Tax, accounting, auditing news - Journal of Accountancy

December 13, 2016

How audit committees can oversee revenue recognition implementation

Audit committees can use a new tool to exercise their oversight role during implementation.

December 8, 2016

Election buoys sentiment among US finance executives

Despite regulation remaining a top concern for U.S. businesses, optimism is growing in the wake of the presidential election.

December 7, 2016

GASB issues guidance on asset retirement obligations

GASB issued guidance for state and local governments to address asset retirement obligations related to tangible capital assets.

December 7, 2016

Two-part FASB proposal addresses accounting for certain financial instruments

A proposal issued by FASB addresses the complexity involved in accounting for certain financial instruments associated with liability and equity.

December 7, 2016

7 keys for auditors’ success in a changing environment

Efforts by auditors in three key areas have led to improved quality in audits, PCAOB inspections show.

December 6, 2016

Will Brexit, Trump affect global accounting standards?

Political decisions that may affect cross-border business policies in the United States and the United Kingdom have so far had no effect on international accounting standards, Hans Hoogervorst said.

December 6, 2016

FASB considers slowdown in standard setting

Some companies and accounting firms have told FASB that their resources are stretched as they implement the board’s numerous recently issued standards.

December 6, 2016

Client accounting services emerges as strong revenue driver for CPA firms

For firms that offer virtual CFO and other client accounting services, the category is becoming a significant contributor to the top line, according to the results of a survey from the AICPA Private Companies Practice Section and CPA.com.

December 5, 2016

Regulations implement new due-diligence requirements for tax return preparers

Recent legislation added these requirements, which previously applied only to the earned income tax credit.

December 5, 2016

Why IFRS remains relevant in the U.S.

Knowledge and understanding of IFRS is important in the United States even though FASB’s standard-setting process best serves U.S. capital markets, SEC Chief Accountant Wes Bricker said.

December 5, 2016

Don’t neglect revenue recognition disclosures, SEC’s Bricker says

Companies are obligated to provide investors with disclosures on the impact FASB’s new revenue recognition standard will have on them, SEC Chief Accountant Wes Bricker said.

December 2, 2016

2015 audit fee increases varied based on size, type of auditee

The median audit fee increase paid by Securities and Exchange Commission filers was 3.2% in 2015 compared with the previous year, according to a new survey.

December 1, 2016

U.S. anti-money laundering regulations well-developed, analysis finds

U.S. anti-money laundering regulations are well-developed, and domestic coordination to prevent money laundering and terrorist financing is sophisticated and has improved over the past 10 years.

December 1, 2016

New online tool allows taxpayers to check IRS account information

The IRS has launched an online tool that allows individual taxpayers to get their account balances online, including tax due, penalties, and interest.

December 1, 2016

FinREC issues revenue recognition working drafts for airline, gaming industries

New working drafts issued by FinREC address issues that financial statement preparers in the gaming and airline industries may encounter as they implement FASB’s new revenue recognition standard.

November 30, 2016

GASB proposes implementation guidance

A proposed implementation guide issued by GASB is designed to clarify, explain or elaborate on the board’s standards for state and local government financial reporting.

November 30, 2016

IRS announces start of e-Services re-registration

As part of its latest efforts to prevent cybercrime, the IRS said it will begin sending letters to currently registered e-Services users asking them to re-register within 30 days of the date of the letter or risk being shut out of the system.

November 30, 2016

FASB proposal would improve hedge accounting, AICPA committee says

A FASB proposal on targeted improvements to accounting for hedging activities would make hedge accounting simpler, according to the AICPA Financial Reporting Executive Committee.

November 29, 2016

AICPA urges changes to employee benefit reporting proposal

The proposed changes would increase compliance costs for employers that they may pass on to plan participants, the AICPA wrote.

November 22, 2016

SEC names Bricker chief accountant

Wesley Bricker, CPA, a former PwC partner, was named the Securities and Exchange Commission’s chief accountant.

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.