Guidance adds preventive care items to high-deductible health plans
The IRS added 14 types of preventive care items that qualify to be provided under a high-deductible health plan to treat chronic medical conditions.
NEWS
FASB to propose delaying effective dates for 4 major standards
Effective dates for certain entities for key standards on accounting for leases, credit losses, hedging, and long-duration insurance contracts would change under a proposal FASB voted to direct its staff to draft.
ASB addresses ERISA plan auditor reporting, other information in annual reports
The AICPA Auditing Standards Board issued new standards addressing auditor reporting on ERISA plan financial statements and an auditor’s “other information” responsibilities.
AICPA issues forensic accounting standards
The AICPA issued new professional standards for members who perform forensic accounting services engagements.
GASB seeks comment on several issues
GASB issued an omnibus exposure draft covering accounting and financial reporting issues identified during the implementation of previous GASB guidance.
FASB considering goodwill accounting changes
FASB issued an Invitation to Comment on whether the board should make changes to the accounting for certain identifiable intangible assets acquired in a business combination and subsequent accounting for goodwill.
Final rules permit truncated TINs on W-2s
As part of its effort to reduce identity theft, the IRS issued final rules permitting employers to provide truncated taxpayer identification numbers on Forms W-2, Wage and Tax Statement, they provide to employees.
Advocacy update: Testifying on the ERISA audit process
The audit process can help employee benefit plan administrators fulfill their fiduciary duties, according to testimony by James Haubrock, CPA, chair of the executive committee of the AICPA Employee Benefit Plan Audit Quality Center.
Congress approves IRS reform bill, drops Free File language
The bill establishes an independent appeals office and requires the IRS to develop a customer service strategy. A controversial provision codifying the Free File program was dropped from the bill.
GASB proposes changes to Sec. 457 plan reporting
GASB proposed new guidance that would clarify the accounting and financial reporting of Internal Revenue Code Sec. 457 deferred compensation plans.
FASB proposes narrow-scope changes to credit loss standard
FASB proposed changes that are designed to address issues that have arisen for stakeholders implementing the board’s new standard for accounting for credit losses.
Get private companies ready for the new revenue standard
Private companies are entering the final stretch of their preparations to comply with FASB’s new revenue recognition standard. Here’s how auditors can help their clients with the implementation process.
Quiz: How well do you know the risk assessment standard?
The risk assessment standard provides a baseline for the successful planning and conducting of an audit. Take this quiz to find out how well you understand the basics of risk assessment.
Supreme Court holds North Carolina cannot tax trust
The U.S. Supreme Court issued a unanimous decision holding that North Carolina’s attempt to tax a trust based solely on the residence of a beneficiary violates the Due Process Clause of the 14th Amendment.
SEC addresses auditor independence and the Loan Provision
The SEC adopted amendments designed to help identify when an auditor’s lending relationship with an audit client is a threat to the auditor’s objectivity and impartiality.
Audit evidence standard would be updated under proposal
The ASB issued a proposal that would update its audit evidence standard to address issues such as emerging technologies and the application of professional skepticism.
Quiz: Can you spot the usage and word errors?
This quiz gives you practice in identifying errors in standard grammar and usage with screenshots of material posted online. In the answers, we’ve used terms that you might not have heard beyond English grammar and composition classes.
Virtual currency not FBAR reportable (at least for now)
The AICPA Virtual Currency Task Force reached out to Treasury’s Financial Crimes Enforcement Network (FinCEN) to help practitioners answer the question of whether virtual currency (or cryptocurrency) must be reported on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
Convergence with international standards sought for SSARSs
A proposal issued by the AICPA Accounting and Review Services Committee would promote convergence with international standards for review services.
W-2 methods proposed for Sec. 199A(g) deduction by agricultural co-ops
The IRS issued methods for calculating W-2 wages for the Sec. 199A(g) deduction for agricultural and horticultural cooperatives, similar to the former Sec. 199 domestic production activities deduction.
