2017 - Page 14 of 14 - Journal of Accountancy

January 12, 2017

IASB proposes amendments to 3 IFRS standards

The IASB issued clarifications to standards related to income taxes, borrowing costs and investments in associates and joint ventures.

January 10, 2017

FASB addresses debt classification, inventory disclosures

FASB addressed balance sheet classification of debt and the disclosure requirements for inventory under the board’s Disclosure Framework.

January 10, 2017

AICPA updates guidance for CPA personal financial planners

The AICPA has updated its guidance on the competencies and information that CPAs who provide financial planning services need to know.

January 9, 2017

Inflation adjustments for 2017 issued for employer-provided vehicles

The IRS released its annual notice containing the 2017 inflation-adjusted amounts for the maximum vehicle values to determine the amount that is included in employees’ income for personal use of an employer-provided vehicle.

January 5, 2017

FASB clarifies definition of a business

The definition was clarified because of concerns that many transactions that should be considered asset acquisitions were being recorded as business acquisitions for accounting purposes.

January 4, 2017

Guidance issued on de minimis safe harbor for information returns/payee statements

The IRS issued a notice that provides the requirements for a payee to make an election to not have the safe harbor for de minimis errors on information returns below certain amounts apply to a payer.

January 4, 2017

AICPA exposes more revenue recognition working drafts

The latest drafts address issues in the aerospace and defense, telecommunications, and time-share industries.

January 4, 2017

GASB introduces possible new approaches for governmental fund reporting

Three possible alternative recognition approaches for governmental fund reporting are included in an Invitation to Comment issued by GASB.

January 4, 2017

Revenue recognition: Guidance for preparers and auditors

Financial statement preparers and auditors face important challenges as they implement FASB’s new revenue recognition standard.

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