efforts give the learning community a transformative push. In this Newsweek article, read how CalCPA is redefining what being an accountant will mean in the future.

Pushing education on all fronts

CPA Competency-Based Experience Pathway (CBE Pathway)

While we commend the AICPA and NASBA for their efforts to address pipeline challenges and pursue alternative paths to CPA licensure, we believe the proposed changes fall short and do not adequately meet the current and future needs of the profession and the public it serves.

Our comment letter urges the AICPA and NASBA to reconsider the CBE Pathway and avoid incorporating a complex model into the UAA framework that fails to adequately modernize the interstate practice framework.

CalCPA recommends a comprehensive approach that prioritizes:

This approach aligns with California's current efforts, where CalCPA is collaborating with the California Board of Accountancy on a legislative proposal to modernize and simplify licensing and mobility provisions. You can learn more about the CBA’s proposed changes in the latest episode of the 

 featuring CBA Executive Officer Dominic Franzella and CalCPA President and CEO Denise LeDuc Froemming.

We encourage member leaders and firms to submit their own comments. To support this effort, we have outlined 

 to help guide your review of the proposal and the development of your feedback.

CalCPA will continue to monitor this important issue and keep you up to date with any further developments.

CalCPA Submits Comments on Exposure Draft on CPA Licensure 

CalCPA has submitted comments urging the AICPA and NASBA to reconsider the CBE Pathway and avoid incorporating a complex model into the UAA framework that fails to adequately modernize the interstate practice framework.

CalCPA Submits Comments on Exposure Draft on CPA

 that suspended the implementation of the Corporate Transparency Act’s (CTA) beneficial ownership information reporting requirements, FinCEN has provided the following guidance: Reporting companies are not currently required to file BOI with FinCEN and are not subject to liability if they fail to do so while the order remains in force.

However, reporting companies may continue to voluntarily submit beneficial ownership information reports through FinCEN’s 

Also, the Department of Justice, on behalf of the Department of the Treasury, filed an appeal of the district court’s decision on Dec. 5.

 for CPA firms engaged to assist clients to report BOI or have previously advised clients about the CTA and BOI reporting requirements, and has set up a BOI 

The CTA and its implementing regulations, which require U.S. business entities to report stakeholder information to the Treasury Department, required that an estimated 32.6 million existing business entities disclose their beneficial owners to the Treasury Department’s Financial Crimes Enforcement Network before 2025.

The government argued that the law’s function—to crack down on anonymous shell companies and deter money laundering, terrorism financing and other illicit economic activity—falls within Congress’s regulatory duties.

 that Congress exceeded its authority in enacting the CTA, resulting in an unconstitutional infringement on states’ rights to regulate businesses. The court granted a nationwide injunction prohibiting FinCEN from enforcing the Jan.1, 2025, reporting deadline for all reporting companies.

CalCPA, along with all state societies and the AICPA, has urged the government to push back the initial filing deadline by at least one year, to no earlier than Jan. 1, 2026. 

CalCPA continues to work with the AICPA and other state societies on this important issue and will keep you up to date with any further developments.

Please note that legislation, regulations, tax announcements, and court rulings can be complex and wide-ranging. Before making any determinations for yourself or your client, be sure to review the provisions in detail and consult with experts as appropriate.

BOI reporting update: CTA reports are voluntary following court decision

In light of a Dec. 3 federal district court order that suspended the implementation of the Corporate Transparency Act’s (CTA) beneficial ownership information reporting requirements, FinCEN has said reporting companies are not currently required to file BOI and are not subject to liability if they fail to do so while the order remains in force. Reporting companies may continue to voluntarily submit beneficial ownership information reports.

Court suspends BOI reporting requirements

In the ever-evolving landscape of modern workplaces, fostering a sense of belonging and psychological safety among employees has emerged as a critical priority for organizations worldwide. These interconnected concepts are fundamental pillars upon which inclusive and high-performing cultures are built. By understanding their significance and implementing strategies to cultivate them, businesses can unlock the full potential of their teams—and drive sustained success.

Belonging encompasses the feelings of being accepted, valued and included within a group or organization. It goes beyond mere representation to emphasize the importance of creating an environment where every individual feels like they truly belong. When employees experience this, they are more engaged, motivated and committed to their work and organization.

Creating this culture of belonging requires deliberate efforts to foster connection, empathy and mutual respect among team members. This can be achieved through employee resource groups, mentorship programs and inclusive communication practices, among other initiatives. By celebrating diversity and recognizing the unique contributions of each individual, organizations can cultivate a culture where everyone feels seen, heard and appreciated.

Psychological safety refers to the belief that one can speak up, take risks and express themselves without fear of reprisal or judgment. It is the foundation upon which open communication, collaboration and innovation thrive within teams.

