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.
Advertisement
NEWS
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Features
SPONSORED REPORT
Get your clients ready for tax season
Help clients avoid surprises with year-end planning strategies for managing taxable income, maximizing deductions, and adjusting to OBBBA changes affecting individuals and businesses.
From The Tax Adviser
September 30, 2026
Navigating the QSBS rules in pass-through structures
September 30, 2026
Sec. 338(h)(10) elections in business acquisitions
August 31, 2026
