2015 - Page 8 of 17 - Journal of Accountancy

July 15, 2015

National taxpayer advocate: IRS falling down on the job of helping identity theft victims

Fewer than 10% of callers to the IRS’s phone line for victims of identity theft got through to an IRS assistor during some of the busiest weeks of tax season.

July 13, 2015

Emerging tax issues cause due-diligence problems

Speaking at an IRS Nationwide Forum in Fort Washington, Md., the deputy director of the IRS Office of Professional Responsibility warned practitioners that they should exercise due diligence when advising clients on emerging tax issues.

July 9, 2015

Defined benefit plans to be prohibited from replacing annuities with lump-sum payments

The IRS announced that it would amend its regulations under Sec. 401(a)(9) to provide that qualified defined benefit plans cannot replace any joint and survivor, single life, or other annuity currently being paid, with a lump-sum payment or other accelerated distribution.

July 9, 2015

FASB delays revenue recognition effective date by one year

Citing challenges for financial statement preparers, FASB voted to delay the effective date of the new revenue recognition standard by one year, with early adoption permitted as of the original effective date.

July 8, 2015

Using three lines of defense to manage internal controls

A “three lines of defense” model can help organizations establish responsibility for duties under the COSO framework.

July 7, 2015

10 imperatives for internal audit

Internal auditors are facing many new challenges in a world where technology and globalization are leading to rapid changes.

July 6, 2015

Wanted: A flexible approach to internal audit planning

Internal auditors may need to change their approach to audit planning to keep up with unexpected and fast-paced changes in risks, a new global survey shows.

July 6, 2015

New mission, principles articulated for internal audit

An update to professional guidance is designed to help internal auditors assist their organizations in navigating risks.

July 1, 2015

SEC considers updating audit committee disclosure requirements

The SEC is evaluating whether audit committee disclosure requirements provide investors with the information they are seeking.

July 1, 2015

SEC proposal would require payback of incentive compensation awarded erroneously

New rules proposed by the SEC would require executives to repay incentive-based compensation that a subsequent accounting restatement shows was not earned.

June 30, 2015

PCAOB seeks feedback on new idea for identifying engagement partner

The PCAOB voted to seek public comment regarding a proposal for naming the engagement partner in public company audits, in addition to identifying other firms that contribute to the audit.

June 30, 2015

GASB addresses investment pools and component units

GASB issued two proposals that are designed to prevent confusion about external investment pool accounting and clarify requirements for presentation of certain component units.

June 30, 2015

GASB establishes new GAAP hierarchy for governmental accounting

The Governmental Accounting Standards Board issued new guidance that cuts in half the number of categories of authoritative GAAP for state and local government financial reporting.

June 29, 2015

Notice clarifies provider list rules for charitable hospital financial assistance policies

The IRS issued a notice that clarifies how a charitable hospital organization may comply with the requirement to include a provider list in its financial assistance policy.

June 26, 2015

PCAOB schedules open meeting on naming audit engagement partners

The PCAOB has scheduled a public meeting to consider seeking public comment on a new proposal for naming audit engagement partners.

June 25, 2015

Congress makes changes to tax code in trade preferences act

The bill modifies the Sec. 35 health coverage tax credit and the Sec. 24 child tax credit, requires payee statements for the education credits, changes the time for payment of certain corporate estimated taxes, and increases information return and payee statement penalties.

June 25, 2015

51% of Americans are putting off major life events for financial reasons

More than half of the 1,010 U.S. adults surveyed said they had put off important life goals such as buying a home, retiring, or pursuing higher education.

June 25, 2015

Supreme Court upholds health insurance subsidies in federal exchanges

In a 6–3 decision, the U.S. Supreme Court held that Sec. 36B premium tax credits are available to taxpayers who purchase health insurance on exchanges run by the federal government under the Patient Protection and Affordable Care Act.

June 23, 2015

PCAOB has new plan for naming audit engagement partners

The PCAOB plans to propose identifying the engagement partner in a new form that auditors could file with the PCAOB, the board’s chairman, James Doty, said.

June 23, 2015

Emotional harm of elder financial abuse outweighs its financial damage

More than one-third (37%) of CPA financial planners said that elder financial abuse caused “substantial” emotional harm to clients, according to the new AICPA PFP Trends Survey.

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.