March 2016

March 7, 2016

FASB eliminates effective dates for private company alternatives

FASB issued a standard that eliminates the effective dates of the four private company financial reporting alternatives, making the alternatives more accessible.

March 7, 2016

International audit regulators seek faster improvement

The rate of deficiencies in audits dropped a bit in the most recent yearly survey compiled by the International Forum of Independent Audit Regulators, who nonetheless are seeking faster improvements in audit quality.

March 3, 2016

Estate basis consistency reporting rules are proposed

The regulations reiterate the delayed reporting deadline of March 31, 2016.

March 3, 2016

How expected credit loss standards will challenge auditors

New financial reporting standards requiring reporting of expected credit losses related to financial instruments are expected to create new challenges for auditors as well as management and audit committees.

March 3, 2016

CPA decision-makers turn negative about U.S. economy

Just 28% of CPA decision-makers in business and industry say they are optimistic about the U.S. economy for the next 12 months, and fewer than half are optimistic about their own companies.

March 1, 2016

Phishing scheme requests Form W-2 and other confidential employee information

The IRS reiterated that everyone has a responsibility to confirm people’s identities before responding to such a request.

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.