October 2015

October 30, 2015

SEC adopts crowdfunding rules

The Securities and Exchange Commission adopted rules that will permit companies to offer and sell securities through crowdfunding.

October 30, 2015

Congress makes changes to partnership audit and adjustment rules

The new rules would apply to partnership returns filed for tax years beginning after Dec. 31, 2017.

October 29, 2015

PTIN user fee will be lowered

The IRS issued regulations lowering the fee for PTINs, effective for the coming filing season, from $50 to $33, effective Nov. 1, 2015.

October 28, 2015

IASB proposal would guide management on materiality

The IASB published a draft to help preparers determine which information is material and should be included in financial statements.

October 27, 2015

ASB interpretation permits auditor reporting on sustainability financial statements

The ASB interpretation allows an auditor to report on the U.S. government’s basic financial statements, which include the statements of social insurance, changes in social insurance amounts, and long-term fiscal projections.

October 27, 2015

ASB addresses audits of ICFR integrated with financial statement audits

The AICPA Auditing Standards Board established requirements and provided guidance that apply only when an auditor is engaged to perform an audit of internal control over financial reporting that is integrated with an audit of financial statements.

October 26, 2015

Tips for successful revenue recognition implementation

The effective date of the revenue recognition standard is fast approaching. Here are some of the SEC chief accountant’s tips for implementing the new standard.

October 22, 2015

SEC filed more than 800 enforcement actions in fiscal 2015

The SEC filed 807 enforcement actions and obtained orders totaling about $4.2 billion in disgorgement and penalties in fiscal 2015.

October 22, 2015

Tax regulations to be amended to reflect Obergefell and Windsor decisions

The IRS announced that it will amend the definitions of “spouse,” “husband and wife,” and “marriage” in regulations to reflect the Supreme Court’s holdings in Obergefell and Windsor.

October 22, 2015

IRS issues 2016 pension contribution limits

Because of low inflation this year, many limits remain unchanged, but some are increasing.

October 22, 2015

Dispelling 4 myths that shroud diversity and inclusion

Four stubborn myths have clouded some of the discussion of diversity and inclusion in accounting, Rich Caturano said in a speech to the AICPA governing Council.

October 21, 2015

IRS issues 2016 inflation adjustments and tax tables

The IRS issued the annual inflation adjustments for 2016 for more than 50 tax provisions as well as the 2016 tax rate tables for individuals and estates and trusts.

October 20, 2015

Changing market needs lead to new assurance opportunities for auditors

Two AICPA groups have undertaken numerous initiatives to allow CPAs to perform these services and protect the public interest.

October 20, 2015

AICPA taking multipronged approach to lead candidates into the CPA pipeline

The AICPA’s multipronged approach to leading top candidates on the path to CPA includes a new high school accounting game, campus initiatives, mobile-friendly websites, and numerous other efforts.

October 20, 2015

Internal auditors receive modest raises

A majority of organizations in the United States and Canada gave internal auditors raises of 2% to 4% in the past year, according to a new survey report.

October 20, 2015

IRS announces progress in collaborative fight against tax return identity theft

Six months after announcing it was partnering with state tax authorities, tax preparation companies, and other interested parties, the IRS said it is making progress in the collaborative effort to fight identity theft.

October 20, 2015

Stop putting out fires, at least for an hour

Futurist and business adviser Daniel Burrus worries that unrelenting busyness is squeezing out much-needed time for examining trends and opportunities.

October 19, 2015

CPA exam evolving to reflect shift in skills requirements

Changes in the nature of the work performed by newly licensed CPAs have led to proposed changes to the content of the Uniform CPA Examination.

October 15, 2015

2016 Social Security wage base is released

The good news for workers is that there will also be no increase in the amount of wages subject to Social Security taxes (old age, survivor, and disability insurance).

October 15, 2015

PCAOB urges focus on Risk Assessment Standards

The PCAOB is urging audit firms to review their systems and procedures to promote compliance with the board’s Risk Assessment Standards.

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.