GASB proposes criteria for financial statement disclosures

GASB issued a proposed concepts statement that would establish new criteria for what state and local governments should disclose in the notes to their financial statements.

FASAB clarifies loss allowance for intragovernmental receivables

A technical bulletin issued by the FASAB clarified accounting guidance for federal governmental entities on the loss allowance for intragovernmental receivables.

News quiz: What the IRS proposes on withholding

Recent news included the IRS’s latest proposed rules on withholding and results of a survey on professional licensing. See how much you know about the news (or catch up) with this short quiz.

AICPA requests clarity on Sec. 465 reporting relief

The AICPA has asked Treasury and the IRS to clarify that reporting relief on certain reporting under Sec. 465 will also apply to S corporations.

No need to report some transactions in video game currency, IRS says

Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.

Quiz: Auditor independence and FASB’s revenue recognition standard

Take this quiz to find out what kind of guidance auditors can provide without compromising their independence.

FASB to propose private company expedient for share-based payment accounting

Accounting for employee share-based compensation could become less complex for private companies after FASB endorsed the decision by the Private Company Council to propose a practical expedient for nonpublic entities.

IRS proposes rules to update income tax withholding, revises Form W-4

The IRS proposed new regulations for withholding on individuals’ wages to reflect the statutory changes in the law known as the Tax Cuts and Jobs Act, including the elimination of the personal exemption.

ARSC further converges SSARSs with international standards and aligns closer with GAAS

The AICPA's Accounting and Review Services Committee issued a new Statement on Standards for Accounting and Review Services (SSARS) that further converges the standards for reviews of financial statements in AICPA Professional Standards with international standards for such engagements.

FASB proposes changes to not-for-profits’ reporting of gifts-in-kind

The Proposed ASU would require not-for-profits to present contributed nonfinancial assets as a separate line item in the statement of activities.

Agreement provides mobility for CPAs, South African accountants

Credentials for U.S. CPAs and South African chartered accountants have a path to be recognized in their respective countries under a new cross-border mutual recognition agreement.

New threats to CPA licensing posed in 2020 legislative year

Legislative challenges to professional licensing standards are a threat to CPAs and other professionals. But a new survey indicates strong public support for licensing standards.

New GASB standard addresses lease accounting, OPEB, other issues

Issues for state and local governments related to lease accounting, other post-employment benefits (OPEB), and other topics were addressed in an omnibus standard issued by GASB.

Final rules determine maximum vehicle values

The IRS finalized the rules for maximum vehicle values under the cents-per-mile valuation rule and the fleet-average valuation rule after the law known as the Tax Cuts and Jobs Act increased those values to $50,000, adjusted for inflation.

Electronic filing mandated for Sec. 501(c)(3) applications

The IRS announced that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3), must now be submitted electronically.

SEC proposes simplifying disclosure requirements

The SEC voted to propose amendments that would simplify disclosure requirements and issued guidance on key performance indicators and metrics in MD&A.

6 tips for not-for-profit board members to improve volunteer retention

Board members can help retain volunteers by making sure they are onboarded effectively, recognized and given a chance to advance.

ASB issues guidance on Global Investment Performance Standards

The AICPA Auditing Standards Board has issued guidance for practitioners performing verification or performance examination engagements pursuant to the Global Investment Performance Standards.

Why audit firm leaders need to practice what they preach

Audit quality is improved when firm leaders personally model the exemplary behaviors that they say they value, according to a new study backed by the AICPA Assurance Research Advisory Group.

News quiz: Taxes that didn’t make it into the new year

See how much you know about recent news (or catch up on some of the latest) with this short quiz.