2021 - Journal of Accountancy

December 23, 2021

FASB issues 2 new financial accounting concept statements

Two new FASB concept statements address financial statement elements and factors FASB should consider in developing accounting guidance.

December 22, 2021

Lenders should not report student loans discharged under ARPA

The IRS advises that Form 1099-C, Cancellation of Debt, should not be filed for student loans covered by the ARPA temporary special rule excluding most discharges from borrowers’ income.

December 21, 2021

How companies are responding to rising pressure on wages and benefits

Leaders are employing a range of strategies to keep workers; some save costs elsewhere to invest in employee training and benefits. One-fourth of companies are offering signing bonuses.

December 20, 2021

FASB ASU addresses supplier finance programs

A proposed Accounting Standards Update would help investors and others better consider the effects on a buyer’s working capital, liquidity and cash flows. The comment deadline is March 21.

December 20, 2021

SALT payments before year end a priority for passthroughs

To be deductible at the entity level, payments by passthrough entities of state and local taxes should be made in the tax year of the liability, but state-specific elections may complicate that timing, tax advocates advise.

December 17, 2021

Standard mileage rates to go up in 2022

The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.

December 17, 2021

Protect staff’s mental health with true time off

PTO isn’t as fulfilling as it could be when staff feel the need to respond to work emails on days off or anticipate coming back to full inboxes.

December 16, 2021

IRS issues accounting-method change procedures for small businesses

New procedures follow final regulations to implement simplifications by the law known as the Tax Cuts and Jobs Act.

December 16, 2021

ESG assurance opportunities likely to grow for CPA firms

Companies may need more rigorous assurance on environmental, social, and governance data as regulatory obligations emerge. CPA firms are poised to deliver.

December 15, 2021

Digital assets, intangibles among priorities on FASB’s new research agenda

FASB updated its research agenda Wednesday in response to comments received in a consultation earlier this year.

December 15, 2021

SEC addresses share buyback disclosures, insider trading rules

The Securities and Exchange Commission issued separate proposals Wednesday that are designed to enhance share buyback disclosures and provide protections against insider trading.

December 14, 2021

Decoding the Senate Finance Committee’s Build Back Better text

The Senate Finance Committee has released language for its portion of the reconciliation bill, which some lawmakers would like to pass before Christmas. Here’s what you need to know about the timeline and the bill, which includes several key tax provisions.

December 13, 2021

PEEC delays interpretation, adopts temporary policy statement

The effective date of the “Information Systems Services” interpretation has been further delayed by the AICPA Professional Ethics Executive Committee, which also issued a temporary policy statement related to employment statutes that may conflict with independence interpretations.

December 13, 2021

Senate Finance Committee releases tax provisions of Build Back Better Act

The Senate Finance Committee’s text includes changes from the House’s version of the bill, including a removal of the House’s increase in the SALT deduction cap.

December 10, 2021

Attributes of top-performing firms revealed

MAP survey finds big differences in revenue, profit, and owner compensation.

December 8, 2021

Audit tips for a pandemic-changed environment

Auditors have a lot to think about as clients experience supply chain disruptions, staff shortages, and new processes and procedures. Here’s what firms need to focus on in this challenging environment.

December 7, 2021

FASB working to balance desires of investors and preparers

Investors want more disaggregated information. Financial statement preparers are concerned about the costs of preparing that information. FASB Chair Richard Jones is seeking to balance those priorities.

December 7, 2021

Tips for avoiding trouble with non-GAAP reporting

Non-GAAP measures in public company reporting continue to be scrutinized carefully by SEC staff, according to information presented at the AICPA & CIMA Conference on Current SEC and PCAOB Developments.

December 6, 2021

Early sunset of the employee retention credit gets penalty relief

The IRS describes how employers may avoid failure-to-pay and failure-to-deposit penalties for ERC claimed or anticipated in the fourth quarter but eliminated by the Infrastructure Act.

December 6, 2021

AICPA tax advocacy gets results in 2021

The AICPA Tax Policy and Advocacy group worked with the AICPA Congressional Affairs group to represent the interests of practitioners and the public.

FROM THIS MONTH'S ISSUE

Flip out with the latest Tech Q&A

The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.