October 2016

October 27, 2016

FASB proposes technical correction to not-for-profit standard

Under the proposal, FASB would clarify the minimum requirements for the reconciliation that a not-for-profit entity is required to disclose if it has endowment funds.

October 27, 2016

2017 pension contribution limits announced

While many limits remained the same as 2016, some were raised to reflect cost-of-living increases.

October 27, 2016

Americans see highest level of personal financial satisfaction since 2007

According to the AICPA’s proprietary Personal Financial Satisfaction Index (PFSi), this quarter the financial standing of the average American reached its highest level since the recession.

October 26, 2016

FASB amends guidance for consolidating VIEs

FASB issued a financial reporting standard that changes financial reporting rules for consolidating variable-interest entities.

October 25, 2016

IRS issues 2017 inflation adjustments for many tax provisions

The IRS issued its annual revenue procedure containing inflation-adjusted amounts for the 2017 tax year, affecting over 50 Code provisions, as well as the new tax rate tables for individuals and estates and trusts.

October 25, 2016

SSARS 23 expands application of preparation, compilation standards

SSARS No. 23 results in the SSARSs being applicable to engagements performed on certain subject matter other than financial statements.

October 24, 2016

3 major foreign policy challenges facing the next U.S. president

Former US diplomat Nicholas Burns, in a speech to the AICPA’s governing Council, highlighted some of the complexities that the winner of the presidential election will face abroad.

October 24, 2016

FASB simplifies financial reporting for income taxes

The standard is designed to simplify the financial reporting for the income tax consequences of intra-entity transfers other than inventory.

October 24, 2016

MAP survey: Firms continue to grow revenue

Accounting firms of all sizes posted year-over-year revenue gains during their most recent fiscal year, with the rate of growth increasing for most practices.

October 24, 2016

8 technical questions and answers for investment companies

Eight technical questions and answers for investment company accounting have been issued by the AICPA Investment Companies Expert Panel and are available in TIS Section 6910, Investment Companies.

October 19, 2016

Social Security Administration announces large increase in 2017 wage base

The SSA announced that the maximum amount of earnings subject to the Social Security tax will increase by more than 7% in 2017, after remaining flat in 2016.

October 18, 2016

GASB proposes OPEB implementation guidance

GASB would provide answers to more than 150 questions about other post-employment benefit (OPEB) plan accounting in a newly proposed implementation guide.

October 14, 2016

Earnings-stripping rules make many changes from proposed regs.

The new rules are part of the Treasury Department’s larger effort to curb corporate inversions.

October 13, 2016

PTIN class action lawsuit affects all tax return preparers

A class action lawsuit currently pending in a federal district court includes in its class of plaintiffs all tax return preparers who obtained or renewed a PTIN after Sept. 30, 2010.

October 10, 2016

Olympic tax break enacted

Legislation excluding prize money earned by Olympians and Paralympians from gross income was signed into law.

October 6, 2016

Americans’ biggest retirement fear: Running out of money

CPA financial planners report that their clients’ greatest fear about retirement is running out of money, an AICPA survey finds.

October 4, 2016

Top considerations for 2016 audit cycle

Areas of high attention for auditors during the 2016 audit cycle will include a new standard on naming the engagement partner as well as internal control over financial reporting.

October 4, 2016

AICPA issues more revenue recognition working drafts

New working drafts issued by the AICPA Financial Reporting Executive Committee address issues related to implementation of FASB’s new revenue recognition standard.

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AI risks CPAs should know

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