The Treasury Department and the White House’s Office of Management and Budget have agreed to change the procedures under which Treasury regulations are reviewed.
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How board members can perform oversight of cybersecurity risks
A new tool can help board members understand what questions to ask in their oversight of cybersecurity risk management.
Save money by having your sustainability report assured
Sustainability reporting has become a common business practice in the United States, and now research shows that sustainability assurance efforts more than pay for themselves in a majority of companies.
How to mix innovation and risk management
Companies that integrate innovation and risk are more advanced in disruptive technologies and more confident in revenue projections, a survey says.
New international code clarifies ethics issues
The International Ethics Standards Board for Accountants released a new Code of Ethics that is designed to provide clear guidance about how accountants should deal with ethics and independence issues.
How audit committees can evaluate lease accounting implementation
A new Center for Audit Quality tool is designed to help audit committees with oversight of this difficult adoption process.
IRS guidance addresses limitations on business interest expense
The IRS has issued initial guidance on the new rules governing the deductibility of business interest in Sec. 163(j), as amended by the Tax Cuts and Jobs Act of 2017.
How consumers are changing their behavior to combat ID theft
Four of out five respondents say they’ve changed their behavior in response to the threat of cyberbreaches affecting credit card and debit card processing systems.
New GASB standard addresses debt disclosures
The new standard also requires the disclosure of additional essential debt-related information for all types of debt, including amounts of unused lines of credit and assets pledged as collateral for debt.
New IFRS conceptual framework revises foundational reporting concepts
A new conceptual framework for IFRS includes revisions to concepts for reporting assets, liabilities, income, and expenses.
Federal spending bill includes tax provisions
The $1.3 trillion spending bill passed by Congress includes IRS funding and tax-related technical corrections, including changes to the centralized partnership audit regime.
AICPA issues nonauthoritative guidance for payroll audits
New Technical Questions and Answers issued Tuesday by the AICPA provide nonauthoritative guidance for multiemployer plan payroll compliance services when engaged to perform payroll compliance procedures as an agreed-upon procedures engagement in accordance with AT-C Section 215.
Guidance addresses partnership accounting when IRS collects underpayments
A new technical question and answer from the AICPA provides nonauthoritative guidance to help financial statement preparers account for the amount a partnership pays the IRS under these circumstances.
Supreme Court: Obstruction requires knowledge of investigation
The U.S. Supreme Court held that to obtain a conviction for obstructing or impeding the administration of the Internal Revenue Code, the government was required to prove that the defendant knew of a pending tax-related proceeding or could reasonably foresee the commencement of such a proceeding.
New FAQs address familiarity threats for long-tenured senior engagement personnel
Two new Frequently Asked Questions (FAQs) issued by the AICPA Professional Ethics Division provide nonauthoritative guidance for the effects on independence when senior personnel have been on an attest engagement team for a long period.
Phone scams and phishing featured in 2018’s Dirty Dozen tax scams
The IRS completed its annual list of the top tax scams for this filing season, with brazen phishing and phone scams still prominent on the list.
Companies see need to manage risks, but they’re slow to act
Linking enterprise risk management practices with strategy remains a challenge for companies, who say risk environment continues to grow in complexity.
How audit committees can evaluate non-GAAP measures
A Center for Audit Quality tool provides tips for audit committees to consider about non-GAAP measures as they perform their oversight duties.
How blockchain might affect audit and assurance
A new report describes the changes that may be coming and how CPAs can take advantage of new opportunities the technology may provide.
AICPA proposes revising independence rules for information system services
A proposal issued by the AICPA Professional Ethics Executive Committee would revise independence rules that apply to AICPA members providing nonattest services related to an attest client’s information systems.
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