AICPA News is a round-up of recent announcements from the American Institute of CPAs, the Association of International CPAs, and the Chartered Institute of Management Accountants (CIMA).
AICPA Recommends Automating Extension Process for Taxpayers Affected by Federally Declared Disasters
While taxpayers are afforded a statutorily-prescribed period to replace property destroyed by a federally-declared disaster, the process for requesting an extension is not automated. The American Institute of CPAs (AICPA) is recommending that the Internal Revenue Service (IRS) implement an automated system to process extension requests from taxpayers affected by federally declared disasters, providing them with certainty when requesting additional time to replace involuntarily converted property under section 1033 of the Internal Revenue Code.
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Currently, taxpayers may request an extension to such replacement periods if the taxpayer has reasonable cause for the delay and submits a request before the replacement period expires. The primary issue with extension requests, however, has been whether the taxpayer receives approval before expiration of the original replacement period.
The AICPA is requesting that the IRS leverage the use of its online taxpayer accounts to streamline the extension request submissions and notifications for section 1033 requests and establish an automated procedure to approve such requests submitted by taxpayers affected by federally declared disasters.
Alternatively, the AICPA recommends that the IRS consider automatically approving extension requests that have been pending for more than a specified period (e.g., 30-60 days), provided certain streamlined criteria are met.
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AICPA Updates Criteria for Stablecoin Reporting to Address Controls Over Stablecoin Operations
The American Institute of CPAs (AICPA) recently announced the update of the 2025 Criteria for Stablecoin Reporting: Specific to Asset-Backed Fiat-Pegged Tokens to include the addition of Part II: 2025 Criteria for Controls Supporting Token Operations. The update comes amid heightened global and domestic focus over the past year on stablecoin oversight.
Part I, published last year, established a common framework for stablecoin issuers to present and disclose information at a specific point in time on outstanding stablecoins and the assets backing them, eliminating inconsistencies in reporting and enabling greater clarity for stakeholders. The newly added section captures the ongoing risks inherent in stablecoin operations.
Key Highlights of the Updated 2025 Criteria
- Increases trust in stablecoins: Over the last two years, lawmakers both in the United States and internationally increased their attention on stablecoins, emphasizing the importance of reserve integrity, risk management, governance and the reliability of information provided to users and markets. As governments and regulatory bodies continue to evaluate rules for the issuance and oversight of stablecoins, the need for well-designed and effectively operating controls has become increasingly central to trust in these types of digital assets.
- Addresses risks commonly associated with stablecoin issuers’ operations: Effective, well‑designed controls support the accuracy of the information presented and disclosed. They also ensure that all controls surrounding stablecoin operations, such as issuance, redemptions, asset custody, and vendor management, are operating as intended. The newly added criteria establish a common framework for stablecoin issuers to identify risks commonly associated with stablecoin operations and provide control objectives for evaluating the design and operating effectiveness of controls across all aspects of those operations over a specified period of time.
- Includes implementation guidance to assist both issuers and practitioners: To support application in practice, the criteria also include implementation guidance intended to assist both stablecoin issuers and practitioners in assessing whether controls achieve their stated objectives.
These updates reflect the AICPA’s ongoing commitment to advancing high quality assurance and reporting practices as digital asset markets mature and as stakeholders — including regulators, investors, and the public — seek greater confidence in stablecoin-related information. Parts I and II of the 2025 Criteria for Stablecoin Reporting can be accessed here.
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AICPA Urges Congressional Support for Fiscal State of the Nation Act
The American Institute of CPAs (AICPA) is expressing its support for the Fiscal State of the Nation Act, introduced by Representatives Andy Barr (R-KY) and Scott Peters (D-CA). This bipartisan legislation will promote greater fiscal transparency and require the Comptroller General of the United States to make an annual presentation before a joint hearing of the House and Senate Budget Committees to help key policymakers focus on some of the most important aspects of the consolidated financial statements, including financial and sustainability measures.
The AICPA has long supported measures to increase transparency of our nation’s fiscal health and is expressing its strong support for this legislation. A survey conducted by The Harris Poll on behalf of the AICPA reveals that 81% of Americans agree they would support an annual report to Congress provided by the U.S. Comptroller on the audited financial statements of the nation, with 38% indicating they strongly agree.
The survey also revealed that 89% of registered voters agree that elected officials should have a full understanding of the long-term financial obligations of the federal government (e.g., Social Security, Medicare). Meanwhile, 84% of Americans indicate they are concerned about the national debt affecting future generations’ economic opportunities, with 43% indicating they are “very concerned.”
The AICPA has applauded actions taken by the federal government to institute improvements in federal financial management and reporting over the years. The group believes that the consolidated federal financial statements and the Government Accountability Office (GAO)’s audit report provide valuable information on the financial condition of the federal government, and it is important that the GAO have the ability to render an opinion on the federal consolidated financial statements.
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Americans Set Ambitious Financial Goals for 2026 But Rising Cost of Living Could Disrupt Those Plans
A new survey conducted by The Harris Poll on behalf of the American Institute of CPAs (AICPA) reveals that Americans are entering 2026 with strong financial aspirations, but many of these goal setters worry that economic challenges could interfere with those goals.
