A new Center for Audit Quality tool is designed to help audit committees with oversight of this difficult adoption process.
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IRS guidance addresses limitations on business interest expense
The IRS has issued initial guidance on the new rules governing the deductibility of business interest in Sec. 163(j), as amended by the Tax Cuts and Jobs Act of 2017.
How consumers are changing their behavior to combat ID theft
Four of out five respondents say they’ve changed their behavior in response to the threat of cyberbreaches affecting credit card and debit card processing systems.
New GASB standard addresses debt disclosures
The new standard also requires the disclosure of additional essential debt-related information for all types of debt, including amounts of unused lines of credit and assets pledged as collateral for debt.
New IFRS conceptual framework revises foundational reporting concepts
A new conceptual framework for IFRS includes revisions to concepts for reporting assets, liabilities, income, and expenses.
Federal spending bill includes tax provisions
The $1.3 trillion spending bill passed by Congress includes IRS funding and tax-related technical corrections, including changes to the centralized partnership audit regime.
AICPA issues nonauthoritative guidance for payroll audits
New Technical Questions and Answers issued Tuesday by the AICPA provide nonauthoritative guidance for multiemployer plan payroll compliance services when engaged to perform payroll compliance procedures as an agreed-upon procedures engagement in accordance with AT-C Section 215.
Guidance addresses partnership accounting when IRS collects underpayments
A new technical question and answer from the AICPA provides nonauthoritative guidance to help financial statement preparers account for the amount a partnership pays the IRS under these circumstances.
Supreme Court: Obstruction requires knowledge of investigation
The U.S. Supreme Court held that to obtain a conviction for obstructing or impeding the administration of the Internal Revenue Code, the government was required to prove that the defendant knew of a pending tax-related proceeding or could reasonably foresee the commencement of such a proceeding.
New FAQs address familiarity threats for long-tenured senior engagement personnel
Two new Frequently Asked Questions (FAQs) issued by the AICPA Professional Ethics Division provide nonauthoritative guidance for the effects on independence when senior personnel have been on an attest engagement team for a long period.
Phone scams and phishing featured in 2018’s Dirty Dozen tax scams
The IRS completed its annual list of the top tax scams for this filing season, with brazen phishing and phone scams still prominent on the list.
Companies see need to manage risks, but they’re slow to act
Linking enterprise risk management practices with strategy remains a challenge for companies, who say risk environment continues to grow in complexity.
How audit committees can evaluate non-GAAP measures
A Center for Audit Quality tool provides tips for audit committees to consider about non-GAAP measures as they perform their oversight duties.
How blockchain might affect audit and assurance
A new report describes the changes that may be coming and how CPAs can take advantage of new opportunities the technology may provide.
AICPA proposes revising independence rules for information system services
A proposal issued by the AICPA Professional Ethics Executive Committee would revise independence rules that apply to AICPA members providing nonattest services related to an attest client’s information systems.
Businesses affected by winter storms get extra time to file for extensions
The extension to March 20 applies to business taxpayers affected by the two recent winter storms, Quinn and Skylar, that primarily hit the Northeast and Mid-Atlantic United States.
How internal audit can improve by embracing technology
By embracing new technologies and developing new skills in their own operations, internal auditors can develop a point of view on new risks and deliver value to the organization.
Accounting for external-use software development costs in an agile environment
Learn which software costs should be capitalized and which costs should be expensed when an entity builds external-use software using an agile development environment.
Hedging gets a boost from simplified accounting guidance
Companies are finding that FASB’s new hedge accounting guidance removes some of the barriers that had prevented them from taking advantage of hedging opportunities.
Global audit inspection findings show modest improvement
The percentage of audits with at least one inspection finding fell slightly from the previous year, according to a global survey of audit regulators taken in 2017.
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