FASB is seeking comment on what the board’s future standard-setting priorities should be. Stakeholders are asked to provide feedback by Sept. 22 to help FASB identify areas where there’s a pervasive need to improve generally accepted accounting principles (GAAP).
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NEWS
Cultivate good online shopping habits
An AICPA survey shows two in five Americans struggle to stick to their monthly budget due to online shopping.
Business travel resuming for many after pandemic-related cuts
More than one-third of finance leaders say their organizations are resuming customary business travel or plan to do so by the end of the year.
ESG assurance: An emerging opportunity for CPAs
As momentum grows for environmental, social and governance disclosures, ESG assurance opportunities are expected to present themselves for CPAs, who currently are performing a small fraction of these engagements in the US.
Child tax credit: New portal for opting out of advance payments
A new IRS online portal lets taxpayers unenroll from receiving advance payments of the 2021 child tax credit.
Professional services tax proposals discussed in multiple states
Proposed legislation in several places sought to tax accounting services but was opposed by the AICPA and others.
CPAs and the historic Paycheck Protection Program
It’s a good time to reflect on the CPA profession’s role in making this historic business relief program a success and to consider what comes next, especially in four key areas.
Coming together to advance Black CPAs
Leaders whose organizations focus on promoting the advancement of Black CPAs, both on their own and as a part of the Black CPA Centennial, offer insights on where the profession stands and where it needs to go.
Supreme Court lets health care law stand
The US Supreme Court held that Texas and several other states lacked standing to sue over the constitutionality of the Sec. 5000A mandate that requires individuals to obtain minimum essential health coverage. The decision leaves the Affordable Care Act in place.
FASB proposes discount rate relief for nonpublic lessees
FASB proposed guidance that would permit nonpublic lessees to use a risk-free rate as the discount rate for leases by class of underlying asset rather than at the entitywide level.
AICPA, NASBA launch CPA Evolution Model Curriculum
The AICPA and the National Association of State Boards of Accountancy (NASBA) have launched the CPA Evolution Model Curriculum (CPAEMC), a recommended blueprint for an accounting program designed to help educators prepare graduates for the changing demands of the CPA profession.
Top tax cases practitioners should know
A session at AICPA & CIMA ENGAGE 2021 shows how bedrock tax cases can help practitioners understand and resolve common issues that arise in practice.
Online sign-up now available for advance child tax credit payments
The IRS opened an online site that allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up to receive advance child tax credit (advance CTC) payments, which will begin July 15.
AICPA, CAQ support SEC’s exploration of climate change disclosures
The AICPA and the Center for Audit Quality sent letters to the SEC supporting its exploration of disclosures related to climate change and environmental, social and governance issues.
Delegation is the key to Sir Richard Branson’s success
Entrepreneur Sir Richard Branson, founder of Virgin Group, speaking at an exclusive online event prior to AICPA & CIMA ENGAGE 2021, gave listeners advice for hiring and managing the right people.
Pandemic still complicates going concern disclosures
The businesses the COVID-19 pandemic has pushed to the brink of failure still face some unprecedented challenges regarding compliance with the going concern disclosure guidance.
IRS posts ARPA credit FAQs
The IRS has posted two sets of FAQs that explain changes to the child and dependent care credit and to the sick and family leave credits made by the American Rescue Plan Act.
Regs. on postponing tax deadlines due to federally declared disasters
New IRS final regulations clarify when a federally declared disaster will lead to mandatory 60-day postponement of certain tax-related deadlines.
FinREC addresses EBP revenue recognition implementation
Revenue recognition issues for employee benefit plans are addressed in proposed implementation guidance issued by the AICPA Financial Reporting Executive Committee.
What CPAs must do at the first financial planning meeting
Experienced CPA financial planners share best practices to help you establish yourself as a trusted adviser and ensure a successful and productive engagement.
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