2016 - Page 2 of 14 - Journal of Accountancy

December 5, 2016

Why IFRS remains relevant in the U.S.

Knowledge and understanding of IFRS is important in the United States even though FASB’s standard-setting process best serves U.S. capital markets, SEC Chief Accountant Wes Bricker said.

December 5, 2016

Don’t neglect revenue recognition disclosures, SEC’s Bricker says

Companies are obligated to provide investors with disclosures on the impact FASB’s new revenue recognition standard will have on them, SEC Chief Accountant Wes Bricker said.

December 2, 2016

2015 audit fee increases varied based on size, type of auditee

The median audit fee increase paid by Securities and Exchange Commission filers was 3.2% in 2015 compared with the previous year, according to a new survey.

December 1, 2016

U.S. anti-money laundering regulations well-developed, analysis finds

U.S. anti-money laundering regulations are well-developed, and domestic coordination to prevent money laundering and terrorist financing is sophisticated and has improved over the past 10 years.

December 1, 2016

New online tool allows taxpayers to check IRS account information

The IRS has launched an online tool that allows individual taxpayers to get their account balances online, including tax due, penalties, and interest.

December 1, 2016

FinREC issues revenue recognition working drafts for airline, gaming industries

New working drafts issued by FinREC address issues that financial statement preparers in the gaming and airline industries may encounter as they implement FASB’s new revenue recognition standard.

November 30, 2016

GASB proposes implementation guidance

A proposed implementation guide issued by GASB is designed to clarify, explain or elaborate on the board’s standards for state and local government financial reporting.

November 30, 2016

IRS announces start of e-Services re-registration

As part of its latest efforts to prevent cybercrime, the IRS said it will begin sending letters to currently registered e-Services users asking them to re-register within 30 days of the date of the letter or risk being shut out of the system.

November 30, 2016

FASB proposal would improve hedge accounting, AICPA committee says

A FASB proposal on targeted improvements to accounting for hedging activities would make hedge accounting simpler, according to the AICPA Financial Reporting Executive Committee.

November 29, 2016

AICPA urges changes to employee benefit reporting proposal

The proposed changes would increase compliance costs for employers that they may pass on to plan participants, the AICPA wrote.

November 22, 2016

SEC names Bricker chief accountant

Wesley Bricker, CPA, a former PwC partner, was named the Securities and Exchange Commission’s chief accountant.

November 18, 2016

IRS extends due dates for PPACA forms and penalty relief

In response to concerns from employers, insurers, and other providers of minimum essential coverage, the IRS announced that it is extending the due dates for certain health care forms required under the Patient Protection and Affordable Care Act.

November 18, 2016

FASB aims for consistency in modification accounting

FASB has proposed guidance that would describe when changes to the terms of share-based payments require financial statement preparers to apply modification accounting.

November 17, 2016

FASB seeks uniformity in reporting on restricted cash

FASB issued Accounting Standards Update No. 2016-18, addressing the classification and presentation of restricted cash and restricted cash equivalents.

November 16, 2016

GASB fund balance reporting standard gets positive review

GASB’s standard for fund balance reporting and governmental fund type definitions for state and local governments achieves its purpose, a review panel has found.

November 15, 2016

No delays anticipated in 2017 tax filing season, IRS commissioner says

IRS Commissioner John Koskinen reassured tax practitioners attending the AICPA’s National Tax Conference that the 2017 tax filing season should start on time.

November 15, 2016

2 new members appointed to FASB as Golden remains chairman

Marsha Hunt and Harold Monk will join the Financial Accounting Standards Board for five-year terms.

November 15, 2016

White to leave SEC chair post in January

Mary Jo White plans to depart her position as Securities and Exchange Commission chair in January, when Barack Obama’s second term as president ends.

November 10, 2016

Final rules remove 3-year nonpayment testing period for COD reporting

The IRS finalized a proposed rule eliminating the three-year testing period for determining when debt was discharged for cancellation of debt information reporting purposes.

November 4, 2016

IRS warns tax professionals of another email phishing scam

The IRS issued an “urgent alert” to tax practitioners who use IRS e-services to beware of a fraudulent email asking them to update their accounts and directing them to a fake website.