Tax, accounting, auditing news - Journal of Accountancy

May 15, 2019

FASB eases transition to credit losses standard

FASB issued new accounting rules that are designed to ease the transition to the board’s new credit losses standard by providing an option to measure certain types of assets at fair value.

May 14, 2019

IRS extends filing deadlines for CCH customers

The IRS announced that taxpayers affected by the recent Wolters Kluwer service outage who are facing May 15 filing deadlines can follow certain procedures to obtain reasonable cause waivers for failing to file on time.

May 14, 2019

How a lease with an attest client affects independence

A new AICPA interpretation provides guidance for when a lease with an attest client impairs independence. This significant revision to the independence rules takes effect soon.

May 14, 2019

FASB proposes simplifying accounting for income taxes

FASB issued a proposal that is intended to make accounting for income taxes less costly and complex.

May 13, 2019

AICPA committee requests delay in private company lease accounting effective date

Private companies are experiencing overload as they implement complex new accounting standards, according to the AICPA Private Companies Practice Section’s Technical Issues Committee.

May 10, 2019

Distribution by former S corporation is part dividend

The IRS ruled that a distribution to the sole shareholder of a C corporation was partly a recovery of the former S corporation’s accumulated adjustments account (AAA) and a taxable dividend for the remaining distribution.

May 9, 2019

SEC addresses ICFR attestation for smaller companies

The SEC voted to propose reducing the number of public companies required to obtain an attestation of their internal control over financial reporting from an independent auditor.

May 9, 2019

IRS changes maximum-vehicle-value rule

The IRS revised its maximum-vehicle-value rule for personal use of an employer-provided vehicle for 2019 for both the cents-per-mile rule and the fleet-average-valuation rule.

May 9, 2019

Wolters Kluwer takes services offline after malware attack

Following a malware attack, cloud tax and accounting services provider Wolters Kluwer took a number of its platforms and applications offline this week.

May 8, 2019

ASB enhances communication in auditors’ reports

The AICPA Auditing Standards Board issued standards that are designed to improve auditors’ ability to communicate in auditors’ reports and align generally accepted auditing standards with those of other standard-setting bodies.

May 7, 2019

Credit losses standard tips for audit committees

FASB’s new standard for recording credit losses presents a huge change to accounting for financial institutions, and affects other organizations as well. A new tool helps audit committees in their oversight of this important implementation.

May 6, 2019

AICPA rescinds guidance on prior-period audits

Auditors should perform and report on prior-period audits in accordance with auditing standards in effect at the time the engagement is performed, according to nonauthoritative guidance issued by the AICPA.

May 3, 2019

SEC proposes changes to disclosures on acquisitions and disposals

The SEC proposed rules changes designed to make disclosures less costly for acquisitions and disposals of businesses while preserving valuable information for investors.

May 2, 2019

New GASB guide assists with implementation

A new implementation guide issued by the Governmental Accounting Standards Board can assist state and local governments as they adopt certain GASB statements.

May 1, 2019

Q&A discusses ‘direct care’ expenses for collections

A new Technical Question and Answer issued by the AICPA discusses the characteristics of expenses that would be considered “direct care of existing collections” under a new FASB standard that updates the definition of “collections.”

April 26, 2019

Polley steps down as head of FAF

After leading the Financial Accounting Foundation (FAF) for 11 years, Terri Polley announced that she is stepping down.

April 25, 2019

FASB makes minor adjustments to financial instruments rules

Stakeholders have voiced concerns to FASB about various aspects of the board’s recently issued standards for credit losses, hedging, and recognition and measurement.

April 25, 2019

Personal financial satisfaction up in first quarter after market rebound

Americans’ personal financial satisfaction reached a record high in the first quarter of 2019, according to the AICPA’s proprietary Personal Financial Satisfaction Index.

April 25, 2019