2015 - Page 6 of 17 - Journal of Accountancy

August 27, 2015

GASB publishes authoritative implementation guidance

GASB published a volume of authoritative implementation guidance that reflects changes resulting from a yearlong feedback process.

August 26, 2015

How internal audit can help manage 10 top technology risks

Internal auditors can play a pivotal role in managing technology risks ranging from cybersecurity to social media. The risks are ranked in a new report that shows how internal audit can help manage them.

August 26, 2015

AICPA releases Q&A on required supplementary information

The AICPA has released new nonauthoritative guidance for auditors regarding their independence responsibilities with respect to required supplementary information in a specific situation.

August 21, 2015

IRS announces delayed due date for new estate basis reporting rules

The IRS issued guidance delaying the due date for compliance with the recently enacted rules that require consistent basis reporting between an estate and anyone acquiring property from the estate.

August 21, 2015

Tips for a successful not-for-profit strategic plan

Bob Mims, CPA, CGMA, Ducks Unlimited’s controller and director of investments, discusses how a not-for-profit can create a successful strategic plan.

August 18, 2015

PCAOB urges broker-dealer auditors to reexamine approaches

The PCAOB issued a report urging auditors of broker-dealers to reexamine their audit processes in light of board inspection findings.

August 18, 2015

PCC gets new chair, three new members

Candace Wright, who serves as a director with Louisiana CPA firm Postlethwaite & Netterville, was appointed as chair of the Private Company Council (PCC).

August 18, 2015

How internal audit can make better use of technology

Here are six things internal auditors can consider to give themselves a chance to maximize technological tools.

August 17, 2015

Get Transcript data breach more than three times as big, IRS announces

The IRS alerted the public that an additional 220,000 taxpayers had their tax return information compromised in the Get Transcript database breach it announced in May.

August 14, 2015

New law imposes immediate estate basis and reporting requirements

The highway funding bill made changes to the Internal Revenue Code that affect estates and beneficiaries, including new reporting rules.

August 14, 2015

GASB issues standard requiring disclosure of government tax incentives

Tax incentives provided to businesses and individuals will be disclosed in more detail in state and local government financial statements as a result of new GASB rules.

August 14, 2015

ASB proposal would amend auditor’s report auditing standard

The Auditing Standards Board has proposed amendments that would provide requirements and guidance for reporting on an audit conducted in accordance with both generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board.

August 13, 2015

Identity theft protection services provided after a data breach are not taxable

The announcement applies to anyone whose personal information may have been compromised in a data breach, including customers, employees, and others.

August 12, 2015

AICPA committee gives mixed review, alternatives to not-for-profit proposal

A key AICPA committee has expressed concern that FASB’s proposed changes to not-for-profit accounting standards would lead to a further divergence between the financial reporting models of not-for-profits and for-profit businesses.

August 12, 2015

FASB formally issues revenue recognition delay

FASB published an accounting standards update that formalizes a one-year deferral in the effective date of its new revenue recognition standard.

August 12, 2015

Temporary regulations end automatic extension for Forms W-2

In a move designed to fight taxpayer identity theft and tax fraud, the IRS will eliminate automatic extensions of time to file forms in the W-2 series, starting in 2017.

August 11, 2015

FASB clarifies scope exception for certain electricity contracts

FASB issued guidance designed to clarify when a scope exception to derivatives and hedging guidance can be applied to certain electricity contracts within nodal energy markets.

August 10, 2015

Are audits of ICFR improving?

Audits of the complex area of internal control over financial reporting (ICFR) may be improving, Jeanette Franzel, a member of the Public Company Accounting Oversight Board, said in a speech.

August 10, 2015

Ninth Circuit holds mortgage-interest deduction applies on a per-taxpayer basis

Unmarried co-owners of two qualified residences each qualified for mortgage-interest deductions on up to $1.1 million of acquisition indebtedness the Ninth Circuit Court of Appeals held.

August 10, 2015

IASB may delay new rules for transactions with associates, joint ventures

The International Accounting Standards Board (IASB) is reviewing whether it moved too quickly on narrow-scope amendments to IFRS 10 and IAS 28.

FROM THIS MONTH'S ISSUE

New AICPA chair pitches a people-first profession

New AICPA Chair Jan Lewis shares why listening and service are central to her leadership approach. From advocating for small firms to navigating AI and strengthening the talent pipeline, Lewis outlines how she plans to steward a profession built on trust, relevance, and opportunity.