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.
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NEWS
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.
Rulings illustrate transactions that qualify as D reorganizations
The IRS issued revenue rulings on whether two transactions, one involving domestic entities and another involving both domestic and foreign entities, qualified as Section 351 exchanges followed by D reorganizations.
PCC considers unconditional first-time option for election of alternatives
Private companies may have more flexibility to elect private company accounting alternatives as a result of a project the Private Company Council (PCC) is undertaking.
2016 inflation adjustments for HSAs released
The inflation-adjusted amounts include the annual contribution limitation, the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.
New ways of thinking vital for accountants, but so are old-school values
Author Daniel Burrus said accountants have to keep up with technology’s effect on the business environment in which they operate, but they also need to remember that personal relationships are critical.
Q&A: How to determine a client’s price sensitivity
To price effectively, CPA firms first need to determine the price sensitivity of individual clients. Value-billing expert Ron Baker explains how to do it in this Q&A.
7 ways CFOs can keep up with rapid changes in technology
The relentless pressure to stay current with continuously evolving technologies has emerged as the chief source of stress on corporate finance teams, according to a new survey.
“Be on the lookout” lists gone from IRS reviews of Sec. 501(c)(4) applications
Two years after finding the IRS used inappropriate criteria when reviewing applications for tax-exempt status under Sec. 501(c)(4) and delayed the processing of some applications, the TIGTA issued a follow-up report to check on the IRS’s progress in eliminating the controversial practices.
FASB proposal addresses breakage associated with certain unredeemed cards
FASB issued a proposal addressing diversity in practice related to derecognizing liabilities related to certain unredeemed, prepaid cards.
SEC proposes rules linking executive compensation with performance
The SEC proposed rules that would require public companies to disclose how their executive compensation relates to the company’s financial performance.
FASB formally proposes deferring revenue recognition effective date
FASB issued a proposed Accounting Standards Update that would delay the effective date of the new, converged revenue recognition standard by one year.
Updated FAQs now available for AICPA PFP standard
New additions to a Frequently Asked Questions (FAQ) resource can help practitioners who practice in the areas of estate, retirement, risk management, and investment planning to comply with Statement on Standards in Personal Financial Planning Services No. 1.
68% of Americans are unhappy with the way they financed college
More than one-third of Millennials wish they had delayed going to school in order to save more money first.
IRS intends to amend rules so refunds match foreign withholding payments
The IRS has proposed to amend its regulations to limit refunds paid to beneficial owners of withheld payments to amounts actually deposited by withholding agents.
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