Many CPA firms post sparingly and need better training and policies around social media, a new survey shows.
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Regulations tightening Form 5472 filing requirements are finalized
The IRS finalized proposed regulations issued last June requiring corporations to file Form 5472 with their timely filed tax returns or pay a large penalty.
FASB issues private company alternative for certain intangible assets
A GAAP alternative issued by FASB gives private companies the option to elect not to recognize separately from goodwill certain intangible assets acquired in a business combination.
Transfers of installment obligations would trigger gain or loss under proposed rules
The IRS issued proposed regulations that govern the tax treatment of transfers of installment obligations in exchange for equity interests in corporations or partnerships.
Answers to 2014 JofA news quiz
Here are the answers to the 2014 JofA news quiz.
Take the 2014 JofA news quiz
Take this 12-question, 2014 Journal of Accountancy quiz to make sure you are up-to-date on news in the profession from the past year.
President signs tax extenders into law
President Barack Obama signed into law the Tax Increase Prevention Act of 2014, which retroactively extends more than 50 expired tax provisions through 2014.
U.S. GAAP taxonomy for 2015 available
The 2015 U.S. GAAP Financial Reporting Taxonomy is available, pending SEC approval, FASB announced.
IASB issues amendments, exposure draft related to more streamlined disclosures
The amendments are designed to give preparers the ability to use professional judgment when preparing financial statements.
New law creates tax-favored savings accounts for disabled taxpayers
The tax extenders legislation passed on Tuesday includes a provision allowing states to create tax-favored accounts to allow disabled taxpayers to save money to pay for their disability-related expenses.
Congress passes tax extender legislation
Included in the extended provisions are the research and development credit, bonus depreciation and higher limits under Sec. 179. The bill now goes to the president for his signature.
Survey: Financial planning services help firms retain clients, increase revenue
Adding personal financial planning (PFP) services can help a CPA firm attract and retain clients and increase its revenue, the AICPA’s recent Economic Benefit of PFP Services survey found.
Evolving practice monitoring to improve quality in A&A engagements
In a new concept of practice monitoring the AICPA envisions for the future, peer reviewers and firms will use a new technology platform to enable more thorough analysis and provide more timely feedback for accounting, auditing and attestation engagements.
U.S. board members cite challenges in revenue recognition implementation
Updating systems and policies and revising contracts with customers were cited by U.S. public company board members as the top challenges to implementing revenue recognition, according to a survey by accounting and consulting firm BDO.
Final rules govern reporting of specified foreign financial assets
Final regulations issued on Thursday explain how taxpayers whose specified foreign financial assets are great enough to trigger the Sec. 6038D reporting requirement can comply with the rules.
Standard mileage rates will change slightly in 2015
The IRS issued the standard mileage rates for business use of an automobile, and for driving for medical or moving purposes, for 2015.
Keep pushing forward on revenue recognition implementation, experts say
Companies should continue their work to implement the new revenue recognition standard despite the potential that FASB may defer its effective date, experts said at the AICPA Conference on Current SEC and PCAOB Developments.
FASB considering revenue recognition delay to reduce uncertainty
The Financial Accounting Standards Board is researching revenue recognition accounting issues that may challenge companies—and may lead to a delay in the effective date of the new standard.
SEC will seek comments on new possibility for voluntary IFRS adoption
The SEC is considering the merits of an informal proposal that would allow voluntary filing of supplemental material in financial statements by U.S. public companies, according to SEC Chief Accountant James Schnurr.
SEC official: PCAOB’s standard setting too slow
The PCAOB’s pace of developing auditing standards is too slow, SEC Chief Accountant James Schnurr said. He plans reviews of the process in hopes of speeding it up.
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