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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
SEC publishes new requirements for cybersecurity disclosures
Public companies received new guidance from the SEC on the disclosures they should make related to cybersecurity.
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.
FASB addresses stranded income tax effects of new tax law
FASB issued new rules that provide financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.
IRS proposes to remove 298 regulations
The IRS is proposing to remove 298 regulations that have no current or future application to the Internal Revenue Code.
Draft guidance applies ERM principles to ESG risk
Recently issued supplemental draft guidance is designed to help organizations apply enterprise risk management (ERM) principles to environmental, social, and governance (ESG)-related risks.
Bipartisan Budget Act contains several tax provisions
The Bipartisan Budget Act of 2018 has many tax provisions, including retroactive extensions of a number of tax credits.
What tax reform means for audit committees
The Tax Cuts and Jobs Act provides many issues for audit committee members to consider in their oversight of financial statements, external auditors and risk management.
Charles Rettig to be nominated new IRS commissioner
President Donald Trump announced that he will nominate Charles Rettig, a tax attorney from California, to be the new Commissioner of the Internal Revenue Service.
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