March 2015

March 31, 2015

PCAOB reorganizes standards to follow flow of an audit

The PCAOB voted to reorganize its standards to make them easier to navigate and follow the flow of an audit.

March 31, 2015

Qualified performance-based compensation rules are finalized

The Internal Revenue Code provides an exception for certain performance-based compensation from the $1 million deduction limitation for compensation paid to covered employees by publicly held corporations.

March 30, 2015

Final regs. provide rules for assessment limitation period for undisclosed listed transactions

Generally, the IRS has three years from the later of the date the return was filed or the original due date of the return to assess tax.

March 27, 2015

How coordination enables compliance with the group audits standard

Learn how proper coordination between the group auditor and component auditors enables compliance with the standards.

March 27, 2015

Former partner liable for trust fund penalty

A taxpayer couldn’t prove his CPA had responded to an IRS letter assessing the 100% penalty for failure to pay payroll tax.

March 26, 2015

FASB set to discuss revenue recognition effective date deferral

Some financial statement preparers have said the current effective date doesn’t give them time to gather the data they need.

March 26, 2015

PCAOB considering a more logical organization of its standards

The PCAOB will meet Tuesday to consider adopting a reorganization of its standards that is intended to make them easier to navigate.

March 25, 2015

SEC adopts new rules to ease smaller companies’ access to capital

The Securities and Exchange Commission adopted new rules, known as “Regulation A+,” that are intended to give smaller companies more access to capital.

March 24, 2015

AICPA deletes nonauthoritative guidance on uncertain tax position disclosures

As part of an effort to clarify guidance regarding uncertain tax positions for nonpublic entities, the AICPA deleted a nonauthoritative Technical Question and Answer (Q&A).

March 24, 2015

FASB plans two new proposals to simplify accounting

FASB is expected to release proposals designed to simplify the equity method of accounting and to simplify the accounting for measurement period adjustments in a business combination.

March 20, 2015

AICPA asks IRS for portability relief for surviving spouses

The AICPA sent a letter to the IRS on recommending ways to make it easier for surviving spouses to elect portability of the deceased spouse’s unused estate tax exemption.

March 20, 2015

Accountants prefer problem-solving over number crunching, survey says

Accounting and finance professionals said solving problems gives them the most career satisfaction, ahead of working with numbers, according to a new survey.

March 18, 2015

Boards agree to propose additional changes to revenue standard

FASB and the IASB voted to propose the changes, which add to clarifications they agreed in February to propose.

March 18, 2015

Q&A: How can firms implement value pricing?

Value-pricing advocate Ron Baker recommends that firms use price-led costing and nominate a value council to set prices.

March 17, 2015

Wraparound coverage must meet five requirements to qualify as an excepted benefit

The government issued final rules explaining the requirements that must be met before so-called wraparound health care benefits are permitted under the health care law.

March 17, 2015

“Pervasive” pressure challenges internal audit’s objectivity

Fifty-five percent of North American chief audit executives have been asked at least once to omit or modify an important audit finding, according to new research.

March 16, 2015

Internal audit may need a makeover

As businesses transform in response to market shifts, internal audit functions may need to provide more value-added services and proactive advice to management in the coming years.

March 16, 2015

Treasury will not have to tell PTIN holders that they are under investigation

The new rules aim to prevent PTIN holders who are under investigation from learning that they have been identified as suspects or are the subject of an investigation.

March 16, 2015

Accountants get high marks from small business leaders

Small business leaders ranked accountants at the top of the list of the most important professionals who serve their businesses, a new survey shows.

March 12, 2015

Final regulations amend broker basis reporting requirements

The IRS issued final and temporary regulations that clarify and simplify rules regarding broker basis reporting issued in 2013.

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.