FASB would clarify an issuer’s accounting for certain modifications or exchanges of freestanding equity-classified forwards and options under a proposal issued Monday.
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NEWS
Gauging risk assessment and response processes
How well do auditors perform in assessing and responding to risks of material misstatement? New research provides some answers.
Draft instructions for partnership capital account reporting released
The IRS released draft instructions for Form 1065, U.S. Return of Partnership Income, to calculate partner capital accounts using the tax-basis method.
Americans’ personal financial satisfaction sees record rebound
The AICPA’s Personal Financial Satisfaction Index (PFSi) rose 99% in the third quarter, setting a new record for quarterly growth. This finding underscores this year’s economic volatility, as last quarter the PFSi saw its largest-ever quarterly decline.
UAA Model Rules updated to support evolution of CPA licensure
The National Association of State Boards of Accountancy’s board of directors approved changes to the Uniform Accountancy Act Model Rules that create a clear path for the CPA Evolution project.
Pandemic resilience starts with compassion, accountants say
Panelists at an AICPA fall Council presentation on resilience explained how basic values can drive success during troubled times such as the coronavirus pandemic.
Diversity and inclusion: Tips for moving the needle
Building on a commitment to diversity with efforts to promote inclusion can make a difference in the accounting profession, according to panelists at the AICPA’s fall Council.
FASB proposes 3 targeted lease accounting changes
FASB proposed three targeted changes to its lease accounting guidance. The proposal is a response to feedback the board received during its post-implementation process for the lease accounting standard.
Tips for single audits amid pandemic uncertainty
An avalanche of new federal awards has left practitioners who perform single audits working under uncertain circumstances and awaiting regulators’ guidance. Here’s how practitioners can give themselves a chance to succeed under challenging conditions.
Unclaimed property distributions allowed as self-certified rollovers
The IRS issued guidance adding state unclaimed property fund distributions to the list of reasons that taxpayers may self-certify that they missed the 60-day deadline to roll over funds to a qualified retirement plan.
FBAR deadline extended to Oct. 31 after confusion
After a misworded posting caused confusion about the 2020 deadline to file FBARs (i.e., FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)), Treasury’s Financial Crimes Enforcement Network has extended the deadline to Oct. 31.
Inflation-adjusted limit for 2021 HRAs issued
The IRS issued the 2021 limit for excepted benefit health reimbursement arrangements using the Chained Consumer Price Index for All Urban Consumers inflation-adjustment method.
SEC aims to reduce unnecessary auditor independence red flags
The SEC adopted amendments that are designed to reduce situations that trigger independence rule violations in situations that don’t necessarily impair an auditor’s objectivity or impartiality.
Government reporting and the future: A Q&A with GASB Chairman Joel Black
With state and local governments facing serious pandemic-related concerns, the Governmental Accounting Standards Board is providing relief and resources while also working on its “big three” high-impact projects for the future. GASB Chairman Joel Black explains in this Q&A.
Report supports established interstate mobility principles
A report released by the Alliance for Responsible Professional Licensing examines successful mobility and reciprocity practices in state licensure that permit professionals to practice across state lines.
FinCEN pulls announcement of extended FBAR deadline
Treasury’s Financial Crimes Enforcement Network briefly announced, but then rescinded, an extension of this year’s deadline to e-file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
FASB clarifies callable debt securities accounting
FASB published a new standard that clarifies accounting requirements for callable debt securities.
Costs and benefits: A Q&A with FASB Chair Richard Jones
The chair of the Financial Accounting Standards Board describes his vision for standard setting and his dedication to making sure the costs of new rules don’t exceed the benefits.
2021 Social Security wage base announced
The Social Security Administration announced that the maximum amount of wages subject to the old age, survivors, and disability insurance tax will increase to $142,800 in 2021 from $137,700 in 2020.
SBA settles confusion over PPP forgiveness application due date
Fears of a late-October PPP surprise came to the SBA’s attention because the program’s loan forgiveness application forms display an expiration date of “10/31/2020” in the upper-right corner.
Features
FROM THIS MONTH'S ISSUE
Clean data faster using Excel’s REGEX functions
Excel’s REGEX functions provide a simpler, flexible solution to text-cleaning tasks, reducing the need to combine multiple functions when cleaning imported data. This JofA Technology Q&A article shows the way with step-by-step instructions and a video walkthrough.
From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
