IASB clarifies definition of ‘material’

The IASB revised its definition of “material” in an effort to make it easier for companies to decide which information is important enough to include in their financial statements.

FinREC issues working draft on credit loss issue

The AICPA Financial Reporting Executive Committee (FinREC) issued a working draft of an accounting issue related to the implementation of FASB’s new standard on accounting for credit losses.

FASB permits new benchmark rate for hedge accounting

FASB expanded the list of benchmark interest rates that are permissible in the application of hedge accounting.

Health reimbursement arrangement rules are issued in proposed form

The Treasury, Labor, and Health and Human Services departments proposed rules for health reimbursement arrangements, which can be used in coordination with individual health insurance if certain requirements are met.

News quiz: Business fraud warning and TCJA ripples

See how much you know about recent news or catch up with the latest by taking this short quiz.

Financial satisfaction measure hits record for 5th straight quarter

The AICPA’s Personal Financial Satisfaction Index (PFSi) reached the highest point in its 25-year history at a value of 32 in the third quarter of 2018, a 3.1-point (10.7%) increase from the previous quarter.

New guidance promotes resilience amid ESG risks

The guidance aims to help organizations strengthen their resilience as they are faced with frequent and severe ESG-related risks ranging from extreme weather to product safety recalls.

Association addresses digital economy tax issues

The Association of International Certified Professional Accountants released a policy paper urging global solutions to the tax treatment of transactions in the digital economy, emphasizing its own Guiding Principles of Good Tax Policy.

4 keys to focusing on customers in a complex world

Developing and delivering on a customer promise can help organizations find a simple road to success in a complex, fast-paced business environment.

AICPA Council votes to move forward with expanded eligibility for valuation credential

Members of AICPA’s governing Council voted down a motion on Sunday that would have suspended and opened additional study of expanded eligibility for the Accredited in Business Valuation (ABV) credential.

How the suspension of personal exemptions affects health-care-related provisions

IRS guidance clarifies what it means to claim a personal exemption deduction.

After investigation, SEC issues cyberfraud alert

The Securities and Exchange Commission cautioned public companies to be on the lookout for a class of cyber-related fraud called “business email compromise.”

FASAB proposal seeks clearer materiality guidance

The Federal Accounting Standards Advisory Board (FASAB) is asking for public comment on a proposal to clarify the implementation of materiality concepts in the issuance of federal financial statements.

Getting it right: Crafting the CPA Exam

CPA Exam questions must adhere to Blueprint topics and skill levels while avoiding words and ideas that could distract or confuse the reader.

Proposed regs. reflect amendments to all-events test and advance payments

The IRS is proposing to remove regulations on advance payments and long-term contracts to reflect amendments to Sec. 451 included in the law known as the Tax Cuts and Jobs Act.

International audit standard addresses estimates

A newly released international auditing standard for auditing accounting estimates and related disclosures is designed to help auditors keep pace with changes in accounting standards for loan provisions and insurance contracts.

Meals continue to be deductible under new IRS guidance

The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.

GASB proposes targeted improvements, new concepts

GASB issued separate proposals that are designed to deliver targeted improvements to the financial reporting model and advance new concepts to guide the board in developing standards on recognition in state and local government financial statements.

IRS issues 2018–2019 per-diem rates

The IRS issued its annual update of the special per-diem rates for business travel away from home from Oct. 1, 2018, through Sept. 30, 2019.

Rules issued on paid family and medical leave credit

The IRS released guidance on the new Sec. 45S tax credit for employers that provide paid medical and family leave.