Tech experts weigh in on the steps firms can take to stay productive in the event of a cloud software outage.
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How to make the most of FASB’s effective date delays
FASB has proposed delays in effective dates for some major accounting standards for certain financial statement preparers. Here’s how preparers can make the best use of the extra time.
8 recession signals to monitor
Take a look at data points market watchers are following for signals of a potential U.S. recession.
Proposal would align AU-C 800 series with SAS No. 134
Under a proposal issued by the AICPA Auditing Standards Board, AU-C Sections 800, 805, and 810 would be aligned with the changes introduced by new auditor reporting standards.
7 in 10 young workers prefer freedom to job security
Seventy percent of young adult job seekers say the freedom of being their own boss is worth more than the benefit of job security working for someone else, according to research conducted by MAVY Poll on behalf of the AICPA.
Proposed regs. govern maximum automobile values
The IRS issued proposed rules that provide maximum automobile values for the cents-per-mile and fleet-average valuation rules used to determine the amount to include in an employee’s gross income for personal use of an employer-provided vehicle.
PCAOB issues staff guidance on auditing estimates, specialists
The PCAOB released staff guidance documents that are designed to help auditors implement the board’s new standards and amendments on auditing accounting estimates and the auditor’s use of the work of specialists.
ASB addresses challenges in auditing accounting estimates
A proposal issued by the AICPA Auditing Standards Board (ASB) is intended to provide auditors with enhanced guidance on auditing accounting estimates.
FASAB clarifies cleanup cost liabilities guidance
A new interpretation of Federal Financial Accounting Standards is designed to clarify the application of cleanup cost liability standards when multiple component reporting entities are involved.
FASB proposes delay in long-term insurance standard effective date
The effective date of a new accounting standard for long-term insurance contracts would be delayed under a proposal issued FASB.
Determining materiality for nonquantitative subject matters
Emerging engagements such as sustainability attestation services and System and Organization Controls reports require auditors to consider materiality for subject matters that can’t be quantitatively measured.
GASB issues lease accounting implementation guide
State and local governments received implementation guidance for the Governmental Accounting Standards Board’s lease accounting standard.
Underpayment penalty relief now automatic for eligible filers
Some taxpayers who paid 2018 underpayment penalties will receive refund checks because the penalties will be automatically waived for those who qualify, the IRS announced.
FASB proposes delays in 3 key effective dates
Private companies and certain other preparers would see delays in effective dates for accounting standards for leases, hedging, and credit losses under a proposal issued by FASB.
FinREC issues credit loss standard working drafts
Working drafts of accounting issues related to the Financial Accounting Standards Board’s new credit losses standard were issued by the AICPA Financial Reporting Executive Committee.
Alimony tax gap swells to $3.2 billion, TIGTA finds
Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.
Report finds shift in accounting firm hiring
Almost one-third (31%) of new graduate hires in public accounting in 2018 were nonaccounting graduates, a new AICPA survey shows.
Rules proposed for classifying cloud and digital content transactions
The Internal Revenue Service proposed regulations to clarify how to classify transactions involving digital content and cloud computing.
Coalition launched to protect professional licensing
The AICPA and NASBA helped found a new coalition of advanced professions with the goal of educating policymakers and the public on the importance of professional licensing standards.
The benefits of a ‘decomposed’ approach to group audit planning
New research performed with the help of the AICPA’s Assurance Research Advisory Group has provided new insights on ways to improve quality in group audits.
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