2019 standard mileage rates announced
The IRS released guidance on the standard mileage rate for business, medical and certain moving expenses incurred in 2019.
NEWS
Proposed regs. govern tax on base-erosion payments
The IRS issued proposed rules on the Sec.59A base-erosion anti-abuse tax (BEAT), one of a number of new international tax provisions added by the law known as the Tax Cuts and Jobs Act.
The 2018 accountants technology gift guide
What gadgets, gear and other tech goodies should CPAs be seeking as presents this holiday season?
How tax reform is changing clients’ financial plans
CPA financial planners named charitable giving, business structure and estate plans as the areas of clients’ financial plans they have had to adjust most frequently following the passage of the TCJA, according to a recent survey.
No delay in lease accounting standard effective date, Golden says
FASB will not delay the effective date of its new lease accounting standard, board Chairman Russell Golden said at the AICPA Conference on Current SEC and PCAOB Developments.
How audit committees can address emerging technologies
A new Center for Audit Quality tool, Emerging Technologies, is designed to help audit committees perform oversight of financial reporting that is affected by emerging technologies.
PCAOB to consider rules on auditing estimates, use of specialists
The PCAOB will meet to consider adopting new rules for public company auditors on auditing accounting estimates, including fair value measurements, and on the use of specialists.
How to recognize ‘individually tailored’ disclosures
The new concept of “individually tailored” accounting disclosures has been a challenge for accountants and auditors.
IRS explains disallowance of qualified transportation fringe benefits for parking
The IRS issued guidance outlining how to determine the amount of parking expense that is nondeductible under Sec. 274(a)(4) when employers provide parking for their employees.
SEC urges consistency in non-GAAP reporting
Companies need to adhere to policies and controls that reinforce quality in non-GAAP reporting and KPIs, Securities and Exchange Commission Chairman Jay Clayton and Chief Accountant Wes Bricker said at the AICPA Conference on SEC and PCAOB Developments.
New standard proposed for forensic services engagements
A proposed standard by the AICPA Forensic and Valuation Services Committee would classify forensic services engagements as being performed for the purpose of either “litigation” or “investigation.”
FASB tweaks leases standard with new update
An Accounting Standards Update affects accounting for sales and similar taxes, certain lessor costs and certain requirements related to variable payments in contracts.
What ‘dry runs’ reveal about critical audit matters
The new reporting model for public company audits requires practitioners to disclose “critical audit matters” that arise during their work. A new Center for Audit Quality report examines the results of “dry runs” that are designed to help firms develop methodologies for determining and reporting critical audit matters.
Initial guidance issued on Sec. 83(i) deferral election for private company equity grants
The IRS issued initial guidance on the application of Sec. 83(i), which allows certain employees to defer recognition of income attributable to the receipt or vesting of qualified stock.
What PCAOB inspectors will look for in 2019
Inspections of registered audit firms will focus on systems of quality control, independence issues, and recurring deficiencies.
Agreement gives US CPAs path to Australia, New Zealand audit rights
The renewal of a mutual recognition agreement gives qualified U.S. CPAs eligibility to obtain the CA ANZ credential, which is a pathway to obtaining audit rights in Australia and New Zealand.
Executives’ optimism recedes from historic highs
Optimism in the domestic and global economies slipped this quarter, with concerns about trade disputes, tariffs, and worker shortages voiced in a quarterly survey of U.S. finance executives.
Simplifying implementation of FASB’s not-for-profit financial reporting standard
Smaller organizations with limited staff may have difficulty implementing FASB’s new standard on presentation of not-for-profit financial statements. These best practices can make the work easier.
Employee benefit plan auditing rules to change
The AICPA Auditing Standards Board has voted to issue a new standard for employee benefit plan audits.
Accounting method change procedures for book-tax conformity rule
The IRS announced procedures for taxpayers to change their accounting method to comply with the amendment of Sec. 451(b) enacted by the tax law known as the Tax Cuts and Jobs Act.
