NEWS

FASB affirms revenue recognition clarifications

FASB affirmed narrow-scope changes and practical expedients to its revenue recognition standard this week on issues including collectibility, contract modifications, and completed contracts at transition.

IRS suffers another data breach

The IRS revealed that it discovered and stopped an automated cyberattack on its e-filing personal identification number (PIN) system last month.

President’s budget proposes many tax changes

In addition to a proposed spending blueprint for the government, President Barack Obama’s proposed FY 2017 federal budget contains a wide variety of tax law changes that would affect individuals and businesses.

Additional 2016 inflation adjustments released

The IRS issued inflation adjustments for the Sec. 179 expensing limits, the above-the-line deduction for eligible expenses of educators, and the deductible amount for van pool and transit expenses.

IRS restores e-filing services

The IRS's tax return e-filing system was back in operation Thursday afternoon, a day after a computer hardware failure knocked out it and other IRS system services.

Proposal aims for uniformity in CPE credit increments

CPAs would be able to earn continuing professional education credits in increments of one-fifth, one-half, or whole credits for all instructional delivery methods except nano-learning under an amended proposal issued Monday.

FASB proposal addresses cash flow issues

The Financial Accounting Standards Board proposed amendments that are designed to address cash flow issues in financial reporting for which existing guidance does not exist or is unclear.

QUIZ

Personal happiness and new hires’ pay on the rise

The news of the past couple of weeks hit home with reports on personal financial satisfaction and pay for finance professionals. See how much you know about recent news reports with this quiz.

SPONSORED REPORT

Preventing and detecting fraud at not-for-profits

Organizations in all industries must deal with the potential for fraud to occur, and design controls to prevent and detect it. Environment, policies, and controls can help organizations steer clear of problems.

PROFESSIONAL LIABILITY SPOTLIGHT

The dangers of dabbling

To meet evolving marketplace needs, CPAs often look to diversify their service offerings. Firms can mitigate the risk of experiencing competency-related professional liability claims by implementing these basic steps.