Third Quarter — 2025
Welcome to Quarterly Accounting Roundup: Third Quarter — 2025.
Key accounting, financial reporting, and regulatory developments in the third quarter of
2025 include:
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The FASB’s release of Accounting Standards Updates (ASUs) that amend the guidance on (1) measuring credit losses on accounts receivable and contract assets and (2) accounting for and disclosure of software costs.
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Accounting considerations related to the new U.S. tax legislation (commonly referred to as the “One Big Beautiful Bill Act”).
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The passage of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which creates the first U.S. regulatory framework for stablecoins.
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Accounting considerations related to tariffs.
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The European Financial Reporting Advisory Group’s (EFRAG’s) publication of proposed revisions to its European Sustainability Reporting Standards (ESRS).
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The AICPA’s publication of (1) a new chapter of its practice aid on digital assets and (2) a proposed Statement on Auditing Standards (SAS) related to fraud in financial statement audits.
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The SEC’s release of various statements on topics related to crypto assets, including (1) spot crypto asset products, (2) liquid staking, and (3) exchange-traded products.