Use of standard mileage rate, other rules are updated for TCJA
The IRS updated its rules concerning the use of standard mileage rates and to reflect the current suspension of miscellaneous itemized deductions and moving expense deductions.
NEWS
FASB officially delays 4 major standards
FASB issued two Accounting Standards Updates that finalize delays to various effective dates for new standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.
IRS commissioner seeks to enhance taxpayer contacts, target enforcement
Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible Internal Revenue Service restructuring, more-targeted enforcement efforts and IRS use of data analytics.
FASB approves guidance to assist in reference rate transition
FASB approved guidance to assist companies in their transition from interbank-offered rates to new reference rates.
New opportunities for firms in SOC reporting
Increases in outsourcing and cloud computing have led to clients’ need for CPA assurance on systems and controls.
FASB proposes clarifying hedge accounting standard
FASB is attempting to enable a better, more consistent application of its new hedge accounting standard with proposed clarifications to certain sections of the guidance.
Demand for sustainability assurance is growing
Seventy percent of companies participating in a survey by The Conference Board that obtain assurance on their sustainability information said the need for such assurance will increase over the next five years.
FASB addresses share-based payments to customers
Share-based payments made to customers will be accounted for under FASB ASC Topic 718 as a result of new rules.
Automatic accounting method change procedures updated
The IRS released its updated procedures for automatic accounting method changes, which are accounting method changes that can be made without the IRS’s consent.
IFAC seeks consistency, accountants’ engagement in corporate reporting
The wide variety of frameworks and standards initiatives prevents consistency in corporate reporting, according to the International Federation of Accountants.
IRS posts 2020 inflation adjustments and tax tables
The IRS released the 2020 tax tables for individuals and estates and trusts, as well as the inflation adjustments for over 60 tax provisions for 2020 tax returns.
Retirement plan contribution limits increase for 2020
Annual contribution limits for 401(k) plans will increase from $19,000 in 2019 to $19,500 in 2020, and most other limits are increasing as well.
How audit committees can improve disclosure
Although audit committees increasingly are providing transparency on certain key metrics, a new report shows that there are opportunities to provide more useful disclosures.
SEC addresses shareholder proposals, proxy advice, ads, and solicitation
The SEC proposed amendments that are designed to change the shareholder proposal rule, improve the accuracy and transparency of proxy voting advice and modernize the advertising and cash solicitation rules for investment advisers.
FASB debt classification reproposal sparks concerns
FASB’s attempts to simplify the classification of debt in a classified balance sheet may have unintended consequences, according to a comment letter sent by the AICPA Technical Issues Committee.
ASB addresses compliance with GAAS, PCAOB standards
An auditing interpretation issued by the AICPA Auditing Standards Board provides auditors with guidance on how to comply with AU-C Section 700A as well as the PCAOB’s standards on critical audit matters.
News quiz: Kids’ allowances and investor confidence
Surveys offer insight into how much allowance children are getting these days and into how investors perceive audited financial statements in U.S. markets. See what else you know about recent news with this short quiz.
The former Deloitte CEO on career agility
Cathy Engelbert, CPA, became the first woman to lead a Big Four firm in the U.S. She is now applying more than three decades of business skills to the WNBA, a league that has longevity but needs a boost on several fronts.
Financial satisfaction stays high, but economic concerns remain
Despite fears about the economy, Americans’ personal financial satisfaction stayed high in the third quarter of 2019, according to the PFSi, a proprietary economic indicator calculated quarterly by the AICPA.
Guidance provided on SAS No. 134 implementation
A new Technical Question and Answer issued by the AICPA provides nonauthoritative guidance on implementing the AICPA Auditing Standards Board’s new standard on auditor reporting.
