How firms are delivering value with audit data analytics
Here’s how auditors can prepare themselves for this work, and what they need to explain to audit committees as they incorporate analytics into engagements.
NEWS
Women’s initiatives: How the pilot programs worked
Three women CPAs explain how a pilot program that aimed for diversity and inclusion helped transform their midsize accounting firms.
FASB clarifies interaction between standards
FASB took action to clarify the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives.
More taxpayers qualify for student loan COD relief
The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.
BlackRock CEO declares ‘fundamental reshaping of finance’
Powerful institutional investor BlackRock will hold companies accountable for their disclosures of sustainability risks and for the policies that underpin them, Chairman and CEO Larry Fink wrote in an open letter to CEOs.
Confronting tariffs: Trade war tips for CPAs
U.S. businesses can use a number of strategies to soften the impact of tariffs on their operations.
GASB selects Mauldin & Jenkins’s Black as next chair
GASB has selected Joel Black, CPA, partner-in-charge of the audit practice at accounting firm Mauldin & Jenkins LLC in Atlanta, as its next chair.
Accounting for cloud computing: What you need to know
Get insight on implementing the updated accounting rules related to cloud computing implementation costs associated with a service arrangement, which are in effect for public companies now and will be required for all other entities later this year.
SEC proposes updating auditor independence rules
An SEC proposal is designed to amend rules that indicate auditor independence breaches in situations when no substantial threat to independence exists.
IRS issues 2020 standard mileage rates
On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts.
AICPA proposes updates to material tested on CPA Exam
Changes the AICPA is proposing to the CPA Exam Blueprints are designed to update the material tested on the CPA Exam to make sure it continues to represent the core knowledge and skills that newly licensed CPAs need to possess.
Qualified opportunity zone regs. finalized
The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs).
Adaptive learning self-study enabled in new CPE provider rules
Adaptive learning self-study programs are accommodated in new standards for continuing professional education providers that have been issued by NASBA and the AICPA.
Year-end government spending bill contains many tax provisions
The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims.
EY’s Jones to succeed Golden as FASB chair
Richard Jones, a 32-year veteran at EY, will succeed Russell Golden as the Financial Accounting Standards Board’s chair beginning in July.
5th Circuit invalidates health care law’s individual mandate
The Fifth Circuit held that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero.
AICPA issues TQAs related to Sec. 163(j), GASB 84
The AICPA issued separate Technical Questions and Answers to provide nonauthoritative guidance in response to the amendment of Internal Revenue Code Sec. 163(j) and related to GASB’s fiduciary activities guidance.
New FASB standard aims to simplify accounting for income taxes
FASB issued a standard that is designed to reduce cost and complexity in accounting for income taxes.
SEC proposes expanding access to private markets
The Securities and Exchange Commission issued a proposal that would provide more investors with access to private capital markets.
Proposal would delay lease accounting effective date for federal entities
FASB’s standard for accounting for leases would be delayed for two years under a proposal issued Wednesday.
