Tax, accounting, auditing news - Journal of Accountancy

May 18, 2016

FASB proposes more clarifications to revenue standard

Clarifications on guidance for contract costs, and preproduction costs related to long-term supply arrangements are included in the proposal.

May 18, 2016

Final regulations change allocation rules for Roth IRA rollovers

The regulations allow taxpayers to allocate pretax amounts to direct rollovers, rather than having to make pro rata allocations.

May 17, 2016

IRS future state is not a one size fits all

Nina Olson, the national taxpayer advocate, heard from tax practitioners and taxpayer groups on how the IRS can modernize its taxpayer services.

May 17, 2016

Audit data standards proposed for inventory subledger account

Voluntary audit data standards proposed by the AICPA Assurance Services Executive Committee are designed to enable more efficient and effective exchange of information between companies and auditors.

May 17, 2016

IBM Big Data expert shares tips with CPAs

Using Big Data to inform business decisions can give organizations an edge over their competitors, IBM Vice President Paul Zikopoulos said at the AICPA spring Council meeting.

May 17, 2016

Succession issues likely to fuel urgency around retention of women CPAs

With leaders from the Baby Boomer generation retiring, the CPA profession is looking for new leaders to step forward.

May 17, 2016

How CPA firms can evolve for continued success

Technology, specialization, succession issues and other factors are combining to change the marketplace for CPA firms.

May 17, 2016

CPAs helping guide tax administration and affecting tax policy

As it works through a long list of priorities and plans for its “future state,” the IRS should look to CPAs, who based on their experience can provide a unique viewpoint.

May 16, 2016

Proposed rule addresses finance execs’ risks, rewards

A proposal issued jointly by six federal agencies would prohibit executives and employees of financial institutions from taking inappropriate risks.

May 15, 2016

Why the power of data is in the analysis

Timely use of data can help organizations improve decision-making. But the human element remains an important part in harnessing the power of data analytics.

May 15, 2016

Be vigilant about cybersecurity, warns former FBI agent

Chris Tarbell led FBI investigations that resulted in multiple high-profile cybercrime arrests. He shared his tips for cybersecurity during a presentation at the AICPA spring Council meeting.

May 12, 2016

FASB proposes simplifying goodwill impairment testing

FASB issued a proposal that would simplify goodwill impairment testing. The board proposed removing Step 2 from the goodwill impairment test.

May 12, 2016

Half of American families with student loan debt delay saving for retirement

Channeling money into a retirement fund in your 20s and 30s can pay big dividends when it’s time to stop working. But a new AICPA poll finds student loan debt is increasingly weighing on adults in the United States.

May 11, 2016

PCAOB refines auditor’s reporting model proposal

The PCAOB voted to propose revised changes to a standard that would modify the auditor’s reporting model to give investors more information.

May 10, 2016

SEC approves PCAOB rule for naming engagement partner

Audit firms will be required to disclose the name of the engagement partner and information about other firms participating in audits under a PCAOB rule that was approved by the SEC.

May 9, 2016

FASB makes additional revenue recognition clarifications

FASB issued a third round of clarifications to its revenue recognition standard on Monday, focusing on narrow-scope changes and practical expedients.

May 9, 2016

How to find time to study for the CPA exam

Here are some time management tips from accountants who recently passed the exam.

May 5, 2016

PCAOB considers changing focus of inspections

The PCAOB is considering changes in its inspections program as a result of improvements in audit quality and firms’ systems of quality control, PCAOB board member Jeanette Franzel said Thursday.

May 5, 2016

Revenue judgments must be well-reasoned, SEC’s Bricker says

Financial statement preparers should make sure their judgments on revenue recognition are well-reasoned as they implement new accounting standards, SEC Deputy Chief Accountant Wesley Bricker said Thursday.

April 29, 2016

FASB proposes changes to statement of cash flows

FASB issued a proposal that is designed to eliminate diversity in the classification and presentation of changes in restricted cash on the statement of cash flows.

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