October 2019

October 29, 2019

FASB debt classification reproposal sparks concerns

FASB’s attempts to simplify the classification of debt in a classified balance sheet may have unintended consequences, according to a comment letter sent by the AICPA Technical Issues Committee.

October 24, 2019

ASB addresses compliance with GAAS, PCAOB standards

An auditing interpretation issued by the AICPA Auditing Standards Board provides auditors with guidance on how to comply with AU-C Section 700A as well as the PCAOB’s standards on critical audit matters.

October 24, 2019

The former Deloitte CEO on career agility

Cathy Engelbert, CPA, became the first woman to lead a Big Four firm in the U.S. She is now applying more than three decades of business skills to the WNBA, a league that has longevity but needs a boost on several fronts.

October 24, 2019

Financial satisfaction stays high, but economic concerns remain

Despite fears about the economy, Americans’ personal financial satisfaction stayed high in the third quarter of 2019, according to the PFSi, a proprietary economic indicator calculated quarterly by the AICPA.

October 23, 2019

Guidance provided on SAS No. 134 implementation

A new Technical Question and Answer issued by the AICPA provides nonauthoritative guidance on implementing the AICPA Auditing Standards Board’s new standard on auditor reporting.

October 21, 2019

Lease accounting: Keep pushing ahead

Despite FASB’s delay in the lease accounting effective date for private companies and certain other entities, there’s not a lot of time for companies to handle a complicated implementation.

October 20, 2019

How CPAs can prepare for accelerating tech changes

Openness to change and lifelong learning can help CPAs thrive amid accelerating tech development, says AICPA fall Council speaker Jeffrey Rogers.

October 18, 2019

TIGTA outlines IRS challenges for 2020

The memorandum lists 10 challenges in order of importance, ranging from data security to achieving operational efficiencies.

October 16, 2019

FASB votes to delay effective dates for 3 major standards

Effective dates will be delayed for private companies and certain other entities for FASB’s standards on accounting for leases, credit losses, and hedging after a unanimous vote by FASB.

October 16, 2019

Opinion: FASB proposal jeopardizes health care entity financing

A FASB proposal could render obsolete a valuable financing option for health care entities known as variable-rate debt obligations (VRDOs).

October 14, 2019

Taxpayers may deduct casualty losses in prior years

The IRS finalized regulations permitting taxpayers to deduct disaster losses in the prior tax year and removed the related temporary regulations that were issued in 2016.

October 10, 2019

Sustainability assurance’s link to reporting quality

The steady growth in assurance of sustainability reports suggests that companies increasingly perceive that there are net benefits of having their sustainability reports assured.

October 9, 2019

IRS clarifies the tax treatment of cryptocurrency ‘hard forks’ and ‘airdrops’

The IRS ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer does not receive units of a new cryptocurrency, but does have gross income as a result of an airdrop of new cryptocurrency after a hard fork if the taxpayer receives units of the new cryptocurrency.

October 4, 2019

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.