The standard includes changes that apply to all organizations, plus some simplifications that apply just to private companies.
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Anti-fraud controls cut significantly into losses, new report finds
Fraud costs the typical organization about 5% of revenues in a given year, according to a study released by the Association of Certified Fraud Examiners.
GASB issues accounting guidance for irrevocable split-interest agreements
GASB issued recognition and measurement guidance that aims to lead to more consistent accounting for irrevocable split-interest agreements.
IAASB issues summary financial statement audit reporting guidance
New auditor reporting guidance related to an engagement to report on summary financial statements audited by that same auditor has been issued by the International Auditing and Assurance Standards Board.
New Form 3115 is required, IRS announces
The IRS alerted the public that a new Form 3115, Application for Change in Accounting Method, has been issued with a revision date of December 2015, the first revision since 2009.
GASB implementation guidance addresses issues with recent standards
GASB issued implementation guidance that is intended to clarify, explain, or elaborate on recent standards issued for state and local government financial reporting.
Estates have until June 30 to file estate basis form
The IRS announced one last postponement in the due date for filing under rules requiring reporting of the value of an estate’s assets to the IRS and beneficiaries.
AICPA Council approves ballot measure on deeper relationship with CIMA
Online voting will take place over 60 days, beginning in April after busy season.
Millennials struggling to save money
A third of Millennials identified saving money as their top personal goal, an American Institute of CPAs survey found.
How the U.S. presidential election is shaping business decisions
Most CPA decision-makers say the upcoming presidential election factors into their business planning, but few say the effects will be significant.
Exempt organizations’ applications do not contain protected return information
A federal appeals court ordered the IRS to comply with a lower court’s order that it hand over the names of organizations that had been on its “Be on the lookout” list when it was mishandling applications for tax-exempt status.
Regulation still reigns as top risk for 2016
Although economic uncertainty and cyberthreats are big concerns for executives and board members, a global survey shows that a different risk remains the top worry.
IRS launching competition to redesign taxpayer experience
Aimed at “reimagining the taxpayer experience of the future,” the IRS asked for participants to design a new way of presenting information to taxpayers that is understandable and useful to them.
FASB issues update clarifying revenue recognition issue
FASB issued an Accounting Standards Update that clarifies how to apply revenue recognition guidance related to whether an entity is a principal or an agent.
FASB simplifies transition to equity method of accounting
Through its simplification initiative, FASB is identifying areas of GAAP where complexity can be reduced without sacrificing the usefulness of information provided in financial statements.
FASB clarifies embedded derivative standards
The Financial Accounting Standards Board clarified accounting for embedded derivatives in an accounting standard.
PCAOB gets budget increase of almost 3%
The SEC voted to approve an increase of almost 3% for the Public Company Accounting Oversight Board’s budget for 2016.
FASB addresses breakage recognition, derivative contract novations
FASB issued financial reporting standards that address recognition of breakage for prepaid stored-value products and the effects of derivative contract novations on existing hedge accounting relationships.
How to lead an effective internal audit function
Five key traits help leaders of the most effective internal audit functions develop teams that provide effective risk management and an integrated assurance strategy across the organization.
Guidance extends certification deadlines for reinstated work opportunity tax credit
Because of the recent retroactive reinstatement of the work opportunity tax credit to the beginning of 2015 and the addition of the long-term unemployed to the list of qualified employees beginning Jan. 1, 2016, the IRS has extended the due date for required certifications.
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