Despite regulation remaining a top concern for U.S. businesses, optimism is growing in the wake of the presidential election.
The Senate passed the 21st Century Cures Act, which, among other things, permits certain employers to offer health reimbursement arrangements to employees without running afoul of the Patient Protection and Affordable Care Act’s market reform provisions.
GASB issued guidance for state and local governments to address asset retirement obligations related to tangible capital assets.
A proposal issued by FASB addresses the complexity involved in accounting for certain financial instruments associated with liability and equity.
Efforts by auditors in three key areas have led to improved quality in audits, PCAOB inspections show.
Political decisions that may affect cross-border business policies in the United States and the United Kingdom have so far had no effect on international accounting standards, Hans Hoogervorst said.
Some companies and accounting firms have told FASB that their resources are stretched as they implement the board’s numerous recently issued standards.
For firms that offer virtual CFO and other client accounting services, the category is becoming a significant contributor to the top line, according to the results of a survey from the AICPA Private Companies Practice Section and CPA.com.
Recent legislation added these requirements, which previously applied only to the earned income tax credit.
Knowledge and understanding of IFRS is important in the United States even though FASB’s standard-setting process best serves U.S. capital markets, SEC Chief Accountant Wes Bricker said.
Companies are obligated to provide investors with disclosures on the impact FASB’s new revenue recognition standard will have on them, SEC Chief Accountant Wes Bricker said.
The median audit fee increase paid by Securities and Exchange Commission filers was 3.2% in 2015 compared with the previous year, according to a new survey.
U.S. anti-money laundering regulations are well-developed, and domestic coordination to prevent money laundering and terrorist financing is sophisticated and has improved over the past 10 years.
The IRS has launched an online tool that allows individual taxpayers to get their account balances online, including tax due, penalties, and interest.
New working drafts issued by FinREC address issues that financial statement preparers in the gaming and airline industries may encounter as they implement FASB’s new revenue recognition standard.
A proposed implementation guide issued by GASB is designed to clarify, explain or elaborate on the board’s standards for state and local government financial reporting.
As part of its latest efforts to prevent cybercrime, the IRS said it will begin sending letters to currently registered e-Services users asking them to re-register within 30 days of the date of the letter or risk being shut out of the system.
A FASB proposal on targeted improvements to accounting for hedging activities would make hedge accounting simpler, according to the AICPA Financial Reporting Executive Committee.
The proposed changes would increase compliance costs for employers that they may pass on to plan participants, the AICPA wrote.
Wesley Bricker, CPA, a former PwC partner, was named the Securities and Exchange Commission’s chief accountant.