December 2019

December 9, 2019

Revenue recognition tips from the SEC staff

Labeling multiple goods and services provided to a customer as a “solution” does not eliminate a company’s responsibility to identify and report separate performance obligations under FASB’s new revenue recognition standard.

December 9, 2019

How critical audit matters relate to critical accounting estimates

Auditors of the largest public companies have included critical audit matters in their reports for the first time. Here are some of the SEC’s observations based on those reports.

December 5, 2019

ASB aligns with other US standard setters on materiality

The AICPA Auditing Standards Board has amended its concept of materiality to match the definition used by the U.S. judicial system and other US standard setters.

December 5, 2019

New standard adds flexibility for agreed-upon procedures

The barriers preventing CPAs from performing engagements providing certain agreed-upon procedures were removed when the AICPA Auditing Standards Board issued a standard providing more flexibility to practitioners.

December 5, 2019

Economic outlook: Not too hot, not too cold

Finance decision-makers remain positive overall heading into 2020, but they continue to have concerns about hiring.

December 3, 2019

BEAT regs. are finalized, new regs. are proposed

The IRS issued detailed guidance on the Sec. 59A base-erosion and anti-abuse tax (BEAT), which was added to the Code by the law known as the Tax Cuts and Jobs Act.

December 2, 2019

Deadline for health care information statements extended

As it does every year, the IRS extended the due date to furnish certain health care information statements to individual taxpayers to March 2, 2020.

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.