Tax, accounting, auditing news - Journal of Accountancy

December 5, 2019

ASB aligns with other US standard setters on materiality

The AICPA Auditing Standards Board has amended its concept of materiality to match the definition used by the U.S. judicial system and other US standard setters.

December 5, 2019

New standard adds flexibility for agreed-upon procedures

The barriers preventing CPAs from performing engagements providing certain agreed-upon procedures were removed when the AICPA Auditing Standards Board issued a standard providing more flexibility to practitioners.

December 5, 2019

Economic outlook: Not too hot, not too cold

Finance decision-makers remain positive overall heading into 2020, but they continue to have concerns about hiring.

December 3, 2019

BEAT regs. are finalized, new regs. are proposed

The IRS issued detailed guidance on the Sec. 59A base-erosion and anti-abuse tax (BEAT), which was added to the Code by the law known as the Tax Cuts and Jobs Act.

December 2, 2019

Deadline for health care information statements extended

As it does every year, the IRS extended the due date to furnish certain health care information statements to individual taxpayers to March 2, 2020.

November 27, 2019

FASB proposes changes aimed at improving codification

FASB proposed minor changes as part of its annual effort to clarify and correct unintended application of its Accounting Standards Codification.

November 26, 2019

Per-diem method clarified in light of TCJA changes

The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling using the per-diem rates.

November 26, 2019

FASB issues narrow-scope changes to credit losses standard

An Accounting Standards Update makes improvements to certain technical and other aspects of implementing FASB’s new accounting standard for credit losses.

November 26, 2019

California proposes guidance for privacy law

The California attorney general’s office is seeking feedback on proposed regulations on the California Consumer Privacy Act, which will become the nation’s toughest data privacy law when it goes into effect Jan. 1.

November 25, 2019

Final regs. eliminate estate and gift tax clawback

The IRS issued final regulations that reconcile the current higher exclusion for the estate and gift tax unified credit amount in effect under the TCJA with the lower unified credit scheduled to go into effect in 2026.

November 20, 2019

Valuation in spotlight as SEC mulls expanding investment opportunities

The SEC is considering expanding opportunities for nonaccredited investors. That means more investors may be relying on private-equity fund valuations and auditors’ assessments of those valuations.

November 15, 2019

Use of standard mileage rate, other rules are updated for TCJA

The IRS updated its rules concerning the use of standard mileage rates and to reflect the current suspension of miscellaneous itemized deductions and moving expense deductions.

November 15, 2019

FASB officially delays 4 major standards

FASB issued two Accounting Standards Updates that finalize delays to various effective dates for new standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.

November 14, 2019

IRS commissioner seeks to enhance taxpayer contacts, target enforcement

Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible Internal Revenue Service restructuring, more-targeted enforcement efforts and IRS use of data analytics.

November 13, 2019

FASB approves guidance to assist in reference rate transition

FASB approved guidance to assist companies in their transition from interbank-offered rates to new reference rates.

November 13, 2019

New opportunities for firms in SOC reporting

Increases in outsourcing and cloud computing have led to clients’ need for CPA assurance on systems and controls.

November 12, 2019

FASB proposes clarifying hedge accounting standard

FASB is attempting to enable a better, more consistent application of its new hedge accounting standard with proposed clarifications to certain sections of the guidance.

November 12, 2019

Demand for sustainability assurance is growing

Seventy percent of companies participating in a survey by The Conference Board that obtain assurance on their sustainability information said the need for such assurance will increase over the next five years.

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.