2019 - Page 3 of 12 - Journal of Accountancy

November 11, 2019

FASB addresses share-based payments to customers

Share-based payments made to customers will be accounted for under FASB ASC Topic 718 as a result of new rules.

November 8, 2019

Automatic accounting method change procedures updated

The IRS released its updated procedures for automatic accounting method changes, which are accounting method changes that can be made without the IRS’s consent.

November 7, 2019

IFAC seeks consistency, accountants’ engagement in corporate reporting

The wide variety of frameworks and standards initiatives prevents consistency in corporate reporting, according to the International Federation of Accountants.

November 6, 2019

IRS posts 2020 inflation adjustments and tax tables

The IRS released the 2020 tax tables for individuals and estates and trusts, as well as the inflation adjustments for over 60 tax provisions for 2020 tax returns.

November 6, 2019

Retirement plan contribution limits increase for 2020

Annual contribution limits for 401(k) plans will increase from $19,000 in 2019 to $19,500 in 2020, and most other limits are increasing as well.

November 6, 2019

How audit committees can improve disclosure

Although audit committees increasingly are providing transparency on certain key metrics, a new report shows that there are opportunities to provide more useful disclosures.

November 5, 2019

SEC addresses shareholder proposals, proxy advice, ads, and solicitation

The SEC proposed amendments that are designed to change the shareholder proposal rule, improve the accuracy and transparency of proxy voting advice and modernize the advertising and cash solicitation rules for investment advisers.

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.