FinREC issues 2 revenue recognition working drafts
The AICPA FinREC published working drafts addressing revenue recognition issues in the gaming and telecommunications industries.
NEWS
IRS gives taxpayers relief from erroneous HSA contributions
The IRS announced it will allow taxpayers to treat $6,900 as the 2018 limit for deductible contributions to HSAs for individuals with family coverage.
FASB proposes targeted changes to collaborative arrangements standard
FASB wants to clarify the interaction between GAAP for collaborative arrangements and the board’s new revenue recognition standard.
Americans’ financial satisfaction hits high mark
Despite recent stock market volatility, the AICPA’s Personal Financial Satisfaction Index (PFSi) reached a record high in the first quarter of 2018.
Quiz: Test your knowledge of not-for-profit accounting
New Financial Accounting Standards Board rules that took effect this year have ushered in a number of changes to not-for-profit accounting. This quiz tests your knowledge in this specialized area.
How to maintain independence in audits of insured depository institutions
Auditors of insured depository institutions need to educate themselves and their staffs about independence rules that apply to these engagements.
Automation in finance: Get your team ready
Thanks to numerous technological advances, many routine accounting and finance tasks are likely to be automated in the near future.
News quiz: Some tax regulations get extra review
The changing of a 35-year-old practice involving Treasury regulations was among the news reported on the JofA online recently. Other reports dealt with identity theft and data breaches, innovation and risk management, and changing accounting standards. See how much you know about the news with this short quiz.
The ideal time to review your finances
Having too large a tax refund, or having to pay too much in taxes, can be a sign that your financial plan needs revising.
Supreme Court hears oral arguments in sales tax nexus case
The Supreme Court heard oral arguments in a case with broad remote sales tax collection ramifications.
IRS computer crash prompts deadline extension
After the IRS’s Modernized e-File and Direct Pay systems were not in operation for most of the day on Tuesday, the IRS extended the filing and payment deadline for 2017 individual tax returns until midnight on Wednesday, April 18.
Report finds big fraud problems for small businesses
Occupational fraud continues to siphon staggering amounts of money from businesses worldwide, with smaller organizations being hit particularly hard.
Treasury regulations to be subject to OMB review
The Treasury Department and the White House’s Office of Management and Budget have agreed to change the procedures under which Treasury regulations are reviewed.
How board members can perform oversight of cybersecurity risks
A new tool can help board members understand what questions to ask in their oversight of cybersecurity risk management.
Save money by having your sustainability report assured
Sustainability reporting has become a common business practice in the United States, and now research shows that sustainability assurance efforts more than pay for themselves in a majority of companies.
How to mix innovation and risk management
Companies that integrate innovation and risk are more advanced in disruptive technologies and more confident in revenue projections, a survey says.
New international code clarifies ethics issues
The International Ethics Standards Board for Accountants released a new Code of Ethics that is designed to provide clear guidance about how accountants should deal with ethics and independence issues.
How audit committees can evaluate lease accounting implementation
A new Center for Audit Quality tool is designed to help audit committees with oversight of this difficult adoption process.
IRS guidance addresses limitations on business interest expense
The IRS has issued initial guidance on the new rules governing the deductibility of business interest in Sec. 163(j), as amended by the Tax Cuts and Jobs Act of 2017.
How consumers are changing their behavior to combat ID theft
Four of out five respondents say they’ve changed their behavior in response to the threat of cyberbreaches affecting credit card and debit card processing systems.
