Tax, accounting, auditing news - Journal of Accountancy

April 25, 2017

Rising inflation dampens Americans’ personal financial satisfaction

Though Americans’ personal financial well-being remains high, rising interest rates may be beginning to wear on them.

April 20, 2017

4 career steps CFOs can take to be CEO-worthy

Some of the needed skills must be practiced, and others must be learned on the job.

April 20, 2017

ASB addresses auditor reporting on ERISA plan financial statements

An ASB proposal would change standards for auditors reporting on financial statements of ERISA employee benefit plans.

April 20, 2017

4 in 10 Americans say technology leads them to pay more for convenience

In a recent AICPA survey, 41% of Americans said that their use of personal technology makes them more likely to pay extra for convenience.

April 18, 2017

The 5 habits of top risk managers

Top-performing companies in risk management are more likely to project revenue and profit growth, according to a PwC report that offers steps for organizations to better embed strategy into risk management practices.

April 13, 2017

News quiz: IRS enforcement, a hot job, and audit value

See how much you know about recent news with this short quiz.

April 12, 2017

Expectations and paths don’t always align for controllers

Most controllers expect and are expected to shape and execute strategic priorities. Yet, few companies clearly define a path for controllers to take on greater responsibility, a Deloitte report shows.

April 12, 2017

Nearly half of Americans fear not being able to afford retirement

Respondents to a new AICPA survey most often cited health care costs as a cause of anxiety about their finances in retirement.

April 10, 2017

GAO proposes revisions to government auditing standards

Requirements for auditors related to competence, continuing professional education, auditor independence, and other topics would change under revisions to Government Auditing Standards proposed by the U.S. GAO.

April 6, 2017

New audit data standard addresses inventory subledger

Basic analysis of the inventory process can become easier through use of a new audit data standard issued by the AICPA Assurance Services Executive Committee.

April 3, 2017

Revenue recognition working drafts issued for 4 industries

Working drafts for the airlines, gaming, hospitality and time-share industries were included in the latest group of issues exposed for the AICPA’s guide to implementing FASB’s revenue recognition standard.

March 31, 2017

IRS enforcement activities dropped in 2016

The IRS reported several large drops in its enforcement activities in fiscal year 2016, including a 16% drop in audits, a 40% drop in levies, and a 9% drop in liens compared to the prior year.

March 31, 2017

Hot jobs: Tax managers in high demand

“Tax manager” is one of the top high-demand positions on a “hot jobs” list distributed by global outplacement and executive coaching firm Challenger, Gray & Christmas.

March 30, 2017

Use of driver’s license numbers raises security concerns

The decision of the IRS and some states to recommend—or, in a few cases, require—the use of driver’s license numbers as form of authentication on electronically filed personal tax returns has made them a higher-value target for hackers and other criminals.

March 30, 2017

New rules for accounting for amortization of premiums for purchased callable debt securities

FASB issued a new standard that makes targeted changes designed to prevent the recognition of too much interest income before a borrower calls the debt security, and prevent the recognition of a loss on the call date.

March 30, 2017

CFOs try to focus on strategy, but IT systems get in the way

Strategic planning is among the top priorities for CFOs in a new survey, but some finance chiefs feel hampered by legacy IT systems.

March 29, 2017

How financial statement audits deliver key business insights

Financial statement audits are not just a compliance exercise, but also an opportunity to gain knowledge that can generate positive business results.

March 29, 2017

Rules proposed for accounting method changes to reflect FASB revenue recognition standards

The IRS is asking for comments on proposed procedures for requesting consent to make accounting method changes to reflect FASB’s new revenue recognition standards.

March 24, 2017

IRS issues 2017 car and truck depreciation limits

The IRS released the inflation adjustments to the depreciation limits for cars and trucks used for business purposes in 2017.

March 24, 2017

What role should your house have in retirement planning?

A home should be an important factor in helping clients determine retirement readiness as well as a place to put down roots.

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.