September-October 2023
FEATURED ARTICLE
Help WantedWe hear from members across the state that staffing continues to be their top challenge. Here is a summary of the programs and resources we have to support you in meeting your staffing challenges today and in the years to come.
Accounting and Auditing: SEC Finally Issues Long Overdue Rules Requiring Extraction Companies to Report Payments to Governmental Entities for Resource Development
After two previously unsuccessful attempts to promulgate reporting requirements for extraction companies laid out in Dodd-Frank, the SEC has issued rules that require disclosure of payments made to commercially develop oil, natural gas or other minerals. The requirement in the Dodd-Frank Act was enacted to address perceived corruption in the extractive industries.
By Don Carpenter, MSAcc/CPA
To inspire chapters in their continuing work to elevate member service, TXCPA bestows Outstanding Chapter Awards to the small and medium-sized chapters. TXCPA San Angelo and TXCPA Permian Basin received the awards in 2023.
TXCPA’s Annual Meeting of Members
TXCPA members and their guests traveled to Fort Worth for the 2023 Annual Meeting of Members in June. It was an opportunity for members to connect and network with each other and with TXCPA leaders, while also learning about key issues in the profession and having some fun.
Attracting and Retaining Talent:
How Ignoring Organizational Culture and Employee
Wellness Can Cost Your Business
In the world of accounting, the focus on financials often overshadows the critical role corporate culture plays in business performance. Research shows that employees at high-growth firms are more satisfied with their company cultures than employees at slower growing firms, an advantage associated with lower turnover. Learn the tips and techniques that can be used to recruit and retain employees.
By Lee Frederiksen, Ph.D.
Pragmatic CPA’s Guide to ESG Reporting
Companies must decide for themselves if the benefits of voluntary Environmental, Social and Governance (ESG) reporting exceed the costs. CPAs differ widely about the wisdom of placing significant reliance on ESG measurements. Most, however, agree on a simple fact: the sector has grown to a size that can no longer be ignored.
By Michael Kraten, Ph.D., CPA, and Mohan Kuruvilla, Ph.D., CPA
Corporate Transparency Act: Are You Prepared?
Congress enacted a new, significant and pervasive compliance program: the Corporate Transparency Act (CTA). The CTA requires reports of beneficial ownership information (BOI) and is estimated to affect more than 32 million existing entities (even after exemptions). Initial reporting for existing entities will commence January 1, 2024, and must be completed before January 1, 2025.
By Nathan George, CPA, and Ken Horwitz, CPA, JD, LLM
Share Repurchase Programs
Share repurchases have become commonplace in the modern economy. This article does not deliberate on merits or pitfalls of share repurchase programs, but rather focuses on the accounting issues that companies may deal with in their share repurchase programs. It also covers two recent developments in share repurchase accounting: the Inflation Reduction Act of 2022 and the Securities and Exchange Commission (SEC) disclosure requirements effective on October 1, 2023.
By Josef Rashty