The SEC granted unanimous approval to the new auditor’s reporting standard created by the PCAOB.
New TQA helps with public business entity determination
The TQA was developed to assist those seeking clarity in their public business entity status.
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.
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.
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
2018 pension plan contribution limits are announced
The IRS released the inflation-adjusted amounts that apply to pension and 401(k) plans for 2018.
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.
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.
SEC proposes simplifying disclosure requirements
The SEC proposed amendments that are designed to simplify disclosures without sacrificing information that is important to investors.
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.
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.
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.
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.
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.
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.
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.
FASB proposes technical corrections to 2 standards
FASB proposed clarifications to separate standards issued in 2016 on accounting for financial instruments and lease accounting.
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.
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.
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.
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SPONSORED REPORT
Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.