Tax, accounting, auditing news - Journal of Accountancy

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

News quiz: IRS gives a break on underpayment

Try this short quiz to review some of the news posted in the past month or so.

April 17, 2019

More proposed regs. on qualified opportunity funds issued

The regulations define the term “substantially all,” the definition of which was reserved in the earlier proposed regulations issued in October 2018.

April 17, 2019

Can a state tax a trust based on the beneficiary’s residency?

The U.S. Supreme Court heard oral arguments in a case that will decide whether states can tax trusts based solely on the fact that a trust beneficiary lives in the state.

April 17, 2019

Yellow Book revisions update independence guidance

Revised rules published in July 2018 by the U.S. Government Accountability Office clarify the need for safeguards for practitioners when performing preparation of accounting records and financial statement services.

April 11, 2019

Safe harbor issued for valuing pro sports trades

The IRS will permit professional sports teams that trade player contracts to recognize zero gain if both parties to the exchange adopt the safe harbor and do not exchange cash.

April 11, 2019

AICPA asks government to issue more QBI deduction guidance

The AICPA asked Treasury and the IRS to issue additional guidance on Sec. 199A beyond the recently finalized regulations and a proposed revenue procedure in the form of a notice on a safe harbor for rental real estate.

April 8, 2019

Ways to keep your talented CPAs

Flexible scheduling can ward off burnout and help retain staff.

April 4, 2019

Lease accounting tips for public and private companies

Public companies are finding that even though they have implemented FASB’s new lease accounting standard, their work is not nearly done. Private companies, meanwhile, are struggling with their own adoption of the standard.

FROM THIS MONTH'S ISSUE

Making the right choice when no one is watching

The true test of one’s character is the decision made when no one is looking over your shoulder. Learn how CPAs can uphold ethical standards and take actions that help limit liability risk.