February 2010

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February 2, 2010

GASB Proposes Adding Pre-1990 FASB, AICPA Guidance Into Codification

GASB issued an exposure draft of a proposed statement, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. The proposed statement is intended to enhance the usefulness of GASB’s Codification by incorporating guidance that previously could only be found in certain FASB and

February 2, 2010

IRS Issues Guidance on Gift Tax Consequences of Transfers in Trust

The IRS on Tuesday clarified for taxpayers that despite the provisions of IRC § 2511(c), the gift tax continues to apply to certain transfers to a wholly owned grantor trust (Notice 2010-19). Some taxpayers had interpreted section 2511(c) to exclude from gift tax all transfers in trust where the trust

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.