Tax, accounting, auditing news - Journal of Accountancy

May 23, 2017

Big Four benefit as consulting spending rises in U.S.

Demand for cybersecurity consulting helped drive the growth, accounting for $7.1 billion in revenue.

May 22, 2017

What you need to know as Gen Z enters the workforce

The first members of Generation Z are graduating from college and entering the workforce. And it would be a big mistake to expect them to behave like Millennials.

May 18, 2017

What auditors of brokers and dealers need to know about audit planning

Risk assessment procedures, auditor communication requirements, and revenue recognition are among the many complex areas that auditors need to consider carefully in their planning and throughout the audit.

May 18, 2017

New IASB standard aims for consistent accounting for insurers

A new standard issued by the IASB aims to provide transparent reporting about insurers’ financial position and risk.

May 16, 2017

FASB issues accounting standards update on service concession arrangements

FASB intends to provide clarity to help financial statement preparers determine the customer of the operation services for transactions.

May 15, 2017

GASB issues rules for accounting for certain debt extinguishment

New rules issued by GASB address accounting for debt extinguishment prior to its maturity when bond proceeds are not used.

May 11, 2017

News quiz: Tax-related data breach explained

Taxpayers received more information about a data breach that affected about 100,000 people and shut down a tool used by parents and students applying for financial aid for college.

May 10, 2017

FASB assessing efficiency, effectiveness of GAAP taxonomy

FASB is considering changing U.S. GAAP financial reporting taxonomy to improve usability.

May 10, 2017

FASB issues update on modification accounting for share-based payment awards

FASB hopes to provide clarity by offering guidance on the scope of modification accounting for share-based payment awards.

May 4, 2017

2018 health savings account limits increase slightly

The IRS released the 2018 annual inflation-adjusted amounts that apply to health savings accounts.

May 4, 2017

New IRS rules, no increased funding in appropriations bill

The 2017 appropriations bill passed by Congress includes $11.2 billion for IRS operations and enforcement. But it also includes specific directives prohibiting certain IRS conduct.

May 3, 2017

Details of FAFSA data breach revealed in House testimony

The details of a recent data breach affecting 100,000 taxpayers were revealed in testimony before the House of Representatives Oversight and Government Reform Committee in Washington.

May 2, 2017

Overtime and stress are common during month-end close processes

Finance departments are under pressure to close the books faster, but efficiency is a stumbling block, two recent surveys show.

May 2, 2017

CAQ, investor groups seek to preserve SOX provision

In a letter, the Center for Audit Quality and two investor groups opposed a provision of a bill that would decrease the number of companies required to comply with the rules in Sarbanes-Oxley Act Section 404(b).

May 1, 2017

FinREC seeks comment on telecommunications revenue recognition issue

FinREC has published a working draft for its revenue recognition implementation guide that seeks feedback on an issue for telecommunications entities.

April 28, 2017

AICPA issues TQAs on internal control

The AICPA has issued new TQAs about controls relevant to the audit and control activities relevant to the audit.

April 27, 2017

News quiz: What worries Americans about retirement and spending

Take this short quiz to see how much you know about recent news.

April 27, 2017

Fake financial news threatens Americans’ ability to make sound financial decisions

Experts say individuals should thoroughly investigate financial news and its sources before making investment decisions.

April 26, 2017

Trump’s tax reform priorities unveiled

Key features include a large reduction in the corporate tax rate, fewer and lower tax brackets for individuals, and a repeal of the estate tax and the alternative minimum tax.

April 26, 2017

A new cybersecurity risk management reporting framework for management and CPAs

The framework gives an organization’s management criteria for explaining its cybersecurity risk management program and provides CPAs with guidance to be used in engagements to report on clients’ cybersecurity controls.

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.