2021 - Page 6 of 19 - Journal of Accountancy

September 15, 2021

How to use COSO to implement and scale AI projects

The COSO enterprise risk management framework can help leaders manage risks associated with their AI strategies.

September 15, 2021

Early Black-owned CPA firms spurred diversity efforts

Built by Black CPAs who succeeded despite adversity, these firms continue to play an important role in the profession’s recruitment and advancement initiatives, and with the clients they serve.

September 15, 2021

FASB proposal addresses fair value and equity security sale restrictions

A new FASB proposal intends to clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the security and therefore is not considered in measuring fair value.

September 14, 2021

Transcript Delivery System down for some Form 941 transcripts

The IRS reports that its Transcript Delivery System is down for business taxpayers who reported information related to COVID-19 employment tax relief on Form 941, Employer’s Quarterly Federal Tax Return.

September 14, 2021

How climate risks are reflected in current financial statements

The Center for Audit Quality has published a resource that describes management and auditors’ responsibilities related to climate-related risk reporting.

September 13, 2021

Ways and Means releases list of tax provisions for budget bill

The proposal would raise tax rates for corporations and individuals and make many other changes to the Internal Revenue Code.

September 9, 2021

SBA quadruples COVID-19 EIDL limit to $2 million

The SBA unveiled a menu of COVID-19 EIDL program modifications designed to make it easier for restaurants and other businesses particularly hard hit by the pandemic to take out EIDL loans.

September 9, 2021

Lease accounting: Private companies on the clock after delay

Following a pandemic-related delay, the new standard takes effect for entities within the “all other entities” category for fiscal years starting after Dec. 15, 2021, and for interim periods within fiscal years beginning after Dec. 15, 2022.

September 8, 2021

Guidance issued on 2021 qualified sick and family leave wage reporting

Information reporting on Form W-2 or a separate statement allows self-employed taxpayers to claim qualified sick leave and qualified family leave equivalent credits.

September 3, 2021

IRS updates business travel per-diem rates

The allowances for determining deductions for lodging, meals, and incidental costs are slightly higher than before.

September 2, 2021

EBP audits set for major changes, more transparency

Employee benefit plan audit procedures and reporting will undergo a significant shift as SAS No. 136, as amended, is implemented.

September 2, 2021

COVID-19 resurgence, tight labor market lead to drop in optimism

Although finance professionals are optimistic about their own businesses’ economic prospects, the delta variant’s spread and scarcity of job seekers caused concerns that were reflected in a modest drop in the CPA Outlook Index in the AICPA Business and Industry Economic Outlook Survey.

August 30, 2021

Shuttered Venue Operators Grant program enters supplemental phase

The SBA is sending out invitations for Shuttered Venue Operators Grant (SVOG) recipients to apply for supplemental funding from the $16.25 billion program.

August 26, 2021

AICPA recommends QBI improvements

The AICPA recommended in a letter to Senate tax-writing leaders eight ways to improve the deduction for qualified business income under Sec. 199A.

August 26, 2021

FASB report describes investor outreach

FASB engaged in more than 430 investor interactions in the year ended June 30, 2021, according to a new report.

August 26, 2021

Staffing and COVID-19 relief programs are firms’ top concerns in 2021

Hiring qualified staff emerged as the No. 1 concern of firms employing six or more people in the 2021 AICPA Private Companies Practice Section CPA Firm Top Issues survey.

August 23, 2021

PCAOB’s Jurata, Zietsman to resign as transition continues

Rebekah Goshorn Jurata and Megan Zietsman said that they plan to resign from the Public Company Accounting Oversight Board on Oct. 1 or the date of appointment of new board members, whichever comes first.

August 23, 2021

Interruption of LIFO inventories due to COVID-19 and Sec. 473 relief

Global supply chain problems caused by the COVID-19 pandemic have made it difficult for US companies to replace inventories, potentially subjecting them to additional taxable income. The AICPA has requested relief under Sec. 473.

August 19, 2021

ESG assurance an elusive but promising opportunity for auditors

Although just 31 of the S&P 500 companies use public company auditors for environmental, social and governance assurance, increased regulation and investor focus may lead to more opportunities for practitioners in the future.

August 19, 2021

Driving DEI change in the states

State CPA society leaders are among those spearheading diversity, equity, and inclusion efforts in the profession. See what successful steps they and their organizations have taken to enhance the recruitment and advancement of Black CPAs.

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.