Tax, accounting, auditing news - Journal of Accountancy

July 24, 2018

Tips for understanding critical audit matters

A new report explains what audit committees and financial statement users need to know about critical audit matters.

July 19, 2018

FASB issues 16 minor amendments to lease accounting standard

FASB clarified rules and corrected application of guidance for its lease accounting standard.

July 18, 2018

SEC provides disclosure relief, considers employee stock compensation rules

The SEC raised a disclosure threshold and sought public comment on other ways to modernize its rules for employee stock compensation.

July 17, 2018

GAO issues revised Yellow Book standards for government auditors

The revised standards are designed to provide a framework for high-quality work by government auditors.

July 17, 2018

States sue over state and local tax deduction cap

Four states have sued in U.S. district court, asking to invalidate the $10,000 limit on the deduction for state and local taxes enacted as part of last year’s tax overhaul.

July 17, 2018

Many tax-exempt organizations no longer need to list donor information

News IRS procedures eliminate the requirement for many exempt organizations to list certain substantial donors’ names and addresses on some forms.

July 16, 2018

FASB issues standard devoted to minor codification improvements

FASB made clarifying changes and corrected unintended application of guidance in a standard that updates its Accounting Standards Codification.

July 12, 2018

FASB memos shed light on private company revenue recognition issues

Two FASB staff memos issued last month provide insight to private company financial statement preparers on how to overcome implementation challenges that some have encountered with the new revenue recognition standard.

July 12, 2018

AICPA: 2019 Form W-4 needs to be simplified

The AICPA’s Tax Executive Committee sent a letter to the IRS, urging the Service to simplify the proposed draft 2019 Form W-4, Employee’s Withholding Allowance Certificate.

July 11, 2018

Proposed SSAE would increase flexibility for practitioners in performing attestation engagements

The AICPA Auditing Standards Board issued a proposal that would make numerous changes to the attestation standards, including changing the terminology for what have been known as “review engagements.”

July 10, 2018

Avoid these common not-for-profit financial statement mistakes

Here are five tips that can help not-for-profits prevent some financial statement errors mistakes.

July 10, 2018

Tax practitioners are warned to safeguard client data

The IRS warned that it is increasingly difficult for it to recognize fraudulent tax returns as cybercriminals succeed in getting more and more accurate information.

June 29, 2018

With SEC vote, more companies qualify for scaled disclosure

The SEC voted to change the definition of “smaller reporting company” in an effort to expand the number of companies that qualify for scaled disclosure accommodations.

June 28, 2018

SEC adopts, proposes several new rules

The U.S. Securities and Exchange Commission voted to adopt and propose several new rules, including changes to the SEC’s whistleblower program and a requirement to use Inline XBRL in certain filings.

June 28, 2018

IASB seeks clarity between liabilities and equity

The proposal attempts to reduce diversity in practice on the accounting for complex instruments that have features of debt and equity.

June 27, 2018

Form 1040 to be shorter but with more schedules

The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines.

June 26, 2018

FASB proposes update to definition of ‘collections’

The proposal would realign the definitions of “collections” used in GAAP and the American Alliance of Museums’ Code of Ethics for Museums.

June 25, 2018

Strategies for quality work in single audits

Careful testing and thorough documentation are among the keys for quality single audit performance described by Laurie De Armond, CPA, in her summary of observations from the AICPA Not-for-Profit Industry Conference.

June 22, 2018

Proposal would clarify exception to client confidentiality rule

Under a proposal issued by the AICPA Professional Ethics Executive Committee, certain reviews of a tax practice would be explicitly included in exceptions to AICPA Professional Standards client information disclosure rules.

June 22, 2018

A new playing field for business

The Supreme Court’s decision on sales tax collection could give smaller companies that rely on in-store sales a better chance to compete with virtual retailers.