The wide variety of frameworks and standards initiatives prevents consistency in corporate reporting, according to the International Federation of Accountants.
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IRS posts 2020 inflation adjustments and tax tables
The IRS released the 2020 tax tables for individuals and estates and trusts, as well as the inflation adjustments for over 60 tax provisions for 2020 tax returns.
Retirement plan contribution limits increase for 2020
Annual contribution limits for 401(k) plans will increase from $19,000 in 2019 to $19,500 in 2020, and most other limits are increasing as well.
How audit committees can improve disclosure
Although audit committees increasingly are providing transparency on certain key metrics, a new report shows that there are opportunities to provide more useful disclosures.
SEC addresses shareholder proposals, proxy advice, ads, and solicitation
The SEC proposed amendments that are designed to change the shareholder proposal rule, improve the accuracy and transparency of proxy voting advice and modernize the advertising and cash solicitation rules for investment advisers.
FASB debt classification reproposal sparks concerns
FASB’s attempts to simplify the classification of debt in a classified balance sheet may have unintended consequences, according to a comment letter sent by the AICPA Technical Issues Committee.
ASB addresses compliance with GAAS, PCAOB standards
An auditing interpretation issued by the AICPA Auditing Standards Board provides auditors with guidance on how to comply with AU-C Section 700A as well as the PCAOB’s standards on critical audit matters.
The former Deloitte CEO on career agility
Cathy Engelbert, CPA, became the first woman to lead a Big Four firm in the U.S. She is now applying more than three decades of business skills to the WNBA, a league that has longevity but needs a boost on several fronts.
Financial satisfaction stays high, but economic concerns remain
Despite fears about the economy, Americans’ personal financial satisfaction stayed high in the third quarter of 2019, according to the PFSi, a proprietary economic indicator calculated quarterly by the AICPA.
Guidance provided on SAS No. 134 implementation
A new Technical Question and Answer issued by the AICPA provides nonauthoritative guidance on implementing the AICPA Auditing Standards Board’s new standard on auditor reporting.
Lease accounting: Keep pushing ahead
Despite FASB’s delay in the lease accounting effective date for private companies and certain other entities, there’s not a lot of time for companies to handle a complicated implementation.
How CPAs can prepare for accelerating tech changes
Openness to change and lifelong learning can help CPAs thrive amid accelerating tech development, says AICPA fall Council speaker Jeffrey Rogers.
TIGTA outlines IRS challenges for 2020
The memorandum lists 10 challenges in order of importance, ranging from data security to achieving operational efficiencies.
FASB votes to delay effective dates for 3 major standards
Effective dates will be delayed for private companies and certain other entities for FASB’s standards on accounting for leases, credit losses, and hedging after a unanimous vote by FASB.
Opinion: FASB proposal jeopardizes health care entity financing
A FASB proposal could render obsolete a valuable financing option for health care entities known as variable-rate debt obligations (VRDOs).
Taxpayers may deduct casualty losses in prior years
The IRS finalized regulations permitting taxpayers to deduct disaster losses in the prior tax year and removed the related temporary regulations that were issued in 2016.
Sustainability assurance’s link to reporting quality
The steady growth in assurance of sustainability reports suggests that companies increasingly perceive that there are net benefits of having their sustainability reports assured.
IRS clarifies the tax treatment of cryptocurrency ‘hard forks’ and ‘airdrops’
The IRS ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer does not receive units of a new cryptocurrency, but does have gross income as a result of an airdrop of new cryptocurrency after a hard fork if the taxpayer receives units of the new cryptocurrency.
Critical audit matters: What firms are reporting
The first auditor’s reports containing the PCAOB’s newly required critical audit matters are available in public company annual reports.
CFC downward attributions get safe harbors
U.S. shareholders who own stock in foreign corporations were given a safe harbor by the IRS, making it easier for them to establish that they are not shareholders in a controlled foreign corporation, or CFC.
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