Tax, accounting, auditing news - Journal of Accountancy

June 18, 2015

IASB proposes narrow amendments to pension accounting standards

The IASB is seeking to provide more information to investors and reduce diversity in practice through narrow-scope amendments to pension accounting standards.

June 17, 2015

IRS issues guidance for multiemployer plans to apply for benefit suspension approval

The IRS released regulations and a revenue procedure containing guidance for sponsors of multiemployer plans that have insufficient funds to pay benefits, to apply for approval of a suspension of benefits.

June 17, 2015

SEC upgrades EDGAR, drops 2013 GAAP taxonomy support for XBRL

The SEC released a new version of EDGAR that no longer supports the 2013 taxonomy for the tagging of financial report data using extensible business reporting language.

June 17, 2015

IFRS business combinations standard review reveals need for further research

The IASB plans to do more research on certain areas of its business combinations standard as a result of a post-implementation review.

June 15, 2015

IRS issues final portability rules for estate tax exemptions

The IRS issued final regulations on the portability of deceased spouses’ unused estate tax exemption amounts, which allows surviving spouses to use unused amounts of exemption from the estate tax in addition to their own exemptions.

June 12, 2015

Tax industry and IRS team up to fight identity theft refund fraud

the IRS announced that it agreed to partner with a number of tax preparation firms, state tax administrators, and other interested parties to fight identity theft refund fraud.

June 12, 2015

GASB proposes changes to irrevocable split-interest agreement guidance

GASB proposed changes that are designed to reduce diversity in state and local government accounting for irrevocable split-interest agreements.

June 12, 2015

CPAs share lessons from dads

To celebrate Father’s Day, the JofA asked accountants across the country to share some lessons they learned from their fathers—especially ones that helped them later on in the accounting profession.

June 11, 2015

IRS: Corporations cannot circumvent gain on appreciated property using partnerships

The IRS issued temporary regulations designed to prevent corporations from avoiding gain on the distribution of appreciated property through the use of partnerships.

June 9, 2015

New, voluntary standards promote diversity in financial services industry

Six federal agencies issued voluntary standards that are designed to promote diversity and inclusion at the organizations they regulate in the financial services industry.

June 9, 2015

Staffing issues surge to forefront of accounting firm concerns

Workload compression during consecutive challenging tax seasons has helped contribute to a growing talent shortage for accounting firms seeking qualified staff.

June 8, 2015

FASB issues 2 more proposals aimed at simplification

FASB issued proposals that are intended to simplify the equity method of accounting and improve employee share-based payment accounting.

June 4, 2015

Uniform CPA Examination may be changed as a result of feedback

After considering public comment, the AICPA Board of Examiners is reviewing plans to have the Uniform CPA Examination increase the assessment of higher-order skills.

June 4, 2015

U.S. finance executives cool slightly about their own businesses

Finance executives in business and industry have slightly cooler outlooks about their own companies, expansion plans and revenue projections, but overall optimism remains relatively high.

June 3, 2015

Bright-line test determines substantial business activities under inversion rules

The bright-line test introduced in 2012 amended the existing rules that applied a facts-and-circumstances test.

June 2, 2015

Expanded IRS online services put taxpayer information at risk, Senate committee told

IRS Commissioner John Koskinen revealed more details about the theft of 100,000 taxpayers’ data through the Get Transcript system.

June 2, 2015

GASB unveils new rules for reporting on retiree benefits

Three new GASB rules aim to unveil true government liabilities for retiree benefits.

June 1, 2015

New accounting method change procedures give more time to file Form 3115

The IRS updated its recently amended procedures for requesting approval for accounting method changes.

June 1, 2015

Report calls for improvement in employee benefit plan audits

The U.S. Department of Labor has issued results of a study of employee benefit plan audits that show a continuing need for improvement. A new AICPA audit quality initiative for the profession has a focus on employee benefit plan audits.

May 29, 2015