Tax, accounting, auditing news - Journal of Accountancy

December 9, 2015

PCAOB to vote on naming engagement partner

The PCAOB plans to meet next week to vote on a final standard that would create a new form naming the engagement partner on public company audits as well as other firms that participated in the audit.

December 8, 2015

Retired Bank of America executive to chair FAF trustees

The Financial Accounting Foundation trustees elected Charles Noski as their new chairman and announced the naming of five additional new trustees.

December 8, 2015

CPA firms place new services atop innovation priority list

CPA firms believe the development of new client services should be their top innovation priority over the next 12 to 18 months, according to a new survey.

December 7, 2015

Criminal tax prosecutions run the gamut

In its annual business report for 2015, the IRS’s Criminal Investigation division discussed notable criminal tax prosecutions.

December 7, 2015

Regulation: A moving but immovable target

Compliance requirements related to the Patient Protection and Affordable Care Act, P.L. 111-148, are just one example of the regulatory changes keeping finance departments busy these days.

December 4, 2015

PCC votes to remove effective dates from GAAP alternatives

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.

December 4, 2015

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.

December 3, 2015

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.

December 3, 2015

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.

November 24, 2015

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.

November 24, 2015

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.

November 24, 2015

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.

November 23, 2015

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.

November 20, 2015

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.

November 20, 2015

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.

November 19, 2015

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.

November 19, 2015

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.

November 18, 2015

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.

November 18, 2015

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.

November 16, 2015

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.