FASB proposes changes to statement of cash flows
FASB issued a proposal that is designed to eliminate diversity in the classification and presentation of changes in restricted cash on the statement of cash flows.
APRIL 2016 NEWS
IRS releases 2017 health savings account limits
The IRS issued the inflation-adjusted figures for calendar year 2017 for the annual contribution limits for health savings accounts.
New guidance issued for federal public-private partnership disclosures
Federal agencies will be required to present disclosures about public-private partnerships in their general-purpose financial statements under new guidance issued by the FASAB.
News quiz: Risks are top of mind in finance
See how much you know about recent news and reports with this quiz.
That’s inflation: Kids’ allowances rise 16% in 2016
Kids do about six hours of chores a week to earn their allowances, which average $67.80 a month.
FASB to draft final standard on credit losses
FASB voted to draft a standard that will require an expected-loss approach for reporting of credit losses on loans and other financial assets rather than an incurred-loss approach.
Americans’ financial picture holds steady this quarter
The AICPA’s Personal Financial Satisfaction Index held steady in the first quarter of this year, dropping only 0.3 points from last quarter and 2.1 points from the first quarter of 2015.
PCAOB warns against altering audit documentation
The PCAOB cautioned that improper alteration of audit documentation can result in severe penalties.
FASB proposes technical corrections and changes
FASB issued a proposal that would make technical corrections and minor changes to its guidance in response to suggestions from stakeholders.
Half of Americans expect to lose money to identity theft
The overwhelming majority of people impacted by identity theft (93%) have taken steps to correct it or prevent it from happening again.
PCAOB inspectors observe decrease in broker-dealer auditor independence impairments
PCAOB inspectors found fewer independence impairments for auditors of broker-dealers in 2015 compared with previous years.
Data analysis skills lacking among finance teams
Keeping pace with rapid changes in technology is a cause of concern among CFOs. So, too, is talent management—finding good talent, keeping it, and nurturing it.
FASB assists with licensing guidance, identifying performance obligations
FASB is updating an accounting standard to help preparers identify performance obligations and implement licensing guidance in accordance with the new revenue recognition standard.
Ways to make tax compliance less of a nightmare for small business
Troy Lewis, chair of the AICPA’s Tax Executive Committee, testified in favor or the Mobile Workforce State Income Tax Simplification Act.
SEC seeking input on disclosure effectiveness
The Securities and Exchange Commission voted to issue a concept release asking for comment on possible improvements to Regulation S-K.
The gaps that remain in risk initiatives
About half of public companies have a complete enterprise risk management process, according to a new survey by the American Institute of CPAs and North Carolina State University.
PCAOB proposal would guide lead auditors in supervision of other auditors
The PCAOB’s standards for a lead auditor’s supervision of other auditors would be strengthened under a proposal the board voted to issue.
Next president should prioritize Social Security, Americans say
Keeping Social Security solvent should be one of the next U.S. president’s top economic priorities, nearly two-thirds of Americans said in a recent AICPA survey.
GASB addresses pension accounting practice issues
GASB issued guidance to address practice issues encountered during implementation of its new pension accounting rules for state and local governments.
Raises of 3% forecasted for accountants in 2016
Employers in the United States are likely to increase base pay for finance and accounting professionals by an average of 3% in 2016, according to a new salary guide.
