May 2017

May 30, 2017

FASB performs maintenance on Accounting Standards Codification

FASB made the first of several scheduled maintenance updates to its Accounting Standards Codification as part of an effort to simplify the codification’s structure.

May 25, 2017

Want your voice heard in Washington? Start here

Hundreds of CPAs visited with lawmakers and congressional staff this week to advocate on four key issues for the profession. Here are tips on how to schedule a similar visit or get your voice heard from back home.

May 25, 2017

Quiz: Learn to choose between ‘who’ and ‘whom’

In everyday speech, we don’t need to sweat the whom. Here is a short quiz that gives you practice in choosing who/whom and whoever/whomever in more complex sentences.

May 24, 2017

PCAOB to consider adopting new auditor’s reporting standard

The board has proposed requiring auditors to provide information on the most challenging, subjective, or complex aspects of an audit.

May 24, 2017

President’s budget includes tax proposals and regulation of return preparers

President Donald Trump’s proposed FY 2018 budget includes a new proposal to give the IRS authority to regulate paid tax return preparers.

May 23, 2017

ASB addresses engagements performed under 2 sets of attestation standards

The AICPA ASB issued an interpretation that describes conditions for practitioners who wish to perform and report on an attestation engagement in accordance with AICPA attestation standards in addition to another set of attestation standards.

May 23, 2017

Big Four benefit as consulting spending rises in U.S.

Demand for cybersecurity consulting helped drive the growth, accounting for $7.1 billion in revenue.

May 22, 2017

What you need to know as Gen Z enters the workforce

The first members of Generation Z are graduating from college and entering the workforce. And it would be a big mistake to expect them to behave like Millennials.

May 18, 2017

What auditors of brokers and dealers need to know about audit planning

Risk assessment procedures, auditor communication requirements, and revenue recognition are among the many complex areas that auditors need to consider carefully in their planning and throughout the audit.

May 18, 2017

New IASB standard aims for consistent accounting for insurers

A new standard issued by the IASB aims to provide transparent reporting about insurers’ financial position and risk.

May 16, 2017

FASB issues accounting standards update on service concession arrangements

FASB intends to provide clarity to help financial statement preparers determine the customer of the operation services for transactions.

May 15, 2017

GASB issues rules for accounting for certain debt extinguishment

New rules issued by GASB address accounting for debt extinguishment prior to its maturity when bond proceeds are not used.

May 11, 2017

News quiz: Tax-related data breach explained

Taxpayers received more information about a data breach that affected about 100,000 people and shut down a tool used by parents and students applying for financial aid for college.

May 10, 2017

FASB assessing efficiency, effectiveness of GAAP taxonomy

FASB is considering changing U.S. GAAP financial reporting taxonomy to improve usability.

May 10, 2017

FASB issues update on modification accounting for share-based payment awards

FASB hopes to provide clarity by offering guidance on the scope of modification accounting for share-based payment awards.

May 4, 2017

2018 health savings account limits increase slightly

The IRS released the 2018 annual inflation-adjusted amounts that apply to health savings accounts.

May 4, 2017

New IRS rules, no increased funding in appropriations bill

The 2017 appropriations bill passed by Congress includes $11.2 billion for IRS operations and enforcement. But it also includes specific directives prohibiting certain IRS conduct.

May 3, 2017

Details of FAFSA data breach revealed in House testimony

The details of a recent data breach affecting 100,000 taxpayers were revealed in testimony before the House of Representatives Oversight and Government Reform Committee in Washington.

May 2, 2017

Overtime and stress are common during month-end close processes

Finance departments are under pressure to close the books faster, but efficiency is a stumbling block, two recent surveys show.

May 2, 2017

CAQ, investor groups seek to preserve SOX provision

In a letter, the Center for Audit Quality and two investor groups opposed a provision of a bill that would decrease the number of companies required to comply with the rules in Sarbanes-Oxley Act Section 404(b).

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.