Tax, accounting, auditing news - Journal of Accountancy

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

Recommendations could help SEC improve EDGAR database

The Securities and Exchange Commission can make changes to improve its EDGAR company filings database without the need for formal rulemaking.

May 29, 2015

IRS asks for comments on accounting method changes for proposed revenue recognition standards

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.

May 29, 2015

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.

May 28, 2015

IASB proposes changes to conceptual framework

The International Accounting Standards Board is updating the conceptual framework underpinning financial reporting under IFRS.

May 26, 2015

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.

May 26, 2015

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.

May 21, 2015

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.

May 21, 2015

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.

May 20, 2015

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.

May 20, 2015

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.

May 19, 2015

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.

May 19, 2015

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.

May 19, 2015

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.

May 18, 2015

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.

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