FASB changes accounting for long-duration insurance contracts
Companies that sell products such as life insurance, disability income insurance, long-term-care insurance and annuities will change their accounting under new rules issued by FASB.
NEWS
Independence interpretation on hosting services gets new effective date
The effective date of the new “Hosting Services” interpretation in the AICPA’s “Independence Rule” has been extended 10 months by the AICPA Professional Ethics Executive Committee.
FASB proposes lessor accounting amendments
Amendments proposed by FASB are intended to make implementation of the new lease accounting standard easier and less costly for lessors.
FinREC issues working drafts on credit loss accounting issues
The AICPA’s Financial Reporting Executive Committee (FinREC) has issued working drafts of accounting issues related to implementation of FASB’s new standard for accounting for credit losses.
Tolerance for high risk puts Americans’ investments in jeopardy
Many Americans see a volatile stock market as a way to make a quick profit through short-term buying and selling, according to a new poll.
Qualified business income deduction regs. proposed
The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.
Final regs. govern who can be a partnership representative
The IRS finalized proposed regulations under Sec. 6223 on the procedures for designating a partnership representative and the authority of the partnership representative under the centralized partnership audit regime.
Ninth Circuit withdraws Altera opinion
The order announcing the withdrawal says it is being done “to allow time for the reconstituted panel to confer on this appeal.”
IRS issues proposed regs. on 100% bonus depreciation
The IRS issued proposed regulations providing guidance on Sec. 168(k), which was amended by P.L. 115-97, known as the Tax Cuts and Jobs Act, to increase the allowable first-year depreciation deduction for qualified property from 50% to 100%.
GASB proposes new rules for reporting conduit debt obligations
Under new rules proposed by GASB, state and local governments would use a single method to report conduit debt obligations and related obligations.
Proposed regs. address several transition tax issues
The IRS issued proposed regulations on the Sec. 965 transition tax that requires U.S. shareholders of deferred foreign income corporations to pay tax on post-1986 deferred income.
Quiz: Test your knowledge of employee benefit plan audits
How well do you know the basics of employee benefit plan auditing? Take this quiz and find out.
New AICPA technical corrections clarify independence requirements
Technical corrections issued by the AICPA clarify the definition of “covered member” in the AICPA Professional Standards and the independence rules for agreed-upon procedure engagements under the Statements on Standards for Attestation Engagements.
FASB attempts to make lease accounting implementation easier
FASB has issued targeted changes to its new lease accounting standard that are designed to make implementation easier and reduce costs for financial statement preparers.
Final rules govern adequate substantiation for charitable contributions
Final regulations address how taxpayers can comply with the requirements for adequate substantiation of charitable contributions of money or property.
News quiz: Wayfair, cybersecurity, and a shorter 1040
See how much you know about the news (or catch up with recent developments) with this short quiz.
Job growth helps push Americans’ financial well-being to record high
Stock market gains and increased job opportunities improved the financial outlook of the average American in the second quarter of 2018 despite rising inflation.
Stock-based compensation cost-sharing regs. valid
The Ninth Circuit reversed a Tax Court decision invalidating a cost-sharing regulation that requires allocation of stock-based compensation costs between related parties.
In unified voice, leaders reaffirm profession’s commitment to audit quality
Leaders in the auditing profession are committed to continuous improvement in audit quality at a time of significant change, seven prominent executives in the profession said in a joint statement.
Tips for understanding critical audit matters
A new report explains what audit committees and financial statement users need to know about critical audit matters.
