2016 - Page 4 of 14 - Journal of Accountancy

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.

September 29, 2016

Millennials are the most confident investors, survey shows

Millennial investors have more faith than members of other generations in US and overseas markets, US public companies, and audited financial information, a new survey shows.

September 29, 2016

Fraud risk management guidance updated by COSO

Developing a transparent anti-fraud culture and conducting periodic risk assessments are important steps for organizations in deterring fraud.

September 29, 2016

FASB proposes changes to long-duration contract reporting for insurance companies

FASB issued a proposal that would change accounting rules for insurance companies that issue long-duration contracts such as life insurance, disability income, long-term care, and annuities.

September 28, 2016

Guidance allows QTIP election where executor elects portability

The IRS removed a prohibition on making a qualified terminable interest property (QTIP) election when the election would have been null and void because the estate had a zero estate tax liability.

September 27, 2016

New lease accounting standard proposed for federal entities

A proposal issued by the FASAB would require federal lessees to recognize a lease liability and a leased asset at the beginning of a lease, unless it is an intragovernmental lease or a short-term lease.

September 27, 2016

IRS issues 2016–2017 special per-diem rates for travel

The IRS issued its annual updates of per-diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home on or after Oct. 1.

September 26, 2016

GASB proposal addresses various practice issues

A GASB proposal would provide guidance addressing a multitude of issues that have arisen in state and local government financial reporting.

September 26, 2016

Private collection agencies to start collecting tax debts in the spring

Under legislation enacted last year, the IRS is required to use private debt collection agencies to collect outstanding inactive tax liabilities.

September 23, 2016

New IRS e-Services authentication process requires re-registration

The IRS announced that beginning in late October all e-services users will be subject to a strengthened identity protection process, which, for existing users, requires re-registering.

September 23, 2016

ARSC completes clarity project with issuance of SSARS No. 22

New Statement on Standards for Accounting and Review Services No. 22 clarifies the standard on compilations of pro forma financial information.

September 22, 2016

FASB proposes shortening amortization period for certain debt securities

The FASB issued a proposal that would shorten the amortization period for callable debt securities purchased at a premium.

September 22, 2016

Tax scammers send fake CP2000s, IRS warns

The IRS issued an alert to taxpayers not to respond to the latest tax fraud scheme, an emailed CP2000 notice claiming to be related to an Affordable Care Act tax underpayment.

September 19, 2016

FASB proposes additional revenue recognition corrections

FASB’s efforts to clarify its new revenue recognition standard continued when the board proposed technical corrections and changes to the standard.

September 19, 2016

New path proposed for CPAs in cyber risk management

Two proposals issued Monday would create guidance for management in designing and describing its cybersecurity risk management program.

September 15, 2016

IRS restricts foreign tax credit splitter arrangements

The IRS issued guidance prohibiting corporations from taking foreign tax credits for taxes without repatriating the earnings to the United States.

September 9, 2016

Defined benefit plan participants can receive lump sum and annuity under new rules

The IRS issued new rules giving retirement plan participants greater flexibility in choosing how to receive their pension benefits.

September 8, 2016

FASB proposes targeted changes to hedge accounting rules

FASB issued proposed hedge accounting rules that are designed to enable a faithful representation of how an organization manages risk.

September 6, 2016

U.S. presidential election’s impact minimal on hiring, spending

U.S. finance executives are generally unfazed by the potential outcome of the presidential election.

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.