The Governmental Accounting Standards Board will review the foundation of the financial reporting model for state and local governments.
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Employer health plans must cover inpatient hospital and physician services
The IRS added a requirement that employer-sponsored health plan benefits must include substantial coverage of inpatient hospital and physician services for the plan to count as providing minimum value.
FASB releases proposed 2016 GAAP taxonomy
The proposed taxonomy contains updates for accounting standards and other recommended improvements to the official taxonomy, which is used by public issuers registered with the SEC.
PCAOB reveals focus for inspections of broker-dealer auditors
The PCAOB inspections staff revealed five areas of focus for its 2015 inspections of auditors and brokers and dealers.
Changes proposed for CPA exam would enhance higher-order skills testing
The AICPA has proposed changes to the Uniform CPA Examination that are designed to enhance testing of higher-order skills.
A principal? Or an agent? FASB proposal aims to clarify
FASB proposed changes to the new revenue recognition standard that are meant to clarify how to determine whether an entity is a principal or an agent in a contract.
Use a layered cybersecurity approach to protect crown jewels
Layers of defense should exist in an organization’s systems, with the most sensitive information protected by the most layers.
GASB publishes authoritative implementation guidance
GASB published a volume of authoritative implementation guidance that reflects changes resulting from a yearlong feedback process.
How internal audit can help manage 10 top technology risks
Internal auditors can play a pivotal role in managing technology risks ranging from cybersecurity to social media. The risks are ranked in a new report that shows how internal audit can help manage them.
AICPA releases Q&A on required supplementary information
The AICPA has released new nonauthoritative guidance for auditors regarding their independence responsibilities with respect to required supplementary information in a specific situation.
IRS announces delayed due date for new estate basis reporting rules
The IRS issued guidance delaying the due date for compliance with the recently enacted rules that require consistent basis reporting between an estate and anyone acquiring property from the estate.
Tips for a successful not-for-profit strategic plan
Bob Mims, CPA, CGMA, Ducks Unlimited’s controller and director of investments, discusses how a not-for-profit can create a successful strategic plan.
PCAOB urges broker-dealer auditors to reexamine approaches
The PCAOB issued a report urging auditors of broker-dealers to reexamine their audit processes in light of board inspection findings.
PCC gets new chair, three new members
Candace Wright, who serves as a director with Louisiana CPA firm Postlethwaite & Netterville, was appointed as chair of the Private Company Council (PCC).
How internal audit can make better use of technology
Here are six things internal auditors can consider to give themselves a chance to maximize technological tools.
Get Transcript data breach more than three times as big, IRS announces
The IRS alerted the public that an additional 220,000 taxpayers had their tax return information compromised in the Get Transcript database breach it announced in May.
New law imposes immediate estate basis and reporting requirements
The highway funding bill made changes to the Internal Revenue Code that affect estates and beneficiaries, including new reporting rules.
GASB issues standard requiring disclosure of government tax incentives
Tax incentives provided to businesses and individuals will be disclosed in more detail in state and local government financial statements as a result of new GASB rules.
ASB proposal would amend auditor’s report auditing standard
The Auditing Standards Board has proposed amendments that would provide requirements and guidance for reporting on an audit conducted in accordance with both generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board.
Identity theft protection services provided after a data breach are not taxable
The announcement applies to anyone whose personal information may have been compromised in a data breach, including customers, employees, and others.
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