The Private Company Council reached a consensus to remove the effective dates from four Accounting Standards Updates issued in 2014 that provide GAAP alternatives for private companies.
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NEWS
Bill with passport and third-party tax collection provisions passes Congress
The highway funding bill passed by Congress includes provisions that will allow the government to revoke the passports of seriously delinquent tax debtors and will require the IRS to use third-party debt collectors.
FASB proposal takes aim at immaterial fair value disclosures
FASB issued a proposal that is designed to help financial statement preparers omit immaterial disclosures on fair value measurements.
Economic optimism declines among U.S. CPAs
The outlook remains generally positive, but expectations for profits, revenue and expansion plans have dropped in the past year.
Safe harbor for purchases of de minimis tangible property will be raised
The IRS announced that is raising the current de minimis limit for deducting expenses for purchases of items of tangible property from $500 to $2,500 for taxpayers without applicable financial statements.
IRS warns practitioners of an e-Services phishing scam
The IRS issued a QuickAlert to tax practitioners, warning of a phishing scam that is attempting to capture practitioners’ e-Services usernames and passwords.
China explores ways to expand IFRS use
A joint working group is exploring ways to expand the use of IFRS within China, especially for Chinese companies that are internationally oriented.
FASB proposes clarifying the definition of a business
FASB wants to clarify the definition of a business to help financial statement preparers evaluate whether they should account for transactions as acquisitions or disposals of assets or businesses.
FASB simplifies presentation of deferred income taxes
The Financial Accounting Standards Board issued a standard that is intended to simplify the presentation of deferred income taxes on the balance sheet.
New corporate anti-inversion rules issued
the IRS announced additional rules designed to curtail the ability of an inverted company to access foreign subsidiaries’ earnings without paying U.S. tax.
Proposed regulations provide more detailed rules governing innocent spouse relief
Among the changes are expanded rules on when the requesting spouse can be relieved of liability for penalties and interest.
IASB proposes annual improvements, change to investment property standard
In two separate exposure drafts, the IASB proposed changes to its investment property standard and proposed narrow-scope amendments to three other standards.
PCC’s work on private company alternatives to continue
Work by the Private Company Council (PCC) on potential GAAP alternatives for private companies is not finished.
Changes proposed to peer review standards
Changes proposed by the AICPA Peer Review Board are designed to help audit firms increase their focus on the proper design and operating effectiveness of their quality-control systems.
Women see far more partnership gains with small firms than with large ones
The AICPA CPA Firm Gender Survey found that women account for 40% of the partnership ranks in firms with 20 or fewer CPAs—double the rate of firms with 100 or more CPAs.
Tax ID theft victims may obtain copies of fraudulent returns
In a change of policy, the IRS announced procedures for victims of tax ID theft or their authorized representative to request copies of bogus returns filed by identity thieves.
More than one-third of students plan to live at home after graduation to pay off loans
In a recent survey, students said their college loan debts will cause them to delay such life goals as moving out of their parents’ home, buying a house, having kids, and getting married.
FASB proposal aims to increase transparency regarding disclosure of government assistance
The proposal would require disclosures about the type of arrangement and the method of accounting for government assistance.
FASB’s leases standard gets preliminary approval
The standard, which will include substantial changes to lessee accounting, is expected to be issued in early 2016.
More than half of clients underestimate their retirement expenses
Underestimating certain key factors in financial planning can leave retirees in difficult circumstances at a time that is supposed to be their golden years.
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From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
