April 2019

April 26, 2019

Polley steps down as head of FAF

After leading the Financial Accounting Foundation (FAF) for 11 years, Terri Polley announced that she is stepping down.

April 25, 2019

FASB makes minor adjustments to financial instruments rules

Stakeholders have voiced concerns to FASB about various aspects of the board’s recently issued standards for credit losses, hedging, and recognition and measurement.

April 25, 2019

Personal financial satisfaction up in first quarter after market rebound

Americans’ personal financial satisfaction reached a record high in the first quarter of 2019, according to the AICPA’s proprietary Personal Financial Satisfaction Index.

April 25, 2019

News quiz: IRS gives a break on underpayment

Try this short quiz to review some of the news posted in the past month or so.

April 17, 2019

More proposed regs. on qualified opportunity funds issued

The regulations define the term “substantially all,” the definition of which was reserved in the earlier proposed regulations issued in October 2018.

April 17, 2019

Can a state tax a trust based on the beneficiary’s residency?

The U.S. Supreme Court heard oral arguments in a case that will decide whether states can tax trusts based solely on the fact that a trust beneficiary lives in the state.

April 17, 2019

Yellow Book revisions update independence guidance

Revised rules published in July 2018 by the U.S. Government Accountability Office clarify the need for safeguards for practitioners when performing preparation of accounting records and financial statement services.

April 11, 2019

Safe harbor issued for valuing pro sports trades

The IRS will permit professional sports teams that trade player contracts to recognize zero gain if both parties to the exchange adopt the safe harbor and do not exchange cash.

April 11, 2019

AICPA asks government to issue more QBI deduction guidance

The AICPA asked Treasury and the IRS to issue additional guidance on Sec. 199A beyond the recently finalized regulations and a proposed revenue procedure in the form of a notice on a safe harbor for rental real estate.

April 8, 2019

Ways to keep your talented CPAs

Flexible scheduling can ward off burnout and help retain staff.

April 4, 2019

Lease accounting tips for public and private companies

Public companies are finding that even though they have implemented FASB’s new lease accounting standard, their work is not nearly done. Private companies, meanwhile, are struggling with their own adoption of the standard.

April 2, 2019

The barriers to enhanced risk oversight

One theme that has emerged from 10 years of survey data on risk management: It’s not getting any easier.

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.