Tax, accounting, auditing news - Journal of Accountancy

April 6, 2016

ASB addresses reporting on audits conducted in accordance with GAAS and ISAs

The AICPA Auditing Standards Board addresses the implications for the auditor’s report when an audit is conducted in accordance with both GAAS and ISAs.

April 5, 2016

IRS’s inversion rules include earnings-stripping provisions

These new rules aim to curtail an inverted company’s ability to access foreign subsidiaries’ earnings without paying U.S. tax.

April 5, 2016

Inspections show high compliance with PCAOB audit committee communication rules

PCAOB inspectors found that 93% of audits inspected in 2014 showed no failure to comply with the board’s standard on communications with the audit committee.

April 5, 2016

Issuance of attestation standards completes clarity project

SSAE No. 18 is designed to make attestation standards easier to read, understand and apply.

April 4, 2016

Panama papers leak provides road map for tax investigations

Tax authorities in various countries announced the launch of investigations after 11.5 million documents were leaked from a Panamanian law firm that specializes in setting up offshore entities.

April 4, 2016

What will be tested on the next CPA exam

The next CPA exam, which will debut in April 2017, will have an increased emphasis on higher-order analysis and evaluation skills, the AICPA announced.

April 1, 2016

IRS issues 2016 and revised 2015 vehicle depreciation limits

The IRS issued guidance providing the depreciation limits for automobiles for 2016 and revised limits for 2015 reflecting the retroactive increase in the amount of bonus depreciation permitted under recent legislation.

March 30, 2016

FASB issues standard to simplify share-based payment accounting

The standard includes changes that apply to all organizations, plus some simplifications that apply just to private companies.

March 30, 2016

Anti-fraud controls cut significantly into losses, new report finds

Fraud costs the typical organization about 5% of revenues in a given year, according to a study released by the Association of Certified Fraud Examiners.

March 29, 2016

GASB issues accounting guidance for irrevocable split-interest agreements

GASB issued recognition and measurement guidance that aims to lead to more consistent accounting for irrevocable split-interest agreements.

March 28, 2016

IAASB issues summary financial statement audit reporting guidance

New auditor reporting guidance related to an engagement to report on summary financial statements audited by that same auditor has been issued by the International Auditing and Assurance Standards Board.

March 24, 2016

New Form 3115 is required, IRS announces

The IRS alerted the public that a new Form 3115, Application for Change in Accounting Method, has been issued with a revision date of December 2015, the first revision since 2009.

March 24, 2016

GASB implementation guidance addresses issues with recent standards

GASB issued implementation guidance that is intended to clarify, explain, or elaborate on recent standards issued for state and local government financial reporting.

March 24, 2016

Estates have until June 30 to file estate basis form

The IRS announced one last postponement in the due date for filing under rules requiring reporting of the value of an estate’s assets to the IRS and beneficiaries.

March 24, 2016

AICPA Council approves ballot measure on deeper relationship with CIMA

Online voting will take place over 60 days, beginning in April after busy season.

March 24, 2016

Millennials struggling to save money

A third of Millennials identified saving money as their top personal goal, an American Institute of CPAs survey found.

March 24, 2016

How the U.S. presidential election is shaping business decisions

Most CPA decision-makers say the upcoming presidential election factors into their business planning, but few say the effects will be significant.

March 23, 2016

Exempt organizations’ applications do not contain protected return information

A federal appeals court ordered the IRS to comply with a lower court’s order that it hand over the names of organizations that had been on its “Be on the lookout” list when it was mishandling applications for tax-exempt status.

March 22, 2016

Regulation still reigns as top risk for 2016

Although economic uncertainty and cyberthreats are big concerns for executives and board members, a global survey shows that a different risk remains the top worry.

March 22, 2016

IRS launching competition to redesign taxpayer experience

Aimed at “reimagining the taxpayer experience of the future,” the IRS asked for participants to design a new way of presenting information to taxpayers that is understandable and useful to them.

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