December 2019

December 23, 2019

AICPA proposes updates to material tested on CPA Exam

Changes the AICPA is proposing to the CPA Exam Blueprints are designed to update the material tested on the CPA Exam to make sure it continues to represent the core knowledge and skills that newly licensed CPAs need to possess.

December 20, 2019

Qualified opportunity zone regs. finalized

The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs).

December 20, 2019

Adaptive learning self-study enabled in new CPE provider rules

Adaptive learning self-study programs are accommodated in new standards for continuing professional education providers that have been issued by NASBA and the AICPA.

December 19, 2019

Year-end government spending bill contains many tax provisions

The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims.

December 19, 2019

EY’s Jones to succeed Golden as FASB chair

Richard Jones, a 32-year veteran at EY, will succeed Russell Golden as the Financial Accounting Standards Board’s chair beginning in July.

December 19, 2019

5th Circuit invalidates health care law’s individual mandate

The Fifth Circuit held that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero.

December 19, 2019

AICPA issues TQAs related to Sec. 163(j), GASB 84

The AICPA issued separate Technical Questions and Answers to provide nonauthoritative guidance in response to the amendment of Internal Revenue Code Sec. 163(j) and related to GASB’s fiduciary activities guidance.

December 18, 2019

New FASB standard aims to simplify accounting for income taxes

FASB issued a standard that is designed to reduce cost and complexity in accounting for income taxes.

December 18, 2019

SEC proposes expanding access to private markets

The Securities and Exchange Commission issued a proposal that would provide more investors with access to private capital markets.

December 18, 2019

Proposal would delay lease accounting effective date for federal entities

FASB’s standard for accounting for leases would be delayed for two years under a proposal issued Wednesday.

December 17, 2019

Proposed regs. would govern Sec. 162(m) executive compensation limits

The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain publicly held corporations.

December 16, 2019

How to handle accounting for digital assets

A new practice aid published by the AICPA provides nonauthoritative guidance about how to account for digital assets under generally accepted accounting principles.

December 16, 2019

Guidance issued on payments to charitable organizations

The IRS issued additional rules on the treatment of deductions for charitable contributions in lieu of state and local taxes, an area in which it has already issued final regulations and other guidance.

December 13, 2019

How auditors can stay independent while advising on revenue recognition

Some private company clients are having difficulty implementing FASB’s revenue recognition standard. CPAs who audit those clients’ financial statements need to proceed carefully to maintain their independence.

December 11, 2019

PCAOB’s 2020 inspection focus and audit quality tips revealed

The PCAOB’s inspections of audit firms in 2020 will continue to focus on areas that have been challenging for firms in recent years, George Botic, CPA, the PCAOB’s director of Registration and Inspections.

December 10, 2019

FASB addressing liabilities and equity complexity, goodwill

FASB is working to reduce complexity in its liabilities and equity guidance in the final months of board Chairman Russell Golden’s term.

December 10, 2019

Partnership capital reporting requirements postponed until 2020

The IRS is postponing the requirement to report partners’ shares of partnership capital on the tax-basis method for 2019 (for partnership tax years beginning in calendar 2019) until 2020 (for partnership tax years that begin on or after Jan. 1, 2020).

December 10, 2019