The IRS is proposing to amend the rules governing eligibility to claim a deduction or credit for eligible education expenses to conform them to recent legislative changes.
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Telecom revenue recognition issues explored in FinREC drafts
The AICPA Financial Reporting Executive Committee (FinREC) has issued two new working drafts related to implementation issues for telecommunications entities regarding the new revenue recognition standard.
Americans’ financial outlook reaches 9-year high despite global economic turmoil
The financial outlook of the average American has reached its highest level in nine years, according the quarterly AICPA Personal Financial Satisfaction Index (PFSi).
FASB proposes beefing up employee benefit plan master trust disclosures
FASB issued a proposal intended to clarify and strengthen financial statement disclosure requirements for an employee benefit plan’s interest in a master trust.
FASB proposes changing income tax disclosure requirements
FASB issued a proposal that would modify disclosures about income taxes that organizations are required to report on their financial statements.
The hidden costs of a data breach
Repairing damage from a cyberattack involves more than systems upgrades and password strength.
New credit loss standard manageable for US banks, Fitch says
FASB’s new credit loss standard will affect U.S. banks’ reserving practices, but gives banks enough time to implement the standard, according to a Fitch Ratings analysis.
SEC’s Schnurr recovering from bike crash; Bricker takes interim role
Following Chief Accountant James Schnurr’s serious bicycle crash, the SEC has named Wesley Bricker interim chief accountant. Bricker will handle the chief accountant duties during Schnurr’s recovery.
SEC proposes updating disclosure requirements
The SEC voted to propose amendments intended to eliminate redundant, overlapping, outdated, or superseded disclosure requirements.
How to tackle implementation of multiple high-profile accounting standards
New high-profile accounting standards for revenue recognition, leases and expected credit losses have companies facing a heavy implementation burden. Here are tips that could ease the stress and make implementation smoother.
ASB proposes performance requirements when auditors are involved with exempt offering documents
Exempt offerings include, but are not limited to, private placement offerings, exempt public offerings, municipal securities offerings, and franchise offerings.
5 tips for implementing FASB’s credit loss standard
Gathering data to fill gaps and taking advantage of previous work will be two key actions as companies begin to implement the Financial Accounting Standards Board’s new expected credit loss standard.
5 benefits of an integrated risk management program
Reducing negative surprises and improving resource allocation are among the benefits of integrated enterprise risk management, according to the proposed framework update by COSO.
IRS implements new Sec. 501(c)(4) registration requirement
Social welfare benefit organizations are now required to notify the Internal Revenue Service of their formation and intent to operate under Sec. 501(c)(4).
ARSC proposes amending standard on reviews of financial statements
The AICPA Accounting and Review Services Committee proposed certain necessary revisions to correct requirements and guidance related to reporting on supplementary information in its standard on reviews of financial statements.
ASB proposes to supersede going concern auditing standard
An exposure draft issued by the AICPA Auditing Standards Board proposes to supersede the current standard on the auditor’s consideration of an entity’s ability to continue as a going concern.
FinREC issues 9 more revenue recognition working drafts for comment
The AICPA Financial Reporting Executive Committee has issued working drafts addressing accounting issues related to the implementation of the new revenue recognition standard in nine industries.
Final rules govern U.S. country-by-country reporting
The IRS issued final regulations requiring the ultimate parent entity of a multinational enterprise group with revenue of $850 million or more in the preceding accounting period to file Form 8975, Country-by-Country Report.
SEC seeks transition plan requirements for investment advisers
CPAs registered as investment advisers with the SEC would have to develop and implement written business continuity plans under a rule proposed by the commission.
Brexit lesson: Focus on consequences, not cause in scenario planning
The Brexit referendum underscores the need for companies to be ready for upheaval through robust scenario planning.
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