February 2018

February 28, 2018

FASB issues technical corrections to financial instruments standard

FASB issued technical corrections and improvements to its financial instruments standard on recognition and measurement of financial assets and liabilities that was originally issued in 2016.

February 28, 2018

How the new tax law will change wealthy Americans’ financial plans

Three in five affluent Americans (63%) said they’re very or somewhat likely to change their personal financial plans based on the new federal tax law, according to a poll conducted on behalf of the AICPA.

February 26, 2018

Revised compilation and review report requirements to be included in SSARS No. 24

A new Statement on Standards for Accounting and Review Services will be issued in late May in an effort to decrease the impact on practitioners during busy season.

February 21, 2018

SEC publishes new requirements for cybersecurity disclosures

Public companies received new guidance from the SEC on the disclosures they should make related to cybersecurity.

February 20, 2018

FASB proposes adding a new benchmark interest rate for hedge accounting

FASB proposed adding a new U.S. benchmark interest rate to the list of rates permitted in the application of hedge accounting.

February 14, 2018

FASB addresses stranded income tax effects of new tax law

FASB issued new rules that provide financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.

February 13, 2018

IRS proposes to remove 298 regulations

The IRS is proposing to remove 298 regulations that have no current or future application to the Internal Revenue Code.

February 13, 2018

Draft guidance applies ERM principles to ESG risk

Recently issued supplemental draft guidance is designed to help organizations apply enterprise risk management (ERM) principles to environmental, social, and governance (ESG)-related risks.

February 9, 2018

Bipartisan Budget Act contains several tax provisions

The Bipartisan Budget Act of 2018 has many tax provisions, including retroactive extensions of a number of tax credits.

February 9, 2018

What tax reform means for audit committees

The Tax Cuts and Jobs Act provides many issues for audit committee members to consider in their oversight of financial statements, external auditors and risk management.

February 8, 2018

Charles Rettig to be nominated new IRS commissioner

President Donald Trump announced that he will nominate Charles Rettig, a tax attorney from California, to be the new Commissioner of the Internal Revenue Service.

February 7, 2018

The AICPA and the ongoing tax reform process

In this Q&A, AICPA policy experts discuss wide-ranging implementation challenges and members’ role in advocating for guidance and technical corrections.

February 7, 2018

FASB moving forward on reclassification of stranded tax effects

FASB is moving quickly to give financial statement preparers a targeted improvement in their accounting for effects of the new tax reform law.

February 7, 2018

When a tax cut is a profit hit

Companies with deferred tax assets may report surprisingly lower net income in 2017 even though they will benefit from lower income tax rates under the new tax law in 2018.

February 6, 2018

IRS announces 2018 pension contribution limits under tax reform act

The IRS revealed that the recalculated 2018 pension contribution limits are unchanged from the numbers issued before the tax reform bill was enacted.

February 6, 2018

OPR implements greater transparency in disciplinary investigations

The IRS’s Office of Professional Responsibility has implemented a new process for informing practitioners that they are under investigation for violations of Circular 230.

February 6, 2018

AICPA committee seeks private company relief from some elements of revenue standard

An AICPA committee has asked FASB to provide relief for private companies and certain conduit debt obligors from some elements of the new revenue recognition standard.

February 5, 2018

FinCEN announces filing deadline for 2017 FBARs

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued its annual reminder of the due date for filing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

February 2, 2018

GASB developing revenue and expense recognition model

GASB is seeking public feedback as it develops a revenue and expense recognition model for state and local government accounting.

February 1, 2018

7 revenue recognition issues exposed by FinREC

The AICPA Financial Reporting Executive Committee sought public comment on seven new revenue recognition implementation issues to be added to the AICPA’s revenue recognition guide.

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.