Tax, accounting, auditing news - Journal of Accountancy

August 28, 2018

FASB takes big steps on disclosure effectiveness

FASB’s ongoing efforts to improve the effectiveness of disclosures in the notes to financial statements led to multiple changes announced by the board.

August 27, 2018

Updated guidance highlights key changes in the auditor’s report

The PCAOB has issued updated staff guidance to assist practitioners as they implement the board’s new auditor’s reporting model.

August 27, 2018

Technology issues to consider in lease accounting

Preparers may want to consider technological tools that can help with the accounting and the administration of leases.

August 24, 2018

Proposed rules would curb avoidance of SALT deduction limit

Here is what practitioners need to know about the IRS’s proposed rules that would curb the deductibility of charitable contributions that qualify for state and local tax credits.

August 23, 2018

News quiz: Investments, charitable contributions, and more

News posted on the JofA website in the past month offered CPAs a glimpse of Americans’ attitudes toward investing and the state of the economy through surveys.

August 22, 2018

Proposal would withdraw inter-entity cost guidance

A new Federal Accounting Standards Advisory Board proposal is designed to eliminate inconsistencies in the board’s guidance for federal entities’ accounting for inter-entity costs.

August 22, 2018

IRS provides initial guidance on new Sec. 162(m)

The IRS issued guidance regarding amended Sec. 162(m), which limits the allowable deduction for remuneration paid by any publicly held corporation to a covered employee to $1 million.

August 21, 2018

Wright reappointed as PCC chair

Candace Wright, CPA/CFF, has been reappointed as chair of the Private Company Council (PCC), the Financial Accounting Foundation board of trustees announced.

August 20, 2018

3 areas of top concern in broker-dealer audits

Independence issues identified in the PCAOB’s 2017 staff inspections fell compared with the previous year, according to a report the board.

August 20, 2018

FASB addresses credit loss standard concerns

A proposal issued by FASB would amend the transition requirements and scope of the board’s new standard for accounting for credit losses.

August 17, 2018

Quarterly earnings reports at center of debate

Some say focusing too intently on quarterly reports causes companies to neglect the long-term goals that should be more of an emphasis.

August 17, 2018

D.C. Circuit upholds IRS unenrolled tax preparer program

The Court of Appeals for the D.C. Circuit held that the AICPA had standing to challenge the IRS’s Annual Filing Season Program for unenrolled tax preparers but further held that the program did not violate the Administrative Procedure Act.

August 15, 2018

FASB changes accounting for long-duration insurance contracts

Companies that sell products such as life insurance, disability income insurance, long-term-care insurance and annuities will change their accounting under new rules issued by FASB.

August 14, 2018

Independence interpretation on hosting services gets new effective date

The effective date of the new “Hosting Services” interpretation in the AICPA’s “Independence Rule” has been extended 10 months by the AICPA Professional Ethics Executive Committee.

August 13, 2018

FASB proposes lessor accounting amendments

Amendments proposed by FASB are intended to make implementation of the new lease accounting standard easier and less costly for lessors.

August 9, 2018

FinREC issues working drafts on credit loss accounting issues

The AICPA’s Financial Reporting Executive Committee (FinREC) has issued working drafts of accounting issues related to implementation of FASB’s new standard for accounting for credit losses.

August 9, 2018

Tolerance for high risk puts Americans’ investments in jeopardy

Many Americans see a volatile stock market as a way to make a quick profit through short-term buying and selling, according to a new poll.

August 8, 2018

Qualified business income deduction regs. proposed

The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.

August 7, 2018

Final regs. govern who can be a partnership representative

The IRS finalized proposed regulations under Sec. 6223 on the procedures for designating a partnership representative and the authority of the partnership representative under the centralized partnership audit regime.

August 7, 2018

Ninth Circuit withdraws Altera opinion

The order announcing the withdrawal says it is being done “to allow time for the reconstituted panel to confer on this appeal.”

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.