Leaders in the auditing profession are committed to continuous improvement in audit quality at a time of significant change, seven prominent executives in the profession said in a joint statement.
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NEWS
Tips for understanding critical audit matters
A new report explains what audit committees and financial statement users need to know about critical audit matters.
FASB issues 16 minor amendments to lease accounting standard
FASB clarified rules and corrected application of guidance for its lease accounting standard.
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.
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.
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.
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.
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.
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.
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.
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.”
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.
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.
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.
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.
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.
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.
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.
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.
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.
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From The Tax Adviser
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Current developments in S corporations
July 31, 2026
