Tax, accounting, auditing news - Journal of Accountancy

September 30, 2015

GASB proposes Q&As to elaborate on recent pronouncements

GASB has issued a proposed implementation guide that contains questions and answers that are designed to clarify, explain, or elaborate on recently issued standards for state and local government financial reporting.

September 30, 2015

FASB proposes narrow changes to revenue recognition standard

FASB intends to improve the guidance on collectibility, noncash consideration, and completed contracts at transition in the new revenue recognition standard.

September 25, 2015

FASB moves to simplify business combination accounting

FASB issued new rules that are intended to simplify accounting for adjustments made to provisional amounts recognized in a business combination.

September 24, 2015

How should materiality be applied? FASB weighs in

FASB issued two exposure drafts that address the use of materiality—an attempt to help organizations eliminate unnecessary disclosures in financial statements.

September 23, 2015

IASB to propose temporary measures for insurance companies

The IASB will propose temporary measures to address concerns about issues insurance companies are facing with implementation of the new financial instruments standard.

September 18, 2015

Career training a key tool to lure accounting talent

Competitive salaries, benefits and perks may not be enough to lure top accounting and finance job candidates during this time of intense competition for talent.

September 17, 2015

What are Millennial investors’ priorities?

Millennials have confidence in some of the same areas as investors from other generations. But Millennials also have some different priorities and concerns.

September 16, 2015

Special per-diem rates issued for 2015–2016 travel

The IRS issued per-diem rates for use in substantiating business expenses taxpayers incur while traveling away from home.

September 16, 2015

Recruiting environment remains a challenge for finance decision-makers

Finding and retaining high-quality workers is a major obstacle at U.S. businesses, according to the AICPA’s quarterly survey of high-ranking finance professionals in business and industry.

September 16, 2015

Charities would be permitted to issue information returns to donors

Charities will be allowed to file information returns instead of providing contemporaneous written acknowledgment of charitable donations under proposed regulations issued by the IRS.

September 15, 2015

AICPA expresses concerns about tax return preparer legislation

The proposed grant of authority to the IRS to regulate all aspects of tax practice is overly broad, the AICPA said in a letter to the Senate Finance Committee.

September 10, 2015

College students think they manage money well, but they don’t, survey finds

Students may be overconfident about their ability to manage money, a new AICPA survey has found.

September 9, 2015

Proposed rules govern taxation of gifts and bequests from covered expatriates

Proposed regulations under Sec. 2801 would impose a transfer tax on gifts or bequests from covered expatriates made on or after June 17, 2008.

September 9, 2015

More evidence of accelerating growth in accounting and finance salaries

Accounting and finance salaries in the United States are projected to grow 2.4% in 2016, according to a salary guide published this week, up from the 1.2% increase forecasted for 2015.

September 3, 2015

Rise in US accounting salaries accelerates

Starting salaries for U.S. accounting professionals are expected to rise between 4.0% and 5.3% in the coming year, according to a new salary guide from staffing services provider Robert Half.

September 3, 2015

Finance decision-makers less confident in third quarter

Optimism among finance executives is down somewhat, with regulation and talent concerns continuing to top the list of challenges, according to a quarterly AICPA survey.

September 1, 2015

GASB to take a fundamental look at financial statements

The Governmental Accounting Standards Board will review the foundation of the financial reporting model for state and local governments.

September 1, 2015

Employer health plans must cover inpatient hospital and physician services

The IRS added a requirement that employer-sponsored health plan benefits must include substantial coverage of inpatient hospital and physician services for the plan to count as providing minimum value.

September 1, 2015

FASB releases proposed 2016 GAAP taxonomy

The proposed taxonomy contains updates for accounting standards and other recommended improvements to the official taxonomy, which is used by public issuers registered with the SEC.

September 1, 2015

PCAOB reveals focus for inspections of broker-dealer auditors

The PCAOB inspections staff revealed five areas of focus for its 2015 inspections of auditors and brokers and dealers.

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