July 2016

July 28, 2016

Americans’ financial outlook reaches 9-year high despite global economic turmoil

The financial outlook of the average American has reached its highest level in nine years, according the quarterly AICPA Personal Financial Satisfaction Index (PFSi).

July 28, 2016

FASB proposes beefing up employee benefit plan master trust disclosures

FASB issued a proposal intended to clarify and strengthen financial statement disclosure requirements for an employee benefit plan’s interest in a master trust.

July 26, 2016

FASB proposes changing income tax disclosure requirements

FASB issued a proposal that would modify disclosures about income taxes that organizations are required to report on their financial statements.

July 25, 2016

The hidden costs of a data breach

Repairing damage from a cyberattack involves more than systems upgrades and password strength.

July 25, 2016

New credit loss standard manageable for US banks, Fitch says

FASB’s new credit loss standard will affect U.S. banks’ reserving practices, but gives banks enough time to implement the standard, according to a Fitch Ratings analysis.

July 22, 2016

SEC’s Schnurr recovering from bike crash; Bricker takes interim role

Following Chief Accountant James Schnurr’s serious bicycle crash, the SEC has named Wesley Bricker interim chief accountant. Bricker will handle the chief accountant duties during Schnurr’s recovery.

July 13, 2016

SEC proposes updating disclosure requirements

The SEC voted to propose amendments intended to eliminate redundant, overlapping, outdated, or superseded disclosure requirements.

July 13, 2016

How to tackle implementation of multiple high-profile accounting standards

New high-profile accounting standards for revenue recognition, leases and expected credit losses have companies facing a heavy implementation burden. Here are tips that could ease the stress and make implementation smoother.

July 13, 2016

ASB proposes performance requirements when auditors are involved with exempt offering documents

Exempt offerings include, but are not limited to, private placement offerings, exempt public offerings, municipal securities offerings, and franchise offerings.

July 12, 2016

5 tips for implementing FASB’s credit loss standard

Gathering data to fill gaps and taking advantage of previous work will be two key actions as companies begin to implement the Financial Accounting Standards Board’s new expected credit loss standard.

July 12, 2016

5 benefits of an integrated risk management program

Reducing negative surprises and improving resource allocation are among the benefits of integrated enterprise risk management, according to the proposed framework update by COSO.

July 8, 2016

IRS implements new Sec. 501(c)(4) registration requirement

Social welfare benefit organizations are now required to notify the Internal Revenue Service of their formation and intent to operate under Sec. 501(c)(4).

July 6, 2016

ARSC proposes amending standard on reviews of financial statements

The AICPA Accounting and Review Services Committee proposed certain necessary revisions to correct requirements and guidance related to reporting on supplementary information in its standard on reviews of financial statements.

July 5, 2016

ASB proposes to supersede going concern auditing standard

An exposure draft issued by the AICPA Auditing Standards Board proposes to supersede the current standard on the auditor’s consideration of an entity’s ability to continue as a going concern.

July 5, 2016

FinREC issues 9 more revenue recognition working drafts for comment

The AICPA Financial Reporting Executive Committee has issued working drafts addressing accounting issues related to the implementation of the new revenue recognition standard in nine industries.

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.