• ASC 815
• Call options
• Derivative instruments
• FASB ASU 2025‑07
• Forward contracts
• Futures contracts
• FX hedging
• Notional amounts
• Option contracts
• Put options
• Underlyings

This article covers option-based contracts in foreign currency transactions and their treatment as derivatives under ASC 815. It highlights how options differ from forwards and futures, outlines call and put options and their accounting implications, defines key derivative terminology, and illustrates how FX options can hedge one-sided currency risk while preserving upside potential.

By Josef Rashty, CPA

• Advocacy and regulatory updates
• Future of the profession
• Learning opportunities
• Member and volunteer engagement
• TXCPA year in review

This issue of Today’s CPA reflects on TXCPA’s achievements during the 2025–2026 membership year while looking ahead to the future. It highlights advocacy successes, profession updates, expanded education offerings, technology investments, and strong member and volunteer engagement. As the year closes, members are encouraged to stay engaged and help shape what’s next.

By Jodi Ann Ray, CAE

• California Climate Accountability Package
• CARB disclosure mandates
• Climate risk disclosures
• ESG Reporting
• Scope 1, 2 and 3 emissions

California’s Climate Accountability Package significantly expands corporate climate disclosure requirements, mandating detailed greenhouse gas emissions reporting and climate‑risk analysis for companies doing business in the state. Ongoing legal challenges remain, but enforcement timelines are intact, placing growing responsibility on companies and CPAs to manage data quality, Scope 3 estimates and audit‑ready disclosures.

By Stephen Franciosa, CPA

• Academic partnerships
• Community justice
• Financial fraud
• Forensic accounting
• Pro bono services
• Student training

The Justice for Fraud Victims Project (JFVP) is a national program that delivers free forensic accounting and fraud investigation services to vulnerable individuals, small businesses and nonprofits. With partnerships among universities, anti-fraud professionals and law enforcement, they help uncover financial crimes and educate future forensic accountants. The model is expanding, including a new program at Lubbock Christian University.

• AICPA Code of Conduct
• Auditor independence
• Independence standards
• Partner rotation
• PCAOB inspections
• Quality control policies

Auditor independence is essential to maintaining trust in the accounting profession, requiring both objectivity and the appearance of impartiality. Common threats - such as self-interest, self-review and familiarity - continue to lead to violations. Strong firm policies, ongoing training and effective use of technology are key to preventing these issues.

By Ashley Bentley, Ed.D., CPA

• Cybersecurity Risk
• Double
• Hubdoc
• Intuit
• NetSuite
• Platform Alternatives
• QuickBooks Desktop
• QuickBooks Online
• RightTool
• Xero

This article outlines the key implications of QuickBooks Desktop's phased discontinuation, including service discontinuation risks, operational failures, backup and archival strategies, migration challenges, and alternative accounting platforms. It also provides guidance for CPAs to take a proactive approach to managing and executing client migrations.

By Ryan J. Almusawi, EA, MPAcc, and Nancy V. Cossio

• After‑tax yield
• Bond price discounts
• De minimis rule
• Discounted tax‑exempt bonds
• Municipal bond taxation
• Yield mirage

Tax‑exempt municipal bonds purchased at deep discounts can quietly trigger ordinary income taxation under the IRS de minimis rule, eroding after‑tax returns and creating surprise tax bills at maturity. By comparing after‑tax “true yield” and proactively swapping discounted bonds for higher‑coupon alternatives, CPAs and financial advisors can help clients defuse a hidden tax bomb and improve portfolio outcomes.

By Ed Mahaffy, MBA, CFP®, ChFC

• Artificial Intelligence
• Audit evidence
• Blockchain auditing
• Internet of Things
• Metaverse risks
• Professional judgment
• Quantum computing

Emerging technologies are reshaping auditing by embedding automation, advanced analytics and decentralized systems into core business processes. While these tools improve efficiency and insight, they introduce new risks that challenge traditional audit approaches. CPAs must adapt methods, rely more heavily on professional judgment, and uphold independence and integrity to sustain trust in financial reporting.

By Angel Rafael Otero, Ph.D., CPA, CFE, CISA, CITP, CICA, CRISC

• Community
• Legislative Advocacy
• Member Networking
• Professional Development
• Scholarship Support
• Student Outreach

TXCPA chapters across Texas are making an impact through service, networking and professional development. Recent highlights include volunteer and scholarship efforts in Austin, community engagement and member meetups in Dallas, student outreach and advocacy in East Texas, and career-focused events in Houston that strengthen connections within the accounting community.

• 2026 Elections
• 2027 Texas Legislature
• CPA Licensure
• Legislative Advocacy
• Legislative Priorities
• Member and volunteer engagement
• TXCPA PAC

TXCPA is preparing for the 2027 Texas legislative session as the 2026 elections shape the political and policy landscape. Key focuses include monitoring election outcomes, emerging legislative issues and national deregulation efforts that could impact CPA licensure and practice, while encouraging continued member engagement and advocacy.

By Kenneth Besserman, JD, LLM

• Client Advisory Services (CAS)
• Market focus
• Niche Focus
• Operational efficiency
• Scalable growth
• Service differentiation

Client advisory services deliver the most value when firms clearly define who they serve and which problems they solve. Clear positioning enables standardized workflows, repeatable service offerings and more predictable growth.

By Jeremy Estey

• ACAN
• AcctoFi
• Membership
• Word Challenge

In this edition of Take Note: Renew Your TXCPA Membership; Accountants Confidential Assistance Network (ACAN); 2026 CPE Programs; Word Game - Positioning That Powers Growth

The Classifieds section of Today's CPA provides a one-stop destination to find practices for sale, connect with buyers, and access services that support growth, transition and market expansion.