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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
News quiz: IRS warning on cyberattacks and a change in pension rules
Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about the news with this short quiz.
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.
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.
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.
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.
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.
News quiz: Jobs and higher pay could be waiting for many, surveys find
The economic outlook continued to rise for the second consecutive quarter, according to an AICPA survey, and employers said they are ready to hire.
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.
