Tax, accounting, auditing news - Journal of Accountancy

December 19, 2019

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.

December 18, 2019

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.

December 18, 2019

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.

December 18, 2019

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.

December 17, 2019

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.

December 16, 2019

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.

December 16, 2019

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.

December 13, 2019

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.

December 11, 2019

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.

December 10, 2019

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.

December 10, 2019

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).

December 10, 2019

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.

December 10, 2019

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.

December 10, 2019

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.

December 9, 2019

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.

December 9, 2019

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.

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.

FROM THIS MONTH'S ISSUE

Build reusable Skills in Anthropic’s Claude AI

Instead of rewriting prompts each time, CPAs can turn routine tasks into reusable AI Skills. This Technology Q&A walks through how to build Claude Skills that process files, ask setup questions, and export clean Excel outputs.