Tax, accounting, auditing news - Journal of Accountancy

August 10, 2015

Are audits of ICFR improving?

Audits of the complex area of internal control over financial reporting (ICFR) may be improving, Jeanette Franzel, a member of the Public Company Accounting Oversight Board, said in a speech.

August 10, 2015

Ninth Circuit holds mortgage-interest deduction applies on a per-taxpayer basis

Unmarried co-owners of two qualified residences each qualified for mortgage-interest deductions on up to $1.1 million of acquisition indebtedness the Ninth Circuit Court of Appeals held.

August 10, 2015

IASB may delay new rules for transactions with associates, joint ventures

The International Accounting Standards Board (IASB) is reviewing whether it moved too quickly on narrow-scope amendments to IFRS 10 and IAS 28.

August 10, 2015

Hiring and enrollments reached record highs last year

Enrollment in accounting programs and hiring of new graduates by accounting firms are at all-time highs. Master’s degrees are taking off, too, and firms will need to get creative in their pursuit of in-demand talent.

August 7, 2015

FASB exposure drafts propose amended standards for derivatives and hedging

FASB is seeking comments on two Proposed Accounting Standards Updates related to derivatives and hedging.

August 5, 2015

SEC approves CEO pay ratio rule

The SEC approved a new rule requiring U.S. public companies to disclose the ratio between their CEO’s compensation and that of their median employee.

August 5, 2015

Proposed IFRS taxonomy updates released

Taxonomy updates to reflect new reporting standards were proposed by the IFRS Foundation. Comments can be made through Oct. 30.

August 4, 2015

IAASB proposes changes to reporting on summary financial statements

The International Auditing and Assurance Standards Board has released proposed changes related to reporting on summary financial statements.

August 3, 2015

Can auditors expand assurance to meet investors’ needs?

Joe Ucuzoglu, CPA, chairman and CEO of Deloitte’s U.S. audit practice, says expanding assurance opportunities would increase the value auditors provide.

July 31, 2015

FASB update aims to simplify employee benefit plan accounting

The Financial Accounting Standards Board issued a three-part standards update designed to make accounting for employee benefit plans less complex.

July 31, 2015

Return due dates changed in highway funding bill

The federal highway funding extension bill passed by Congress contains several tax provisions, including changing the due dates for partnership, S corporation, and corporate tax returns, a provision the AICPA has long advocated.

July 30, 2015

New safe harbor governs accounting for ratable service contracts

Qualifying accrual-basis taxpayers will be allowed to treat economic performance of certain service contracts as occurring on a ratable basis under a safe harbor introduced by the IRS.

July 30, 2015

IASB proposes revenue recognition clarifications

Clarifications and transition relief the IASB proposed for the new revenue recognition standard are designed to address financial statement preparers’ concerns.

July 30, 2015

Q&A: How to present your prices to customers

Talking to clients about your pricing options can be a challenging conversation. Here are a few tips that can help, starting with why you should avoid using the word “fee.”

July 28, 2015

Tax Court invalidates stock-based compensation rule in cost-sharing agreements

The Tax Court held that Regs. Sec. 1.482-7(d)(2), requiring entities to share stock-based compensation costs under qualified cost-sharing agreements, failed to meet the reasoned decision-making standard and was invalid.

July 23, 2015

Regulations provide guidance on proper place to file refund claims

The new rules generally require taxpayers filing claims for refund or credit to file their claim with the IRS service center at which the taxpayers currently would be required to file a tax return for the type of tax to which the claims relate.

July 23, 2015

FASB simplifies inventory measurement guidance

The Financial Accounting Standards Board has issued amendments designed to make the subsequent measurement of inventory less complex.

July 22, 2015

Proposed rules define disguised payments for services in partnerships

The IRS will apply a six-factor test to determine whether payments to partners are disguised payments for services under proposed regulations issued today.

July 22, 2015

IASB votes to delay effective date of revenue recognition standard

The delay keeps IASB’s effective date in line with that of FASB, which also voted in favor of a one-year deferral earlier this month.

July 17, 2015

Revised Form 3115 issued in draft form

The IRS has posted a draft revised version of Form 3115, Application for Change in Accounting Method, on its website.

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