November 2018

November 30, 2018

Accounting method change procedures for book-tax conformity rule

The IRS announced procedures for taxpayers to change their accounting method to comply with the amendment of Sec. 451(b) enacted by the tax law known as the Tax Cuts and Jobs Act.

November 29, 2018

Proposed foreign tax credit regulations issued

The IRS issued proposed regulations on the determination of the foreign tax credit after the changes in the law made by the Tax Cuts and Jobs Act.

November 29, 2018

8 things to know about lease accounting implementation

Here are some things that company finance departments may wish to keep in mind as the lease accounting standard takes effect at the beginning of next year for public companies.

November 29, 2018

Working group considers changes to CPA licensing requirements

Possible changes to the CPA licensure requirements are being explored by a working group formed by the National Association of State Boards of Accountancy and the AICPA.

November 28, 2018

Which benefits do employees find most financially beneficial?

Eighty percent of Americans would choose a job with benefits over one with no benefits that paid 30% more, according to a Harris Poll survey on behalf of the AICPA.

November 27, 2018

IRS issues guidance on withholding for 2019

The IRS issued a notice providing interim guidance for the 2019 calendar year on income tax
withholding from wages and from retirement and annuity distributions.

November 27, 2018

Proposed regs. outline new business interest expense limitation

The IRS issued proposed regulations on the business interest expense limitation in Sec. 163(j), which was amended by the law known as the Tax Cuts and Jobs Act.

November 27, 2018

How to incorporate analytics into workforce planning

Conducting scenario planning through analytics can prepare companies and employees to invest their resources wisely and succeed in the jobs of the future.

November 27, 2018

GASB proposes implementation guidance

GASB issued a proposal that would provide implementation guidance for certain state and local government accounting standards.

November 21, 2018

Estate and gift exclusion clawback addressed in proposed regs.

The IRS addressed issues and made conforming revisions arising from the temporary increase in basic exclusion amount for estate and gift tax enacted by legislation known as the Tax Cuts and Jobs Act.

November 19, 2018

FASB proposes narrow-scope financial instruments accounting changes

FASB proposed clarifications and changes to its recently issued accounting standards on credit losses, hedging, and recognition and measurement.

November 19, 2018

UNICAP rules on negative adjustments finalized

The IRS issued final regulations on the use of negative adjustments under Sec. 263A’s simplified methods for determining costs that must be capitalized.

November 19, 2018

Proposed guidance published on inventory valuation

The AICPA Financial Reporting Executive Committee (FinREC) published a working draft on inventory valuation and is seeking comments on the draft.

November 19, 2018

Quiz: Lay or lie? 7 sentences to help you practice

The following quiz is designed to give you practice in choosing the “right” word in business communication.

November 15, 2018

Inflation adjustments and tax tables issued for 2019

The IRS issued the 2019 annual inflation adjustments for many tax provisions as well as the 2019 tax rate tables for individuals and estates and trusts.

November 15, 2018

FASB alters transition requirements, scope of credit losses standard

FASB changed the transition requirements and clarified the scope of its standard on accounting for credit losses, which was issued in 2016.

November 13, 2018

New IRS commissioner brings practitioner’s perspective to role

Veteran tax attorney Charles Rettig gives his first public address as new IRS commissioner, speaking to CPAs Tuesday at the AICPA National Tax Conference in Washington.

November 8, 2018

FASB staff paper assists with franchise fee recognition

A new FASB staff paper provides information to private company franchisors as they decide how to recognize certain franchise fees under the new revenue recognition standard.

November 8, 2018

Revenue recognition tilts toward modified transition approach

A majority of S&P 500 companies chose the simplicity of the modified retrospective transition for their revenue recognition standard implementation, a new white paper shows.

November 7, 2018

SASB publishes industry-specific sustainability accounting standards

New industry-specific sustainability accounting standards published by the Sustainability Accounting Standards Board are designed to help investors and companies make informed decisions about long-term value.

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.