Risk concerns have put a strain on audit committees, who say they need more time and expertise to exercise proper oversight.
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Apple nearly catches Samsung as smartphone sales soar
Strong demand for the new iPhone 6 and 6+ almost boosted Apple past Samsung in worldwide smartphone shipments.
New standards for auditors of brokers and dealers are focus of PCAOB reminder
A PCAOB report reminds auditors of brokers and dealers that new audit standards for those engagements differ from previous standards.
Offshore Voluntary Disclosure Program to remain open indefinitely
The IRS stated that it intends to keep its Offshore Voluntary Disclosure Program open until it announces otherwise.
How to manage risks connected with the “internet of things”
Although web-connected products and the “internet of things” provide opportunities for transformative growth, they also may carry substantial risks.
Revenue recognition implementation: What are FASB’s plans?
FASB’s staff expects to report results of research on two key revenue recognition issues to the board in February—and plans to present feedback to the board early in the second quarter of 2015 on a possible delay in the standard’s effective date.
Taxpayers get penalty relief for incorrect premium tax credit advance payments
The IRS announced penalty relief for taxpayers who find they owe tax when they reconcile the advance payments of the premium tax credit they received with the amount they were entitled to when they file their 2014 tax returns.
ASB issues auditing interpretations to SAS No. 126 on going concern
New auditing interpretations issued by the AICPA Auditing Standards Board are the result of a short-term initiative to address some of the effects of accounting standards on going concern.
Application of PCC exception addressed in not-for-profit panel Q&A
Nonauthoritative guidance developed by the AICPA Not-for-Profit Entities Expert Panel addresses how a for-profit subsidiary of a not-for-profit entity can apply a private company accounting alternative related to amortization of goodwill in its stand-alone financial statements.
Charter schools can participate in government retirement plans
The IRS announced that it will develop regulations that would permit a state or local retirement system that qualifies as a governmental plan to cover employees of charter schools.
Details of the president’s State of the Union tax proposals
The president aims to increase capital gains taxes for higher-income taxpayers in order to pay for various education, child care, and retirement benefits for middle-income taxpayers.
Proposed rules would govern Sec. 41 credit for software
The IRS issued proposed rules to provide guidance on what types of internal-use software qualify for the Sec. 41 research credit, an area of considerable controversy over the years.
New IAASB standard changes auditor’s reporting model
A new standard released by the International Auditing and Assurance Standards Board changes rules about how auditors will communicate about their work in their reports.
IRS updates accounting method change procedures
The new rules apply to automatic and nonautomatic accounting method changes and include a list of automatic changes that do not require IRS consent.
Pathways implementation taking next steps
The next steps in implementation of the recommendations of the Pathways Commission on Accounting Higher Education were announced by the AICPA and American Accounting Association.
Americans’ finances rebounding in the economic recovery, AICPA PFS Index finds
The AICPA released a new economic barometer, the PFSi (Personal Financial Satisfaction Index), which weighs a variety of economic factors to calculate the financial standing of a typical American.
Viewing cybersecurity through a COSO lens
The principles outlined in a popular internal control framework can help organizations manage their cybersecurity.
Budget cuts may force IRS furlough days again
The IRS warned its employees that budget cuts may require it to furlough employees for two days sometime during this fiscal year.
No more extraordinary items: FASB simplifies GAAP
A new standard issued by FASB is designed to save time and reduce costs for preparers by eliminating the concept of extraordinary items from GAAP.
AICPA provides feedback on tax reform proposals
The AICPA urged Rep. Paul Ryan, the new chair of the House Ways and Means Committee, to follow the AICPA’s principles of good tax policy to guide tax reform.
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