Issues for state and local governments related to lease accounting, other post-employment benefits (OPEB), and other topics were addressed in an omnibus standard issued by GASB.
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Final rules determine maximum vehicle values
The IRS finalized the rules for maximum vehicle values under the cents-per-mile valuation rule and the fleet-average valuation rule after the law known as the Tax Cuts and Jobs Act increased those values to $50,000, adjusted for inflation.
Electronic filing mandated for Sec. 501(c)(3) applications
The IRS announced that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3), must now be submitted electronically.
SEC proposes simplifying disclosure requirements
The SEC voted to propose amendments that would simplify disclosure requirements and issued guidance on key performance indicators and metrics in MD&A.
6 tips for not-for-profit board members to improve volunteer retention
Board members can help retain volunteers by making sure they are onboarded effectively, recognized and given a chance to advance.
ASB issues guidance on Global Investment Performance Standards
The AICPA Auditing Standards Board has issued guidance for practitioners performing verification or performance examination engagements pursuant to the Global Investment Performance Standards.
Why audit firm leaders need to practice what they preach
Audit quality is improved when firm leaders personally model the exemplary behaviors that they say they value, according to a new study backed by the AICPA Assurance Research Advisory Group.
Americans’ financial satisfaction at all-time high
Americans’ financial satisfaction hit an all-time high in the fourth quarter of 2019. Stock market gains coupled with declines in underemployment and loan delinquencies helped lift the index to new heights.
How firms are delivering value with audit data analytics
Here’s how auditors can prepare themselves for this work, and what they need to explain to audit committees as they incorporate analytics into engagements.
Women’s initiatives: How the pilot programs worked
Three women CPAs explain how a pilot program that aimed for diversity and inclusion helped transform their midsize accounting firms.
FASB clarifies interaction between standards
FASB took action to clarify the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives.
More taxpayers qualify for student loan COD relief
The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.
BlackRock CEO declares ‘fundamental reshaping of finance’
Powerful institutional investor BlackRock will hold companies accountable for their disclosures of sustainability risks and for the policies that underpin them, Chairman and CEO Larry Fink wrote in an open letter to CEOs.
Confronting tariffs: Trade war tips for CPAs
U.S. businesses can use a number of strategies to soften the impact of tariffs on their operations.
GASB selects Mauldin & Jenkins’s Black as next chair
GASB has selected Joel Black, CPA, partner-in-charge of the audit practice at accounting firm Mauldin & Jenkins LLC in Atlanta, as its next chair.
Accounting for cloud computing: What you need to know
Get insight on implementing the updated accounting rules related to cloud computing implementation costs associated with a service arrangement, which are in effect for public companies now and will be required for all other entities later this year.
SEC proposes updating auditor independence rules
An SEC proposal is designed to amend rules that indicate auditor independence breaches in situations when no substantial threat to independence exists.
IRS issues 2020 standard mileage rates
On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts.
AICPA proposes updates to material tested on CPA Exam
Changes the AICPA is proposing to the CPA Exam Blueprints are designed to update the material tested on the CPA Exam to make sure it continues to represent the core knowledge and skills that newly licensed CPAs need to possess.
Qualified opportunity zone regs. finalized
The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs).
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