2015 - Page 3 of 17 - Journal of Accountancy

November 10, 2015

More than half of clients underestimate their retirement expenses

Underestimating certain key factors in financial planning can leave retirees in difficult circumstances at a time that is supposed to be their golden years.

November 6, 2015

Interruptions are top challenge for not-for-profit finance execs

Although guiding organizational strategy is a key responsibility for finance chiefs, interruptions often get in the way at not-for-profit organizations.

November 4, 2015

MyRAs now available nationwide

Treasury said eligible individuals nationwide may now open a new retirement account for people with earned income who may lack access to an employer-sponsored retirement plan.

November 3, 2015

Demanding tax season likely ahead, IRS commissioner tells AICPA

IRS Commissioner John Koskinen told the AICPA that continuing cuts to the agency’s budget mean less enforcement revenue and continued challenges in properly serving taxpayers’ and practitioners’ needs during the crush of tax season.

November 3, 2015

Proposal would create new status for retired CPAs

A new proposal would change the Uniform Accountancy Act and associated rules to create a uniform “Retired-CPA” status.

November 3, 2015

Companies slow to start revenue recognition implementation

A substantial majority of companies participating in a new survey have not yet tried to quantify how the new revenue recognition standard will affect their financial statements.

November 3, 2015

Internal auditors turn focus to organizational culture

The daily headlines are filled with stories of companies that were damaged when culture went awry. Here’s how internal audit can deliver value by providing a clear focus on organizational culture.

November 3, 2015

Disclosures of audit committee’s role increasing

Public company proxy statements included more disclosures in 2015 than in 2014 about the audit committee’s oversight of the external audit firm, a new survey shows.

November 2, 2015

Lower tax rates, territorial regime are still priorities, former Ways & Means chair tells AICPA

Former Rep. Dave Camp highlighted for the AICPA the key issues that should remain a major focus of broader tax reform efforts.

November 2, 2015

FinREC issues revenue recognition working drafts for informal comment

The AICPA FinREC released nine working drafts for informal comment containing industry-specific considerations and illustrative examples related to implementation of the new revenue recognition standard.

November 2, 2015

AICPA, CIMA propose deeper partnership

The AICPA and the Chartered Institute of Management Accountants are proposing to create a new association while preserving their existing membership bodies.

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.

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.