Half (50%) of Americans with 2026 financial goals fear cost of living increases (e.g., housing, groceries, utilities), could keep them from achieving those goals. Other obstacles include unexpected expenses (e.g., medical bills, car or home repairs) (41%), job/income loss or uncertainty (26%), and higher interest rates (21%).
Key Findings:
- 92% of Americans have financial goals for 2026
- 77% say saving is among their financial goals for 2026, including saving for retirement (32%) and saving for a vacation (29%), while about a third say the same of paying down debt (e.g., credit card bills, student loans, medical debt) and investing (both 34%)
- Of those Americans who had financial goals in 2025, 81% say they did not stick to them
- 12% of Americans who have financial goals for 2026 say that not knowing how to get started might affect their ability to reach their financial goals in 2026
Challenges Ahead:
Among Americans who have 2026 financial goals, the top things that might keep them from reaching those goals are:
- 50% – rising cost of living (e.g., housing, groceries, utilities)
- 41% – unexpected expenses (e.g., medical bills, car or home repairs)
- 26% – job/income loss or uncertainty
- 21% – higher interest rates (making borrowing or debt repayment harder)
- 21% – feeling stressed or overwhelmed and putting goals on hold
- 18% – competing financial priorities (e.g., saving for retirement, kids, vacation, emergencies)
Generational Insights:
- Gen Z’s top financial goal for 2026 is saving for a car (41%)
- Millennials’ top financial goal for 2026 is saving for a vacation (36%)
- Gen Xers top financial goal for 2026 is saving for retirement (46%)
- Baby Boomers’ top financial goal for 2026 is paying down debt (e.g., credit card bills, student loans, medical debt) and investing (both 33%)
Optimism vs. Uncertainty:
- 42% of Americans feel that 2026 will be much better or somewhat better financially for them than 2025
- 34% of Americans feel that 2026 will not be any better or worse than 2025 for them financially
- 24% of Americans feel that 2026 will be worse or much worse financially for them than 2025
- Younger generations are more optimistic: 50% of Gen Z and 52% of Millennials feel that 2026 will be better or financially for them than 2025, compared to 29% of Baby Boomers
Lessons from Last Year:
- 82% of Americans had financial goals for 2025
- Among those with financial goals, rising costs of living was the top reason (36%) for falling short of 2025 financial goals
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U.S. Accounting Undergraduate Enrollment Rises for Third Straight Year
Accounting undergraduate enrollment in U.S. colleges and universities rose for the third consecutive year in fall 2025, outpacing growth overall for undergraduate institutions, according to data from the National Student Clearinghouse.
Overall accounting undergraduate enrollment grew by 7.3% year over year in the fall 2025 semester. That increase compares to 1.2% for enrollment across all majors, data from the clearinghouse’s Final Fall Enrollment Trends report shows. The increase for accounting majors follows an 11.3% rise in fall 2024 and a 1.9% increase in fall 2023 at the undergraduate level.
Among the highlights from the clearinghouse’s most recent data:
- Total postsecondary accounting enrollment in 2025 was 313,397 students, compared to 293,759 last year. That includes enrollment at 4-year colleges and universities, community colleges, hybrid institutions that primarily offer associate’s degrees and graduate schools.
- Accounting enrollment at 4-year undergraduate programs rose 7.4% to 204,283 in fall 2025, the third consecutive year over year increase.
- By comparison, total enrollment across all program areas at the 4-year undergraduate level rose 1.4% at public institutions and declined at private institutions.
- One in eight undergraduate business students majored in accounting in fall 2025, an increase from one in nine in 2023.
- At the graduate level, accounting enrollment rose just under a half-percent to 25,580 students. While modest, the accounting graduate-level enrollment increases still outstripped the growth in overall graduate business, management and marketing programs and represents the first year-over-year increase in graduate accounting enrollment since 2019.
The AICPA continues to work with educators, accounting firms and other employers, state CPA societies and other accounting bodies to promote workforce development and career opportunities in the profession. Students can visit ThisWaytoCPA.com to discover resources and information about accounting careers.
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AICPA Urges IRS to Release Contingency Plan Ahead of Government Shutdown
As the nation faces the possibility of another government shutdown, the American Institute of CPAs (AICPA) has urged the Internal Revenue Service (IRS) to release a contingency plan excepting 100 percent of IRS employees in the event of a shutdown. In a letter to the Agency, the AICPA highlighted the severe impact a failure to do so would have on the 2026 filing season.
The letter notes that the IRS has only been forced to shut down once before during the April filing season at the start of the COVID-19 pandemic, and it caused significant harm to taxpayers, required extraordinary tax relief measures, and resulted in heightened IRS inventory levels that continue to this day.
The AICPA expressed deep concerns regarding the negative impact of government shutdowns on tax administration, as cited by the Treasury Inspector General for Tax Administration (TIGTA) report, noting that, “…taxpayers and practitioners may experience significant harm and overwhelming challenges if the IRS operates during the current filing season with a fraction of its workforce.”
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Tags: Accounting, accounting news, AICPA, aicpa news, CIMA, tax news
