The Public Company Accounting Oversight Board issued staff guidance for firms filing the new Form AP, which is for disclosing the names of engagement partners and other firms participating in public company audits.
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How audit committees can evaluate non-GAAP measures
SEC Chair Mary Jo White said in a speech Monday that reporting of non-GAAP measures can provide a clearer picture of a company’s results.
E-file PIN program shut down in response to cyberattacks
The IRS announced that the electronic filing personal identification number (e-file PIN) tool is “no longer available” after it detected additional attacks on the system.
FASB proposes amending consolidation guidance
FASB would amend consolidation guidance under a proposal issued with the intent of providing more useful information to users of financial statements.
Compliance costs, complexity rising in finance
CFOs feel barraged by new compliance mandates, and they don’t expect complexity associated with such regulation to subside any time soon.
CPA firms finding benefits in casual dress trend
Professionals at Armanino LLP and Crowe Horwath LLP have reacted enthusiastically to their firms’ recent implementation of casual dress codes for the office.
AICPA and CIMA members approve ballot initiatives by wide measure
Members of the AICPA and The Chartered Institute of Management Accountants voted in separate ballot measures to approve a proposal to create a new international accounting association that will integrate operations and represent the entire accounting profession, while preserving the membership bodies of both organizations.
FAQs explain the wrongful incarceration exclusion
A new law allows taxpayers to exclude from income money they receive to compensate them for being wrongfully incarcerated and to claim refunds for earlier tax years if they included such damages in income.
New FASB standard requires earlier reporting of credit losses
Credit losses on loans and other financial instruments will be required to be reported in a more timely fashion under a standard the Financial Accounting Standards Board issued.
COSO proposes update to enterprise risk management framework
The proposal would update the definition of ERM and emphasize the link between risk and value.
Proposal would clear path to CPA for foreign credential holders
Holders of qualified foreign accounting designations would have an easier path to licensure as U.S. CPAs under changes proposed to the Uniform Accountancy Act.
IRS did not discover or help all Get Transcript data breach victims
The TIGTA criticized the IRS’s failure to identify and assist all taxpayers whose tax return and other data may have been accessed by cybercriminals in last year’s Get Transcript breach.
Taxpayers can get tax return transcripts online once again
Announcing increased security and authentication procedures, the IRS said that it had re-instated its Get Transcript Online service, which had been breached by cybercriminals last year.
Tax-free REIT spinoffs are curtailed
The IRS issued regulations restricting the ability of C corporations to use this method.
FASB proposes clarifying scope of nonfinancial asset derecognition guidance
FASB wants to clarify the scope of its nonfinancial asset derecognition guidance and address accounting for partial sales of nonfinancial assets.
Lease accounting implementation a challenge for preparers
Companies are encountering challenges with new lease accounting standards in a process few expect to be easy, according to a recent Deloitte survey.
FASAB seeks transparency on tax expenditures
The Federal Accounting Standards Advisory Board proposed a standard with the intention of providing the public more information about the U.S. government’s tax expenditures.
Revenue standard causes concern about compensation arrangements
The new revenue recognition standard is causing companies to review compensation arrangements and bonus structures that are based on revenue metrics, said Deloitte & Touche LLP’s Eric Knachel, CPA.
A steadier outlook for the economy
Finance executives in business and industry reversed several trends in a quarterly AICPA survey, showing a more positive outlook.
AICPA members weigh in on IRS service levels
Problems included trouble getting through on the phone and trouble reaching IRS representatives who could answer their questions. Written communications with the agency were another source of frustrations.
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