Business leaders should be proactive in putting emergency plans in place in response to the spread of coronavirus. Here’s a checklist for organizations related to employees, customers, and vendors.
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Coronavirus looms over positive economic outlook
Projections for the next 12 months are generally positive, but concerns about the effect of the virus diminished that enthusiasm, according to a quarterly survey.
Conditional coronavirus relief provided by SEC
The SEC said public companies that have trouble meeting filing obligations because of the coronavirus outbreak may qualify for regulatory relief under certain conditions.
Emotional impact of elder abuse outweighs the financial toll
Fraud and financial abuse harm clients psychologically more than they do financially, according to the AICPA Personal Financial Planning Trends Survey.
How firms can advance women in the workplace
Firms are taking proactive steps to attract, retain, and advance women. And firms that use modified work arrangements (MWAs) and formal advancement programs to achieve those goals report that the benefits are clear.
What companies are disclosing about coronavirus risks
The coronavirus outbreak is causing significant disruptions to many companies’ supply chains and operations. Here’s how some companies are discussing risks related to the virus in corporate reporting.
FAF appoints Auchincloss to serve as executive director
The Financial Accounting Foundation selected John Auchincloss, who had been serving as acting president following Terri Polley’s departure, for the foundation’s executive director post.
Supreme Court overturns consolidated group tax refund allocation rule
The U.S. Supreme Court struck down the Bob Richards rule for allocating tax refunds among members of a consolidated group, holding that state law is well equipped to decide the matter.
Accounting profession leaders call for action against climate change
Accounting body leaders from across the globe issued a call for action urging accounting professionals to put the fight against climate change at the forefront of their work.
Proposed regs. issued on meal and entertainment expense deductions
The IRS issued proposed rules clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274.
GASB proposes criteria for financial statement disclosures
GASB issued a proposed concepts statement that would establish new criteria for what state and local governments should disclose in the notes to their financial statements.
FASAB clarifies loss allowance for intragovernmental receivables
A technical bulletin issued by the FASAB clarified accounting guidance for federal governmental entities on the loss allowance for intragovernmental receivables.
AICPA requests clarity on Sec. 465 reporting relief
The AICPA has asked Treasury and the IRS to clarify that reporting relief on certain reporting under Sec. 465 will also apply to S corporations.
No need to report some transactions in video game currency, IRS says
Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.
FASB to propose private company expedient for share-based payment accounting
Accounting for employee share-based compensation could become less complex for private companies after FASB endorsed the decision by the Private Company Council to propose a practical expedient for nonpublic entities.
IRS proposes rules to update income tax withholding, revises Form W-4
The IRS proposed new regulations for withholding on individuals’ wages to reflect the statutory changes in the law known as the Tax Cuts and Jobs Act, including the elimination of the personal exemption.
ARSC further converges SSARSs with international standards and aligns closer with GAAS
The AICPA’s Accounting and Review Services Committee issued a new Statement on Standards for Accounting and Review Services (SSARS) that further converges the standards for reviews of financial statements in AICPA Professional Standards with international standards for such engagements.
FASB proposes changes to not-for-profits’ reporting of gifts-in-kind
The Proposed ASU would require not-for-profits to present contributed nonfinancial assets as a separate line item in the statement of activities.
Agreement provides mobility for CPAs, South African accountants
Credentials for U.S. CPAs and South African chartered accountants have a path to be recognized in their respective countries under a new cross-border mutual recognition agreement.
New threats to CPA licensing posed in 2020 legislative year
Legislative challenges to professional licensing standards are a threat to CPAs and other professionals. But a new survey indicates strong public support for licensing standards.
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The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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