Tax, accounting, auditing news - Journal of Accountancy

December 6, 2017

FASB supersedes steamship entities guidance

FASB superseded guidance for US steamship entities because a 25-year limit has expired, making the guidance irrelevant.

December 5, 2017

Last-minute revenue recognition implementation tips

Time is running short in the revenue recognition implementation effort as public companies must adopt FASB’s new standard at the beginning of 2018.

December 5, 2017

FASB aims to ease pain of implementing lease accounting, other standards

Changes and proposed changes to FASB’s new lease accounting standard that were announced last week addressed financial statement preparers’ most pressing implementation concerns.

December 5, 2017

Corporate board members expect major changes

Changing business models, cybersecurity, and competition for talent are just a few of the things expected to concern corporate directors in the next year.

December 5, 2017

Debt is causing Americans significant stress and anxiety

More than half of Americans with debt said that owing money has had a negative impact on their lives, according to a recent AICPA survey.

December 4, 2017

Blockchain considerations for management and auditors

Distributed ledger technology, also known as blockchain, presents a twofold challenge for accountants and auditors.

December 4, 2017

PCAOB issues staff guidance on new auditor’s report

The PCAOB issued staff guidance that describes important considerations related to the new auditor’s reporting model.

December 2, 2017

Senate passes tax reform bill

In the early hours of Saturday morning, the U.S. Senate passed its version of the Tax Cuts and Jobs Act bill by a vote of 51–49.

December 1, 2017

New working drafts address 5 revenue recognition issues

Working drafts for a total of five revenue recognition implementation issues in four industries were exposed by the AICPA Financial Reporting Executive Committee.

November 29, 2017

FASB simplifying leases standard implementation

FASB decided to simplify implementation of its new lease accounting standard in an effort to reduce costs and decrease challenges for financial statement preparers.

November 29, 2017

ASB addresses auditor’s report, other information, standards alignment

Three proposals issued by the AICPA Auditing Standards Board are designed to enhance the relevance and usefulness of the auditor’s report for audits of nonissuers.

November 27, 2017

Social Security Administration announces small increase in 2018 wage base

The Social Security Administration said that the maximum amount of wages subject to the 6.2% Social Security tax in 2018 will rise a little more than 1%, after a much larger increase last year.

November 21, 2017

Practical considerations for lease accounting

Here are some things financial statement preparers should keep in mind when implementing FASB’s lease accounting standard

November 21, 2017

Attestation guidance for third-party due-diligence services for asset-backed securities

The ASB issued a statement of position providing guidance for attestation engagements related to third-party due-diligence services performed in connection with asset-backed securities.

November 17, 2017

FASB combines guidance for income statement, comprehensive income into one topic

In an effort to simplify its Accounting Standards Codification, FASB has combined its guidance for income statements and comprehensive income into one topic.

November 17, 2017

Senate tax reform bill contains more changes

The version of the tax reform bill passed by the Senate Finance Committee holds several more changes affecting both individuals and businesses.

November 17, 2017

Blockchain: An opportunity for accountants? Or a threat?

Will blockchain technology have a similar harmful effect on CPAs, or will it merely become a useful tool for accountants?

November 16, 2017

House passes tax reform bill

The U.S. House of Representatives passed its tax reform bill, on a 227–205 vote.

November 15, 2017

Senate Finance Committee modifies tax reform proposal

The revised chairman’s mark of the Senate tax reform bill contains many significant changes to the proposed legislation.

November 15, 2017

Ways to stop elder financial abuse before it starts

This article looks at common schemes and ways CPAs can help their clients avoid becoming victims.

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.