The IRS asked for comments on how taxpayers’ accounting methods should be affected by the new financial accounting revenue recognition standards that have been issued by FASB and the IASB.
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PCAOB seeks feedback on auditors’ use of specialists
The PCAOB’s staff is asking whether the board’s standards adequately address auditors’ use of specialists, which is becoming more common as business transactions become more complex.
IASB proposes changes to conceptual framework
The International Accounting Standards Board is updating the conceptual framework underpinning financial reporting under IFRS.
Thieves access IRS Get Transcript app, 100,000 accounts compromised
The criminals attempted to hack as many as 200,000 accounts. The IRS is notifying affected taxpayers and has launched a criminal investigation.
How to motivate students and professionals to take the CPA exam
Environmental factors play a pivotal role in the motivation of students and professionals to take the CPA exam, according to survey findings presented at the AICPA governing Council meeting.
New FASB standard aims for more transparency for insurance companies
FASB issued new disclosure requirements for insurance companies that are designed to provide more information about liabilities related to short-duration contracts.
FASB proposes narrow simplification to business combination accounting
FASB issued a proposal that is intended to simplify accounting for adjustments made to provisional amounts recognized in a business combination.
Review finds FASB noncontrolling interests standard achieves purpose
An accounting standard FASB issued in 2007 to address ownership interests within a company’s subsidiary achieves its purpose but does have areas that might be improved, a review found.
SEC proposes new reporting requirements for investment companies and advisers
Rules proposed by the SEC are designed to improve the reporting and disclosure of information by investment companies and investment advisers.
Tax reform, lower rates among top legislative goals, Ryan tells AICPA
In a speech to the AICPA’s spring Council meeting, Rep. Paul Ryan, chair of the House Ways and Means Committee, laid out his goals for tax reform and lower tax rates. He also called for the United States to adopt a territorial tax system.
Proposed CPE standards update would permit new modes of learning
Newly proposed revisions to continuing professional education standards would allow CPAs to receive credit for instruction in short segments (nano-learning) and blended learning, which combines aspects of face-to-face and online instruction.
IASB seeks feedback on possible revenue recognition delay
The International Accounting Standards Board (IASB) published its proposal to delay by one year the effective date of the new revenue recognition standard.
Supreme Court invalidates Maryland’s personal income tax structure
The U.S. Supreme Court held that Maryland’s personal income tax, which does not permit a credit against Maryland county income tax for taxes paid to other states, violates the dormant Commerce Clause.
Cyber concerns show no signs of cooling off, former Homeland Security chief says
The digital sun will never set, which means that digital threats to business and government will only grow in the future, Tom Ridge said Friday.
AICPA releases 6-point plan to enhance audit quality
The AICPA released a six-point plan with recommendations for improving audit quality, which covers several stages in the process of being or becoming an auditor.
FASB formally proposes revenue recognition changes
Changes to the revenue recognition standard proposed by FASB are designed to clarify guidance related to identifying performance obligations and licensing.
AICPA urges FAF to maintain momentum on private company issues
An AICPA comment letter encourages the Financial Accounting Foundation to not lose the momentum it has built in addressing accounting issues for private companies through the Private Company Council process.
Basis rules for estates of 2010 decedents proposed
The IRS issued proposed regulations to amend various regulation sections to take into account special rules that affect the basis of assets acquired from a decedent who died in 2010 and for which an executor made a Sec. 1022 election.
Regs. on notional principal contracts change treatment of nonperiodic payments
The IRS issued temporary and proposed regulations amending the treatment of nonperiodic payments made or received under certain notional principal contracts (NPCs).
List of designated private delivery services is updated, postmark rules revised
For the first time since 2004, the IRS has updated the list of private delivery services (PDSs) that qualify under the mailbox rule of Sec. 7502.
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