Tax, accounting, auditing news - Journal of Accountancy

September 25, 2017

CPAs satisfied as average salary tops six figures

CPAs based in the US are largely content with their salaries and expect to be earning more within the next year, according to a new survey by the Association of International Certified Professional Accountants.

September 22, 2017

IRS to rule on tax-free stock distributions

The IRS is introducing an 18-month pilot program under which it will once again issue letter rulings concerning the general income tax effects of stock distributions under Sec. 355.

September 21, 2017

What’s next for FASB

FASB voted to work on developing accounting rules to address areas of distinguishing liabilities and equity, financial performance reporting, and segment reporting.

September 20, 2017

FASB proposes reorganizing consolidation guidance

Amid concerns that financial reporting guidance for consolidation is difficult to understand and navigate, FASB proposed a reorganization of the rules.

September 19, 2017

Hurricane Irma victims get IRS reprieve

Acting quickly in the wake of Hurricane Irma, the IRS gave filing and payment extensions to hurricane victims in 16 counties in Florida, all of St. John and St. Thomas in the U.S. Virgin Islands, and four municipalities in Puerto Rico.

September 19, 2017

Rules would allow truncated taxpayer IDs on Forms W-2

In an effort to reduce identity theft, the IRS issued proposed regulations that would permit employers to use truncated taxpayer identification numbers (TTINs) on Forms W-2, Wage and Tax Statement.

September 14, 2017

Proposed omnibus SSARS addresses international reporting issues

A proposed omnibus SSARS proposes new requirements and guidance that address international reporting issues for compilations and reviews.

September 12, 2017

10 things to know about Apple’s new iPhone X

Apple unveiled its new iPhone X with a nearly $1,000 price tag. Is the new iPhone a grand improvement? Here’s a look at 10 features you should know about.

September 12, 2017

IASB proposes changes around accounting policies and estimates

An IASB exposure draft seeks to clarify the distinction between accounting estimates and accounting policies.

September 6, 2017

Updated COSO ERM framework ties in risk with strategy

The update of the 2004 framework highlights the importance of enterprise-wide risk management in strategic planning.

September 5, 2017

FASB releases proposed 2018 reporting taxonomies

The proposed 2018 GAAP Financial Reporting Taxonomy and the proposed 2018 Shared Reporting Taxonomy were released for public comment by FASB.

September 1, 2017

How accounting employers can recruit and keep good people

Here’s what employers need to do to hire and retain good employees, and what candidates need to do to land a position in a competitive talent market.

September 1, 2017

Proposal would pave the way for a new attestation service

A proposal by the AICPA’s ARSC would result in flexibility for practitioners performing and reporting on a procedures and findings service.

September 1, 2017

Proposal would revise standards for recognition of federal agency inter-entity costs

FASAB’s proposed rules would revise current standards for federal agencies to provide for recognition of inter-entity costs by business-type activities.

September 1, 2017

Private company accounting following a new path

FASB standard provides relief for private companies facing challenges completing hedge documentation in a timely manner.

September 1, 2017

7 industries included in new revenue recognition guide exposure

Revenue recognition issues related to seven industries were exposed for public comment by the AICPA FinREC.

August 31, 2017

CAQ suggests changes in 2 PCAOB proposals

While supporting PCAOB proposals for new standards on auditing accounting estimates and using the work of specialists, the Center for Audit Quality submitted suggestions for improving the proposals.

August 31, 2017

Changes and outages coming to IRS e-Services

Various e-Services will be unavailable between Sept. 7 and Sept. 12, the Internal Revenue Service announced, as it moves to a new platform.

August 31, 2017

News quiz: Standards work occupies finance professionals

The news posted recently has focused on efforts to implement FASB standards on lease accounting and financial reporting for not-for-profit organizations. See how much you know about the news with this short quiz.

August 31, 2017