2017 - Page 4 of 14 - Journal of Accountancy

October 24, 2017

SEC approves PCAOB’s new auditor’s reporting model

The SEC granted unanimous approval to the new auditor’s reporting standard created by the PCAOB.

October 24, 2017

New TQA helps with public business entity determination

The TQA was developed to assist those seeking clarity in their public business entity status.

October 23, 2017

3 daily questions to help accountants make a difference

John O’Leary, a recovered burn victim who spoke at the AICPA fall Council meeting, said three simple questions can help accountants develop the attitude and strategy they need to succeed.

October 22, 2017

Accountants’ role in managing AI disruption

An AICPA fall Council session addressed how accountants can prepare for the change and lead their communities’ response to the new technology.

October 19, 2017

IRS issues 2018 inflation-adjusted tax tables and many other tax provisions

The IRS issued the annual revenue procedure that updates the almost 60 tax provisions that must be adjusted for inflation each year

October 19, 2017

2018 pension plan contribution limits are announced

The IRS released the inflation-adjusted amounts that apply to pension and 401(k) plans for 2018.

October 16, 2017

IRS will enforce health coverage reporting on 2017 returns

This filing season will be the first time the IRS has enforced this requirement and will not accept tax returns that omit this information.

October 11, 2017

IRS permits partnership basis election without partner’s signature

To ease the regulatory burden on partnerships, the IRS announced that it is eliminating the requirement that partnership elections under Sec. 754 be signed by a partner.

October 11, 2017

SEC proposes simplifying disclosure requirements

The SEC proposed amendments that are designed to simplify disclosures without sacrificing information that is important to investors.

October 11, 2017

Potential areas of risk for the 2017 audit cycle

An alert published by the Center for Audit Quality discusses some of the more judgmental or complex areas that may be relevant during the 2017 auditing cycle.

October 6, 2017

What to consider when auditing revenue recognition implementation

A new PCAOB alert can help auditors apply the board’s guidance to their clients’ implementation of the new accounting standard.

October 4, 2017

Treasury to pull regulations after review of burdensome tax rules

Treasury said it intended to withdraw the Sec. 2704 valuation discount regulations and portions of the Sec. 385 corporate inversion regulations.

October 3, 2017

FASB proposes various minor changes to codification

Nine potential amendments are contained in the proposal, which would affect a wide variety of topics in the codification.

October 2, 2017

Federal agencies get new guidance related to PP&E opening balances

Federal agencies received new guidance for applying alternative methods in establishing opening balances for general property, plant and equipment.

October 2, 2017

20 revenue recognition working drafts issued by FinREC

The AICPA Financial Reporting Executive Committee issued 20 working drafts on issues related to implementation of the new revenue recognition standard.

September 28, 2017

How revenue recognition changes are affecting preparers like GE, Microsoft

Financial statements show some of the changes resulting from the new revenue recognition standard in various industries.

September 27, 2017

FASB proposes technical corrections to 2 standards

FASB proposed clarifications to separate standards issued in 2016 on accounting for financial instruments and lease accounting.

September 27, 2017

How data-hosting services affect independence

Taking responsibility for hosting an attest client’s data or records impairs a CPA’s independence, according to a new ethics interpretation.

September 27, 2017

Republicans unveil tax reform framework

Republican leadership released a tax reform framework that calls for fewer individual tax brackets, a lower corporate tax rate, and elimination of many tax deductions.

September 26, 2017

PCAOB revises proposal on supervision of other auditors

The PCAOB has revised a proposal that would create a more uniform approach to a lead auditor’s supervision of other auditors from other audit firms.

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.