January 2016

January 29, 2016

FASB proposal addresses cash flow issues

The Financial Accounting Standards Board proposed amendments that are designed to address cash flow issues in financial reporting for which existing guidance does not exist or is unclear.

January 29, 2016

IFRS amendments require disclosures about debt financing liabilities

Investors had requested more information about changes in companies’ debt.

January 27, 2016

Federal reporting entities get alternative method for opening balance valuations

New guidance for federal government reporting entities is designed to assist with valuation for opening balances for inventory, operating materials and supplies, and stockpile materials.

January 26, 2016

FASB proposals address retirement benefit reporting

Two proposals issued by the Financial Accounting Standards Board are designed to improve presentation and disclosure in retirement benefit accounting.

January 22, 2016

Amendments clarify jurisdictional issues in auditor reporting requirements

An amendment issued by the AICPA Auditing Standards Board clarifies the format of the auditor’s report that should be used when an audit is conducted in accordance with the PCAOB’s standards but is not under the PCAOB’s jurisdiction.

January 21, 2016

Revenue recognition, lease standards challenge preparers

Corporate financial statement preparers are moving slowly in implementation of new accounting standards for revenue recognition and leases, a new survey shows.

January 21, 2016

Guidance addresses software accounting for federal agencies

Federal government reporting entities received fresh guidance this week on how to implement a 1998 accounting standard for internal-use software.

January 20, 2016

Notice postpones Sec. 501(c)(4) social welfare organization requirements

A new notice requirement recently enacted by Congress in the wake of the scandal regarding the IRS’s handling of Sec. 501(c)(4) applications will not be implemented immediately, the IRS announced.

January 20, 2016

Millennials can play a role in move to value pricing

If your firm is looking at making the switch, consider asking them to serve on a value council—or even as the “chief value officer.”

January 14, 2016

Avoid these mistakes when you hit the big jackpot

CPA financial planners identify five major mistakes made by people who become rich overnight, and suggest ways to avoid them.

January 14, 2016

Americans’ financial outlook holds steady despite indicators of concern

The financial well-being of the typical American is better than it was a year ago, according to the PFSi, a proprietary AICPA index.

January 12, 2016

IASB issues leases standard; FASB to follow

The International Accounting Standards Board issued a new accounting standard that will bring all lease assets and liabilities onto the balance sheet.

January 12, 2016

How employers should handle retroactive reinstatement of transit benefits parity

The IRS issued procedures for employers to use to handle the retroactive application of the increased amount of the 2015 income exclusion for monthly transit benefits.

January 12, 2016

Audit committees prefer customized, tailored audit quality indicators

Audit committee members say they would like to be able to customize audit quality indicators to suit their specific needs, according to a new Center for Audit Quality report.

January 7, 2016

Many CFOs offering more pay to new hires

North American companies are often paying new hires more than those workers made in previous jobs, according to Robert Half surveys.

January 7, 2016

Controversial charitable donation rules withdrawn

The IRS announced that it is withdrawing proposed regulations released last September that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations.

January 6, 2016

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.