Adaptive learning self-study programs are accommodated in new standards for continuing professional education providers that have been issued by NASBA and the AICPA.
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Year-end government spending bill contains many tax provisions
The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims.
EY’s Jones to succeed Golden as FASB chair
Richard Jones, a 32-year veteran at EY, will succeed Russell Golden as the Financial Accounting Standards Board’s chair beginning in July.
5th Circuit invalidates health care law’s individual mandate
The Fifth Circuit held that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero.
AICPA issues TQAs related to Sec. 163(j), GASB 84
The AICPA issued separate Technical Questions and Answers to provide nonauthoritative guidance in response to the amendment of Internal Revenue Code Sec. 163(j) and related to GASB’s fiduciary activities guidance.
New FASB standard aims to simplify accounting for income taxes
FASB issued a standard that is designed to reduce cost and complexity in accounting for income taxes.
SEC proposes expanding access to private markets
The Securities and Exchange Commission issued a proposal that would provide more investors with access to private capital markets.
Proposal would delay lease accounting effective date for federal entities
FASB’s standard for accounting for leases would be delayed for two years under a proposal issued Wednesday.
Proposed regs. would govern Sec. 162(m) executive compensation limits
The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain publicly held corporations.
How to handle accounting for digital assets
A new practice aid published by the AICPA provides nonauthoritative guidance about how to account for digital assets under generally accepted accounting principles.
Guidance issued on payments to charitable organizations
The IRS issued additional rules on the treatment of deductions for charitable contributions in lieu of state and local taxes, an area in which it has already issued final regulations and other guidance.
How auditors can stay independent while advising on revenue recognition
Some private company clients are having difficulty implementing FASB’s revenue recognition standard. CPAs who audit those clients’ financial statements need to proceed carefully to maintain their independence.
PCAOB’s 2020 inspection focus and audit quality tips revealed
The PCAOB’s inspections of audit firms in 2020 will continue to focus on areas that have been challenging for firms in recent years, George Botic, CPA, the PCAOB’s director of Registration and Inspections.
FASB addressing liabilities and equity complexity, goodwill
FASB is working to reduce complexity in its liabilities and equity guidance in the final months of board Chairman Russell Golden’s term.
Partnership capital reporting requirements postponed until 2020
The IRS is postponing the requirement to report partners’ shares of partnership capital on the tax-basis method for 2019 (for partnership tax years beginning in calendar 2019) until 2020 (for partnership tax years that begin on or after Jan. 1, 2020).
AICPA seeks feedback on insurance working drafts
The AICPA issued working drafts on accounting issues for insurance entities. When completed, the drafts will be included in AICPA Accounting and Auditing Guides.
Proposed CPA licensure model emphasizes core plus disciplines
A newly proposed CPA licensure model developed by NASBA and the AICPA is designed to help newly licensed CPAs learn the skills and competencies they will need in the workplace of the future.
ASB proposes conforming amendments, addresses practice issues
Sections of the ASB’s codification would be amended under a proposal to conform with recently issued standards on auditor reporting and the auditor’s responsibilities relating to other information included in annual reports.
Revenue recognition tips from the SEC staff
Labeling multiple goods and services provided to a customer as a “solution” does not eliminate a company’s responsibility to identify and report separate performance obligations under FASB’s new revenue recognition standard.
How critical audit matters relate to critical accounting estimates
Auditors of the largest public companies have included critical audit matters in their reports for the first time. Here are some of the SEC’s observations based on those reports.
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