Some companies and accounting firms have told FASB that their resources are stretched as they implement the board’s numerous recently issued standards.
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NEWS
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
SEC names Bricker chief accountant
Wesley Bricker, CPA, a former PwC partner, was named the Securities and Exchange Commission’s chief accountant.
IRS extends due dates for PPACA forms and penalty relief
In response to concerns from employers, insurers, and other providers of minimum essential coverage, the IRS announced that it is extending the due dates for certain health care forms required under the Patient Protection and Affordable Care Act.
FASB aims for consistency in modification accounting
FASB has proposed guidance that would describe when changes to the terms of share-based payments require financial statement preparers to apply modification accounting.
FASB seeks uniformity in reporting on restricted cash
FASB issued Accounting Standards Update No. 2016-18, addressing the classification and presentation of restricted cash and restricted cash equivalents.
GASB fund balance reporting standard gets positive review
GASB’s standard for fund balance reporting and governmental fund type definitions for state and local governments achieves its purpose, a review panel has found.
No delays anticipated in 2017 tax filing season, IRS commissioner says
IRS Commissioner John Koskinen reassured tax practitioners attending the AICPA’s National Tax Conference that the 2017 tax filing season should start on time.
2 new members appointed to FASB as Golden remains chairman
Marsha Hunt and Harold Monk will join the Financial Accounting Standards Board for five-year terms.
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