Tax, accounting, auditing news - Journal of Accountancy

April 27, 2016

Americans’ financial picture holds steady this quarter

The AICPA’s Personal Financial Satisfaction Index held steady in the first quarter of this year, dropping only 0.3 points from last quarter and 2.1 points from the first quarter of 2015.

April 21, 2016

PCAOB warns against altering audit documentation

The PCAOB cautioned that improper alteration of audit documentation can result in severe penalties.

April 21, 2016

FASB proposes technical corrections and changes

FASB issued a proposal that would make technical corrections and minor changes to its guidance in response to suggestions from stakeholders.

April 21, 2016

Half of Americans expect to lose money to identity theft

The overwhelming majority of people impacted by identity theft (93%) have taken steps to correct it or prevent it from happening again.

April 19, 2016

PCAOB inspectors observe decrease in broker-dealer auditor independence impairments

PCAOB inspectors found fewer independence impairments for auditors of broker-dealers in 2015 compared with previous years.

April 19, 2016

Data analysis skills lacking among finance teams

Keeping pace with rapid changes in technology is a cause of concern among CFOs. So, too, is talent management—finding good talent, keeping it, and nurturing it.

April 14, 2016

FASB assists with licensing guidance, identifying performance obligations

FASB is updating an accounting standard to help preparers identify performance obligations and implement licensing guidance in accordance with the new revenue recognition standard.

April 13, 2016

Ways to make tax compliance less of a nightmare for small business

Troy Lewis, chair of the AICPA’s Tax Executive Committee, testified in favor or the Mobile Workforce State Income Tax Simplification Act.

April 13, 2016

SEC seeking input on disclosure effectiveness

The Securities and Exchange Commission voted to issue a concept release asking for comment on possible improvements to Regulation S-K.

April 13, 2016

The gaps that remain in risk initiatives

About half of public companies have a complete enterprise risk management process, according to a new survey by the American Institute of CPAs and North Carolina State University.

April 12, 2016

PCAOB proposal would guide lead auditors in supervision of other auditors

The PCAOB’s standards for a lead auditor’s supervision of other auditors would be strengthened under a proposal the board voted to issue.

April 12, 2016

Next president should prioritize Social Security, Americans say

Keeping Social Security solvent should be one of the next U.S. president’s top economic priorities, nearly two-thirds of Americans said in a recent AICPA survey.

April 11, 2016

GASB addresses pension accounting practice issues

GASB issued guidance to address practice issues encountered during implementation of its new pension accounting rules for state and local governments.

April 8, 2016

Raises of 3% forecasted for accountants in 2016

Employers in the United States are likely to increase base pay for finance and accounting professionals by an average of 3% in 2016, according to a new salary guide.

April 7, 2016

Post-implementation analysis begins for PCAOB engagement quality review standard

The analysis will evaluate whether the PCAOB’s standard for engagement quality reviews helps firms identify significant deficiencies before they issue an audit report.

April 6, 2016

Taxpayers can now pay federal tax at participating retail stores

A new program allows individuals who owe federal income taxes to pay in cash at 7-Eleven stores in 34 states.

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.

FROM THIS MONTH'S ISSUE

Right-sizing risk management

Sole practitioner or small firm? Risk management doesn’t have to be “one size fits all.” Learn how to help protect your practice without adding unnecessary admin time.