Many internal audit departments are short on cybersecurity expertise and lack involvement in evaluating the quality of the data used in their organizations, according to a new survey.
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Hoogervorst reappointed as chairman of IASB
Hans Hoogervorst will serve a second five-year term as chairman of the International Accounting Standards Board.
FASB affirms revenue recognition clarifications
FASB affirmed narrow-scope changes and practical expedients to its revenue recognition standard this week on issues including collectibility, contract modifications, and completed contracts at transition.
Due date for estate basis reporting postponed once again
The IRS further postponed the due date for the new reporting requirement, under which estates must report the value of estate assets to the IRS and to beneficiaries.
Congress enacts permanent ban on state and local internet taxes
Thursday, the Senate approved a bill making the Internet Tax Freedom Act’s ban on state and local taxes on internet access permanent.
GASB clarifies guidance on blending certain component units into financial statements
GASB issued a standard that is intended to clarify how certain component units incorporated as not-for-profit corporations should be presented in state or local government financial statements.
Money matters cause tension for 88% of Millennial couples
Just a little over half of young couples discuss their saving and spending habits or have a monthly budget, while just 4 in 10 have talked about their long-term financial plans.
AICPA “fly-in” to D.C. seeks path toward a 21st century IRS
The “fly-in” was intended to highlight dissatisfaction by practitioners and taxpayers with the IRS’s admittedly unacceptable levels of service and CPAs’ potential role in improving the IRS in that and other ways.
GASB proposes single approach for lease reporting
A new GASB proposal would require state and local governments to report leases based on the principle that leases are financings of the right to use an underlying asset.
IRS suffers another data breach
The IRS revealed that it discovered and stopped an automated cyberattack on its e-filing personal identification number (PIN) system last month.
President’s budget proposes many tax changes
In addition to a proposed spending blueprint for the government, President Barack Obama’s proposed FY 2017 federal budget contains a wide variety of tax law changes that would affect individuals and businesses.
Additional 2016 inflation adjustments released
The IRS issued inflation adjustments for the Sec. 179 expensing limits, the above-the-line deduction for eligible expenses of educators, and the deductible amount for van pool and transit expenses.
Maximum vehicle values for personal-use vehicles are issued
The IRS issued the 2016 inflation-adjusted amounts for the maximum vehicle values for purposes of determining the amount that is included in employees’ income for personal use of an employer-provided vehicle.
U.S. companies align to control health care costs
A new not-for-profit has corralled 20 large U.S. companies into an effort that could rebalance relationships between corporate America and the health supply chain.
IRS restores e-filing services
The IRS’s tax return e-filing system was back in operation Thursday afternoon, a day after a computer hardware failure knocked out it and other IRS system services.
Financial performance reporting among priorities as FASB sets agenda
FASB decided to perform research on six topics for consideration of possible accounting standard setting.
Proposal aims for uniformity in CPE credit increments
CPAs would be able to earn continuing professional education credits in increments of one-fifth, one-half, or whole credits for all instructional delivery methods except nano-learning under an amended proposal issued Monday.
IIA proposes changes to help internal auditors meet evolving demands
Changes to international professional standards proposed by The Institute of Internal Auditors are designed to help internal auditors meet the evolving demands they face.
FASB proposal addresses cash flow issues
The Financial Accounting Standards Board proposed amendments that are designed to address cash flow issues in financial reporting for which existing guidance does not exist or is unclear.
IFRS amendments require disclosures about debt financing liabilities
Investors had requested more information about changes in companies’ debt.
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From The Tax Adviser
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Current developments in S corporations
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