FASB and the IASB voted to seek public comment on proposed changes to the converged revenue recognition standard that would give financial statement preparers additional guidance on the principal versus agent analysis.
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Q&A: To boost revenue, try offering these pricing options
It sounds too good to be true: A way to increase both client satisfaction and firm profits at the same time. But consultant Ron Baker explains how offering different pricing options can help firms do just that in this Q&A.
Proposed rules for ABLE accounts for the disabled are issued
Proposed regulations under Sec. 529A were issued providing guidance on ABLE accounts, special tax-favored accounts designed to help disabled individuals and their families save for and pay disability related expenses.
Key report shows EU companies, investors support IFRS
IFRS are largely supported by companies and investors in the European, but also have room for improvement, according to a report adopted by the European Commission.
IASB proposes narrow amendments to pension accounting standards
The IASB is seeking to provide more information to investors and reduce diversity in practice through narrow-scope amendments to pension accounting standards.
IRS issues guidance for multiemployer plans to apply for benefit suspension approval
The IRS released regulations and a revenue procedure containing guidance for sponsors of multiemployer plans that have insufficient funds to pay benefits, to apply for approval of a suspension of benefits.
SEC upgrades EDGAR, drops 2013 GAAP taxonomy support for XBRL
The SEC released a new version of EDGAR that no longer supports the 2013 taxonomy for the tagging of financial report data using extensible business reporting language.
IFRS business combinations standard review reveals need for further research
The IASB plans to do more research on certain areas of its business combinations standard as a result of a post-implementation review.
IRS issues final portability rules for estate tax exemptions
The IRS issued final regulations on the portability of deceased spouses’ unused estate tax exemption amounts, which allows surviving spouses to use unused amounts of exemption from the estate tax in addition to their own exemptions.
Tax industry and IRS team up to fight identity theft refund fraud
the IRS announced that it agreed to partner with a number of tax preparation firms, state tax administrators, and other interested parties to fight identity theft refund fraud.
GASB proposes changes to irrevocable split-interest agreement guidance
GASB proposed changes that are designed to reduce diversity in state and local government accounting for irrevocable split-interest agreements.
CPAs share lessons from dads
To celebrate Father’s Day, the JofA asked accountants across the country to share some lessons they learned from their fathers—especially ones that helped them later on in the accounting profession.
IRS: Corporations cannot circumvent gain on appreciated property using partnerships
The IRS issued temporary regulations designed to prevent corporations from avoiding gain on the distribution of appreciated property through the use of partnerships.
New, voluntary standards promote diversity in financial services industry
Six federal agencies issued voluntary standards that are designed to promote diversity and inclusion at the organizations they regulate in the financial services industry.
Staffing issues surge to forefront of accounting firm concerns
Workload compression during consecutive challenging tax seasons has helped contribute to a growing talent shortage for accounting firms seeking qualified staff.
FASB issues 2 more proposals aimed at simplification
FASB issued proposals that are intended to simplify the equity method of accounting and improve employee share-based payment accounting.
Uniform CPA Examination may be changed as a result of feedback
After considering public comment, the AICPA Board of Examiners is reviewing plans to have the Uniform CPA Examination increase the assessment of higher-order skills.
U.S. finance executives cool slightly about their own businesses
Finance executives in business and industry have slightly cooler outlooks about their own companies, expansion plans and revenue projections, but overall optimism remains relatively high.
Bright-line test determines substantial business activities under inversion rules
The bright-line test introduced in 2012 amended the existing rules that applied a facts-and-circumstances test.
Expanded IRS online services put taxpayer information at risk, Senate committee told
IRS Commissioner John Koskinen revealed more details about the theft of 100,000 taxpayers’ data through the Get Transcript system.
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