Tax, accounting, auditing news - Journal of Accountancy

March 20, 2018

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.

March 16, 2018

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.

March 15, 2018

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.

March 15, 2018

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.

March 13, 2018

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.

March 13, 2018

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.

March 12, 2018

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.

March 9, 2018

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.

March 8, 2018

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.

March 8, 2018

U.S. finance executives upbeat in wake of tax changes

While some finance executives wait to commit to changes related to potential tax savings, their optimism shows in revenue and profit projections, a survey shows.

March 6, 2018

ASB issues auditing interpretation on dual reporting

An interpretation issued by the AICPA Auditing Standards Board helps auditors comply with reporting requirements during engagements performed under both generally accepted auditing standards and PCAOB rules.

March 5, 2018

IRS issues new tax rate tables, inflation adjustments for 2018

The IRS announced the new lower tax brackets for 2018 and a number of other new items affected by P.L. 115-97, known as the Tax Cuts and Jobs Act.

March 1, 2018

New agreement smooths pathway to UK audit signing rights for US CPAs

A new agreement provides a clear route for U.S. CPAs to obtain the CA designation from the Institute of Chartered Accountants of Scotland (ICAS) and be on the pathway to U.K. audit signing rights.

March 1, 2018

FASB addresses accounting for implementing certain cloud-computing arrangements

FASB issued a proposed Accounting Standards Update that would clarify the accounting for implementation costs related to a cloud-computing arrangement that is a service contract.

March 1, 2018

IRS releases updated withholding calculator and 2018 Form W-4

The IRS has completed updating its online withholding calculator that individual taxpayers can use to determine how many withholding allowances they should claim for 2018.

February 28, 2018

FASB issues technical corrections to financial instruments standard

FASB issued technical corrections and improvements to its financial instruments standard on recognition and measurement of financial assets and liabilities that was originally issued in 2016.

February 28, 2018

How the new tax law will change wealthy Americans’ financial plans

Three in five affluent Americans (63%) said they’re very or somewhat likely to change their personal financial plans based on the new federal tax law, according to a poll conducted on behalf of the AICPA.

February 26, 2018

Revised compilation and review report requirements to be included in SSARS No. 24

A new Statement on Standards for Accounting and Review Services will be issued in late May in an effort to decrease the impact on practitioners during busy season.

February 21, 2018

SEC publishes new requirements for cybersecurity disclosures

Public companies received new guidance from the SEC on the disclosures they should make related to cybersecurity.

February 20, 2018

FASB proposes adding a new benchmark interest rate for hedge accounting

FASB proposed adding a new U.S. benchmark interest rate to the list of rates permitted in the application of hedge accounting.

FROM THIS MONTH'S ISSUE

4 ways solo practitioners can stand out

Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.