FASB is seeking comments on two Proposed Accounting Standards Updates related to derivatives and hedging.
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NEWS
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.
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.
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.
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.
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.
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.
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.
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.
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.”
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.
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.
FASB simplifies inventory measurement guidance
The Financial Accounting Standards Board has issued amendments designed to make the subsequent measurement of inventory less complex.
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.
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.
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.
IAASB completes amendments to auditing standards focused on disclosures
The revisions include changes to 10 international standards on auditing and conforming amendments to five other standards.
Majority of CPAs polled had clients victimized by tax ID theft this year
Many reported it was difficult or very difficult to resolve the issue with the IRS, echoing recent findings by the Taxpayer Advocate Service.
Americans’ financial well-being reaches 8-year high
Americans’ financial well-being is the highest it’s been since 2007, according to the American Institute of CPAs’ latest Personal Financial Satisfaction Index, which reached an eight-year high during the second quarter.
National taxpayer advocate: IRS falling down on the job of helping identity theft victims
Fewer than 10% of callers to the IRS’s phone line for victims of identity theft got through to an IRS assistor during some of the busiest weeks of tax season.
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From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
