Compliance requirements related to the Patient Protection and Affordable Care Act, P.L. 111-148, are just one example of the regulatory changes keeping finance departments busy these days.
PCC votes to remove effective dates from GAAP alternatives
The Private Company Council reached a consensus to remove the effective dates from four Accounting Standards Updates issued in 2014 that provide GAAP alternatives for private companies.
Bill with passport and third-party tax collection provisions passes Congress
The highway funding bill passed by Congress includes provisions that will allow the government to revoke the passports of seriously delinquent tax debtors and will require the IRS to use third-party debt collectors.
FASB proposal takes aim at immaterial fair value disclosures
FASB issued a proposal that is designed to help financial statement preparers omit immaterial disclosures on fair value measurements.
Economic optimism declines among U.S. CPAs
The outlook remains generally positive, but expectations for profits, revenue and expansion plans have dropped in the past year.
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