Tax, accounting, auditing news - Journal of Accountancy

March 17, 2016

FASB issues update clarifying revenue recognition issue

FASB issued an Accounting Standards Update that clarifies how to apply revenue recognition guidance related to whether an entity is a principal or an agent.

March 16, 2016

FASB simplifies transition to equity method of accounting

Through its simplification initiative, FASB is identifying areas of GAAP where complexity can be reduced without sacrificing the usefulness of information provided in financial statements.

March 14, 2016

FASB clarifies embedded derivative standards

The Financial Accounting Standards Board clarified accounting for embedded derivatives in an accounting standard.

March 14, 2016

PCAOB gets budget increase of almost 3%

The SEC voted to approve an increase of almost 3% for the Public Company Accounting Oversight Board’s budget for 2016.

March 10, 2016

FASB addresses breakage recognition, derivative contract novations

FASB issued financial reporting standards that address recognition of breakage for prepaid stored-value products and the effects of derivative contract novations on existing hedge accounting relationships.

March 8, 2016

How to lead an effective internal audit function

Five key traits help leaders of the most effective internal audit functions develop teams that provide effective risk management and an integrated assurance strategy across the organization.

March 8, 2016

Guidance extends certification deadlines for reinstated work opportunity tax credit

Because of the recent retroactive reinstatement of the work opportunity tax credit to the beginning of 2015 and the addition of the long-term unemployed to the list of qualified employees beginning Jan. 1, 2016, the IRS has extended the due date for required certifications.

March 7, 2016

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