What a remarkable year for TXCPA! Led by Chair Tim Pike, CPA-Dallas, CFE, CGMA, we've empowered members to lead and succeed by offering a range of professional resources, information and education opportunities while championing the CPA profession.

In July 2020, the Auditing Standards Board released SAS 143, entitled Auditing Accounting Estimates and Related Disclosures. The new guidance supersedes AU-C Section 540 and amends various other AU-C Sections. It is effective for audits of financial statements ending on or after December 15, 2023.

In this Spotlight on CPAs article, we introduce you to Toni L. Joyner, whose career has spanned roles in industry and government accounting. She currently serves as the County Auditor of Madison County, Texas. With a fervent dedication to leadership, Toni actively contributes to TXCPA as a committed member and works to advance the accounting profession.

Texas is often known as being big and doing big things. This spirit is evident in recent tax legislation, signed by Governor Greg Abbott, which represents the largest tax relief in the state's history. Achieving this milestone required two special sessions of the Texas Legislature.

In What’s Happening Around Texas, we give you highlights of events and activities happening around the state in the TXCPA chapters. With 20 strong local chapters, TXCPA members connect in their communities and across Texas.

As we wrap up another year serving our 28,000-member community, we want to express our appreciation for your continued trust in TXCPA. Through ongoing member research, we identify the services and benefits members value most, which include protecting your license, education and keeping you informed on professional matters. These priorities shape our commitment to enhancing our professional community.

FASB has taken steps to enhance transparency for select crypto assets, providing stakeholders with better insight into their influence on reporting entities. Within the FASB framework, crypto assets are classified as intangible assets, treated as indefinite-lived assets subject to impairment testing, with no reporting of value increases or prior impairment recoveries.

The Texas Data Privacy and Security Act (TDPSA) was signed in June 2023 and will take effect July 1, 2024. It regulates how businesses handle personal data of Texas residents. Texas is the sixth state to implement a major data privacy law. CPAs should understand this law for their business compliance and client guidance.