New guidance for federal government reporting entities is designed to assist with valuation for opening balances for inventory, operating materials and supplies, and stockpile materials.
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FASB proposals address retirement benefit reporting
Two proposals issued by the Financial Accounting Standards Board are designed to improve presentation and disclosure in retirement benefit accounting.
Amendments clarify jurisdictional issues in auditor reporting requirements
An amendment issued by the AICPA Auditing Standards Board clarifies the format of the auditor’s report that should be used when an audit is conducted in accordance with the PCAOB’s standards but is not under the PCAOB’s jurisdiction.
Revenue recognition, lease standards challenge preparers
Corporate financial statement preparers are moving slowly in implementation of new accounting standards for revenue recognition and leases, a new survey shows.
Guidance addresses software accounting for federal agencies
Federal government reporting entities received fresh guidance this week on how to implement a 1998 accounting standard for internal-use software.
Notice postpones Sec. 501(c)(4) social welfare organization requirements
A new notice requirement recently enacted by Congress in the wake of the scandal regarding the IRS’s handling of Sec. 501(c)(4) applications will not be implemented immediately, the IRS announced.
Millennials can play a role in move to value pricing
If your firm is looking at making the switch, consider asking them to serve on a value council—or even as the “chief value officer.”
Avoid these mistakes when you hit the big jackpot
CPA financial planners identify five major mistakes made by people who become rich overnight, and suggest ways to avoid them.
Americans’ financial outlook holds steady despite indicators of concern
The financial well-being of the typical American is better than it was a year ago, according to the PFSi, a proprietary AICPA index.
IASB issues leases standard; FASB to follow
The International Accounting Standards Board issued a new accounting standard that will bring all lease assets and liabilities onto the balance sheet.
How employers should handle retroactive reinstatement of transit benefits parity
The IRS issued procedures for employers to use to handle the retroactive application of the increased amount of the 2015 income exclusion for monthly transit benefits.
Audit committees prefer customized, tailored audit quality indicators
Audit committee members say they would like to be able to customize audit quality indicators to suit their specific needs, according to a new Center for Audit Quality report.
Many CFOs offering more pay to new hires
North American companies are often paying new hires more than those workers made in previous jobs, according to Robert Half surveys.
Controversial charitable donation rules withdrawn
The IRS announced that it is withdrawing proposed regulations released last September that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations.
IRS IP PIN notice contains wrong tax year for filing
The IRS warned that identity protection personal identification number (IP PIN) notices it has recently sent to victims of identity theft refer to the wrong tax year.
FASB issues new financial instruments recognition and measurement standard
FASB issued a standard Tuesday that makes targeted changes to existing GAAP for the recognition and measurement of financial instruments.
IRS extends health care information return due dates
In response to concerns by employers and insurers about meeting the current due dates for information returns required under the health care law, the IRS delayed the due dates for these returns for the upcoming filing season.
Private company alternatives to become more accessible
FASB has endorsed a decision by the Private Company Council that would remove the effective dates from four GAAP alternatives for private companies.
Insurance programs are subject of proposed federal accounting standards
FASAB proposed standards designed to increase the transparency of information in federal government financial statements about insurance program costs and liabilities.
GASB moves to reduce confusion for external investment pools
Many state and local government external investment pools—and participants in those pools—will continue to qualify for amortized cost accounting under new guidance from GASB.
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From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
