State and local government employers who participate in multiple-employer defined benefit pension plans—and the governments’ auditors—may have difficulty obtaining data required by GASB’s new pension standards to prepare employer financial statements and auditing such information. GASB Statement No. 67, Financial Reporting for Pension Plans, provides revised guidance for the financial
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Accounting may need help in revenue recognition implementation
Many companies are going to find that the attention of finance and accounting will not be enough to ensure successful implementation of the new revenue recognition standard.
New revenue guidance: Six things to consider
The release Wednesday of a long-awaited new revenue recognition standard had financial statement preparers settling in to read hundreds of pages of text, as standard setters celebrated the achievement of producing that text.
FASB, IASB release historic revenue recognition standard
FASB and the International Accounting Standards Board (IASB) released a standard on the recognition of revenue from contracts with customers that is designed to create greater comparability for financial statement users across industries and jurisdictions.
Mandatory audit firm rotation rules published in EU
A mandatory audit firm rotation requirement and other audit market reforms have formally became part of European Union law. Rules published Tuesday in the Official Journal of the European Union—the authoritative source of EU law—include: A requirement that public interest entities—which include listed companies, banks, and insurance companies—change auditors after
GASB proposals would address post-employment health care liabilities
New accounting rules proposals approved Wednesday by GASB would require more transparency in financial reporting about state and local government obligations for post-employment benefits (OPEB). GASB approved two exposure drafts related to OPEB and an additional exposure draft that would establish requirements for state and local government pensions and pension
Practitioners suspended or disbarred from practice before the IRS can prepare tax returns
The IRS has decided that, as a result of the recent decision preventing it from regulating unenrolled tax return preparers, disbarment or suspension from practice before the IRS cannot include a ban on tax return preparation or blocking an individual’s preparer tax identification number (PTIN). Therefore, the Service announced that
Proposed peer review change would remove inconsistencies for engagement reviews
Changes to peer review standards proposed last week by the AICPA Peer Review Board (PRB) are designed to remove inconsistencies and improve the transparency of reports for engagement reviews. The proposal, outlined in an exposure draft, would change the impact to an engagement review report when all of the following
Sec. 501(c)(4) regulations will be reproposed following outpouring of public comments
The IRS received an overwhelming flood of comments in response to proposed regulations it issued last November on the rules governing the political activities of Sec. 501(c)(4) social welfare organizations. As a result, the IRS announced that it will repropose the regulations, after taking the comments into account, and will
AICPA has “deep concerns” about IRS voluntary certification of return preparers
Following the defeat in federal court of the IRS’s tax return preparer regulation program, IRS Commissioner John Koskinen has commented that the IRS should consider a voluntary certification program for tax return preparers. On Wednesday, the AICPA sent the commissioner a letter, expressing its “deep concerns” about such a program.
Proposed IAASB standard seeks to clarify expectations for auditing disclosures
Changes to international auditing standards proposed last week by the International Auditing and Assurance Standards Board (IAASB) are designed to clarify expectations of auditors when auditing financial statement disclosures. One of the key areas addressed in the proposals is attention earlier in the audit process to disclosures, including those where
Firm mobility and updated definition of attest included in updated UAA
Changes in the Uniform Accountancy Act (UAA) announced Tuesday will update the definition of attest and allow for CPA firm mobility across state borders. The boards of the AICPA and the National Association of State Boards of Accountancy (NASBA) have approved the changes to the UAA. While the UAA is
Biennial report details fraud’s impact worldwide
Fraud continues to take huge bites from organizational coffers, but the implementation of antifraud controls can significantly reduce the damage done, a new report shows. The Association of Certified Fraud Examiners (ACFE) on Tuesday released its biennial Report to the Nations on Occupational Fraud and Abuse. The more than 1,400
Tax lawyer: Code reform stymied by dysfunctional Congress
Passage of major tax reform legislation appears unlikely soon, partly because of partisan gridlock in Congress as bad as any in the past century and a half, a noted tax lawyer told the AICPA spring Council on Tuesday in Scottsdale, Ariz. “Now, the members aren’t even acting in their own
AICPA subsidiary CPA2Biz changes name to CPA.com
CPA2Biz, the commercial subsidiary of the AICPA, is changing its corporate name to CPA.com. Erik Asgeirsson, president and CEO of CPA.com, announced the change at the AICPA Council meeting in Scottsdale, Ariz. The CPA.com brand is not new to CPA2Biz. The company has used the brand in marketing its digital
Five key trends worth watching
Demand for the services of CPAs is likely to intensify in the coming years. But in attempting to meet that demand, CPAs and the businesses they serve appear destined to face challenges in recruiting and retaining talent. These were some of the developments in a forecast for the accounting profession
AICPA task force advocates for new strategies in professional development
A task force convened to spark innovation in professional development for CPAs unveiled recommendations Monday in four areas. The AICPA Task Force on the Future of Learning, a broad group of public accounting firm leaders, industry CPAs, leaders from the Chartered Institute of Management Accountants, regulators, association leaders, and educators, spent
New two-phased approach designed to reinforce audit quality
In a time of technological innovation, business complexity, and regulatory scrutiny, auditors face a multitude of challenges. Auditors are expanding services at the same time that regulators are considering ways to make the information in the auditor’s report even more relevant for investors. To serve the public in this time
TIGTA finds $2.3 billion alimony tax gap
The discrepancies between alimony income reported by taxpayers and alimony deductions claimed resulted in $2.3 billion in excess deductions in 2010, the Treasury Inspector General for Tax Administration (TIGTA) reported on Thursday (TIGTA Rep’t No. 2014-40-022 (3/31/14)). Taxpayers who pay alimony to a former spouse under a divorce or separation
GASB proposal would define fair value
A GASB proposal released Thursday describes how fair value should be defined and measured in state and local government financial reporting. GASB is proposing in its Fair Value Measurement and Application exposure draft that fair value be defined as the price that would be received to sell an asset or
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