FASB admits leases standard was costlier than expected
The 2016 standard on leases met its objective of providing investors with useful information, but the costs of implementing and maintaining it were high.

M&A roundup: Mauldin & Jenkins, Ascend and Crete expand
Mauldin & Jenkins merged in LaPorte CPAs & Business Advisors; Ascend's TSS Advisors added John G. Burk & Associates; Ascend's Walter Shuffain Advisors integrated Richardson & Co.; Cross Financial joined Crete Professionals Alliance.

Presidential tariff power faces Supreme Court test
The issues concern the constitutional division of taxing power, the potential role of Congress in determining trade rules, and costs to businesses and households.

Boomer, Miles Masterclass partner on AI education
Boomer Consulting and Miles Masterclass are teaming up to provide on-demand training on artificial intelligence to Boomer firms at a discounted rate.

Trump tells Congress don't 'waste' time on Obamacare credits
The president's comments come as Senate Republicans prepare to hold a vote on extending the tax credits, which are slated to expire at the end of this year.

B. Riley stays listed on Nasdaq after winning another extension
The company has struggled to meet SEC deadlines amid souring investments, flaws in its financial reporting and an ongoing investigation.

FASB takes on crypto asset transfers
The Financial Accounting Standards Board decided to add a project to its technical agenda related to the accounting for cryptocurrency asset transfers.

PCAOB agrees on audit regulation deal with Lithuania
The Public Company Accounting Oversight Board has made a pact with Lithuania's audit regulator to allow the two organizations to cooperate on overseeing firms.

Tech leader Rick Richardson dies at 81
Over his six-decade long career, Richardson was a pioneer of technology in the profession, working as a consultant, speaker and former national director at EY.

IASB to tackle new projects on work plan
The International Accounting Standards Board discussed adding new projects to its agenda, along with ongoing work on the equity method and intangible assets.