In psychologically safe environments, employees feel comfortable sharing their ideas, challenging the status quo and engaging in constructive conflict, knowing that their contributions will be respected and valued.

Building psychological safety requires leaders to create a culture of trust, vulnerability and psychological support. This involves encouraging open dialogue, actively listening to employee feedback and demonstrating empathy and understanding toward differing perspectives. Leaders must also model vulnerability by admitting mistakes, seeking input from others and fostering an environment where failure is viewed as a learning opportunity rather than a source of shame or blame.

The Interplay Between Belonging and Psychological Safety

Belonging and psychological safety are inherently interconnected, each reinforcing and enhancing the other. When employees feel like they belong, they are more likely to feel safe to express themselves authentically and contribute to discussions openly. And when teams operate in an environment of psychological safety, individuals are more likely to feel a sense of belonging, knowing that they can be themselves without fear of judgment or rejection. 

Moreover, research has shown that teams characterized by high levels of both belonging and psychological safety are more innovative, resilient and high performing. They are better equipped to navigate challenges, adapt to change and collaborate effectively toward shared goals.

Strategies for Cultivating Belonging and Psychological Safety

Fostering belonging and psychological safety is essential for creating a culture where employees feel valued, empowered and supported. By prioritizing both concepts and implementing strategies to cultivate them, organizations can unlock the potential of their teams to drive innovation, collaboration success.

Belonging: Thriving Workplaces 

In the ever-evolving landscape of workplaces, fostering a sense of belonging and psychological safety among employees is a critical priority for organizations.

Thriving Workplaces

As the Dec. 15, 2025, deadline rapidly approaches, CPA firms with an audit and assurance practice must implement the AICPA’s new Quality Management Standards (SQMS). Additionally, firms registered with the PCAOB are required to comply with the new PCAOB Quality Control Standard (PCAOB QC 1000).

Adopting these standards is crucial for CPA firms to fulfill regulatory requirements, improve operational efficiency and mitigate risks within their practices. Compliance will also help maintain credibility and trust among users of financial statements.

While many firms may have a basic understanding of these standards, this article provides a brief overview of both sets of requirements, along with practical steps and various strategies for those who have not yet begun or are in the early stages of implementation.

Strategies for Implementing the New Quality Management Standards

A strategic approach to complying with new quality management standards can turn this regulatory obligation into an advantage.

Since accountants are often hired as expert witnesses on forensic accounting, economic damages and business valuation issues, it’s wise to be aware of the rules governing the admissibility of expert testimony in both state and federal courts. Recently, changes were made to Federal Rule 702 to keep unreliable opinions away from juries, which has already resulted in the exclusion of expert testimony.

Rule 702 of the Federal Rules of Evidence governs the admissibility of expert testimony in federal courts. Prior to the changes made in December 2023, the last time Federal Rule 702 had been amended was in 2000 in response to 

Daubert v. Merrell Dow Pharmaceuticals, Inc

, the court noted it is the trial judge’s responsibility to act as a gatekeeper and exclude unreliable testimony. The changes made in December 2023 were designed to fix what has been deemed widespread misapplication of Rule 702 by the courts. Often, expert testimony was allowed under the theory that concerns can be addressed through cross-examination and because of this, there was inconsistency in expert exclusion. 

Intending to re-establish the court’s role as gatekeeper, Rule 702 (the updates highlighted in bold) now states that, “a witness who is qualified as an expert by knowledge, skill, experience, training, or education may testify in the form of an opinion or otherwise if the proponent demonstrates to the court that it is more likely than not that:

Does Federal Rule 702 Impact Accounting Expert Witnesses?

Forensic accounting, economic damages and business valuations often involve complex financial transactions, accounting principles, auditing standards and forensic techniques.

These topics may be beyond the common knowledge of the judge and jury, and therefore require the assistance of expert witnesses to explain the evidence and provide opinions on the existence and extent of damages, fraud, etc. Rule 702 sets the criteria for the qualification and reliability of such experts, and assigns judges the gatekeeping role of determining whether the expert testimony is admissible or not.

What are the Implications of Rule 702 for Accounting Expert Witnesses?

As financial experts, it is important to be aware of the requirements and challenges of Rule 702, especially if you are hired as an expert witness. Here are some implications of the rule for accounting experts:

Recent Cases Highlighting the New Impacts on Expert Testimony

There have been recent exclusions of expert testimony that may have been a result of the recent changes. For example:

As the standards for admitting expert testimony tighten, it is increasingly important for accountants who serve as expert witnesses to stay informed. Recent developments emphasize the courts role as the gatekeeper and for the necessity of experts to have applicable relevant qualifications and sound methodologies.

Recent Changes Impacting Admissibility of Expert Testimony

As the standards for admitting expert testimony tighten, it is increasingly important for accountants who serve as expert witnesses to stay informed. 