Tax, accounting, auditing news - Journal of Accountancy

January 12, 2017

IASB proposes amendments to 3 IFRS standards

The IASB issued clarifications to standards related to income taxes, borrowing costs and investments in associates and joint ventures.

January 10, 2017

FASB addresses debt classification, inventory disclosures

FASB addressed balance sheet classification of debt and the disclosure requirements for inventory under the board’s Disclosure Framework.

January 10, 2017

AICPA updates guidance for CPA personal financial planners

The AICPA has updated its guidance on the competencies and information that CPAs who provide financial planning services need to know.

January 9, 2017

Inflation adjustments for 2017 issued for employer-provided vehicles

The IRS released its annual notice containing the 2017 inflation-adjusted amounts for the maximum vehicle values to determine the amount that is included in employees’ income for personal use of an employer-provided vehicle.

January 5, 2017

FASB clarifies definition of a business

The definition was clarified because of concerns that many transactions that should be considered asset acquisitions were being recorded as business acquisitions for accounting purposes.

January 4, 2017

Guidance issued on de minimis safe harbor for information returns/payee statements

The IRS issued a notice that provides the requirements for a payee to make an election to not have the safe harbor for de minimis errors on information returns below certain amounts apply to a payer.

January 4, 2017

AICPA exposes more revenue recognition working drafts

The latest drafts address issues in the aerospace and defense, telecommunications, and time-share industries.

January 4, 2017

GASB introduces possible new approaches for governmental fund reporting

Three possible alternative recognition approaches for governmental fund reporting are included in an Invitation to Comment issued by GASB.

January 4, 2017

Revenue recognition: Guidance for preparers and auditors

Financial statement preparers and auditors face important challenges as they implement FASB’s new revenue recognition standard.

December 22, 2016

FASB issues technical improvements to revenue recognition standard

In technical improvements issued Wednesday, the FASB addressed 13 narrow issues related to its new revenue recognition standard.

December 22, 2016

FASAB proposes changes to budget and accrual reconciliation

The FASAB issued a proposal that would change the requirements for a reconciliation between budgetary and financial accounting information.

December 21, 2016

Eligibility rule waiver extended for taxpayers adopting repair regs.

The IRS extended for one year its waiver of the eligibility rule that generally prevents taxpayers from using the automatic accounting method change procedures to change the treatment of the same item more than once within a five-year period.

December 19, 2016

FinCEN grants permanent automatic extensions for FBARs

Starting this year, FBARs have a new, April 15 due date, with extensions to Oct. 15.

December 19, 2016

The top global risks for 2017

Executives ranked the business environment as riskier than in previous years, but many don’t plan to devote more resources to risk management, according to a new survey.

December 16, 2016

Despite PATH Act, some tax provisions expire at end of 2016

The expiring provisions include tax incentives for individuals and businesses, as well as several energy provisions.

December 16, 2016

AICPA groups recommend field-testing of FASB long-duration insurance proposal

Before finalizing its proposed targeted improvements to accounting for long-duration insurance contracts, FASB should field-test them, two AICPA groups recommended in a joint comment letter.

December 14, 2016

FASB issues technical corrections

FASB issued numerous technical corrections and clarifications to GAAP that are designed to remove inconsistencies in the board’s accounting guidance.

December 13, 2016

Congress enacts law allowing HRAs under the Affordable Care Act

The Senate passed the 21st Century Cures Act, which, among other things, permits certain employers to offer health reimbursement arrangements to employees without running afoul of the Patient Protection and Affordable Care Act’s market reform provisions.

December 13, 2016

PCC seeks accounting relief for smallest private companies

The Private Company Council is encountering challenges as it advocates for the smallest private companies in FASB’s process for setting accounting standards.

December 13, 2016

Standard mileage rates for 2017 are announced

The IRS issued the 2017 standard mileage rates for determining the deductible costs for operating a vehicle for business, medical, charitable or moving purposes.

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.