New technical questions and answers provide nonauthoritative guidance for practitioners regarding the types of engagements practitioners may perform in connection with the American Land Title Association’s “Best Practices Framework.”
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FASB proposals address plan accounting, certain electricity contracts
Three Accounting Standards Updates proposed by FASB seek to simplify accounting for employee benefit plans.
Proposed PFIC rules would define “active conduct” of an insurance business
Proposed rules would define when investment income earned by a foreign insurance company would not be considered passive income in the determination of whether the company is a passive foreign investment company (PFIC).
FASB proposes significant changes to not-for-profit reporting
Not-for-profit financial statement preparers would experience significant changes in practice as a result of new standards proposed Wednesday by FASB.
Doughtie to become first female CEO of KPMG in U.S.
KPMG in the United States has elected Lynne Doughtie, CPA, as its next chairman and CEO, adding to the growing ranks of women in prominent leadership positions in the accounting profession.
As cyberbreaches rise, consumers alter spending, browsing habits
The percentage of Americans who have fallen prey to an information security breach has risen to 25% from 11% the previous year, a new AICPA survey found.
Millions of taxpayer phone calls went unanswered by IRS this tax season
The interim report for the 2015 filing season revealed that the average time a taxpayer calling the IRS for assistance had to wait was 24.6 minutes, up from 11.7 minutes last year, and that very few taxpayer calls were actually answered.
New FASB standards keep focus on simplification
FASB issued separate accounting standards Wednesday that are designed to simplify reporting of certain employer retirement obligations and assets, as well as provide explicit guidance about how to account for fees paid in a cloud-computing arrangement.
CPAs select security as top technology priority
A steady stream of high-profile cybercrimes involving corporate and customer data has captured the attention of North American accounting professionals, who ranked IT security as their top technology priority.
Americans’ financial happiness on the rise
Americans’ financial well-being improved this quarter, as indicated by a 6.5-point rise in the AICPA’s Personal Financial Satisfaction Index (PFSi).
IRS grants penalty relief to taxpayers who received incorrect health care forms
The incorrect forms generally included the monthly premium amount of the second-lowest-cost Silver plan for 2015 instead of for 2014.
Wife of anti-tax author sentenced to prison
Doreen Hendrickson, wife of tax protester author Peter Hendrickson, who wrote the antitax book Cracking the Code, has been sentenced to 18 months in prison for criminal contempt after failing to file amended tax returns as ordered by a court and for filing a false return.
Revised IAASB standard increases auditors’ involvement with “other information”
Revisions issued by the IAASB require auditors to increase their involvement with information that is included in entities’ annual reports but is outside audited financial statements.
How do Americans define personal financial prosperity?
Although homeownership often is depicted as the American Dream, a new AICPA survey shows that being able to afford a comfortable retirement is considered the best sign of financial success.
Americans fear running out of money in retirement
More than half of CPA financial planners say their clients’ biggest concern about retirement planning is running out of money, according to a new AICPA survey.
FASB issues changes regarding presentation of debt issuance
The standard requires that debt issuance costs not be classified as a deferred charge or deferred credit.
How revenue recognition divergence would affect preparers
Convergence between U.S. GAAP and IFRS may diminish as the FASB and the IASB pursue different proposed changes in response to implementation concerns.
FASB agrees to propose revenue recognition standard delay
FASB voted to propose a one-year delay in the effective date of the new, converged revenue recognition standard.
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.
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.
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