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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AICPA committee gives mixed review, alternatives to not-for-profit proposal
A key AICPA committee has expressed concern that FASB’s proposed changes to not-for-profit accounting standards would lead to a further divergence between the financial reporting models of not-for-profits and for-profit businesses.
FASB formally issues revenue recognition delay
FASB published an accounting standards update that formalizes a one-year deferral in the effective date of its new revenue recognition standard.
Temporary regulations end automatic extension for Forms W-2
In a move designed to fight taxpayer identity theft and tax fraud, the IRS will eliminate automatic extensions of time to file forms in the W-2 series, starting in 2017.
FASB clarifies scope exception for certain electricity contracts
FASB issued guidance designed to clarify when a scope exception to derivatives and hedging guidance can be applied to certain electricity contracts within nodal energy markets.
Are audits of ICFR improving?
Audits of the complex area of internal control over financial reporting (ICFR) may be improving, Jeanette Franzel, a member of the Public Company Accounting Oversight Board, said in a speech.
Ninth Circuit holds mortgage-interest deduction applies on a per-taxpayer basis
Unmarried co-owners of two qualified residences each qualified for mortgage-interest deductions on up to $1.1 million of acquisition indebtedness the Ninth Circuit Court of Appeals held.
IASB may delay new rules for transactions with associates, joint ventures
The International Accounting Standards Board (IASB) is reviewing whether it moved too quickly on narrow-scope amendments to IFRS 10 and IAS 28.
Hiring and enrollments reached record highs last year
Enrollment in accounting programs and hiring of new graduates by accounting firms are at all-time highs. Master’s degrees are taking off, too, and firms will need to get creative in their pursuit of in-demand talent.
FASB exposure drafts propose amended standards for derivatives and hedging
FASB is seeking comments on two Proposed Accounting Standards Updates related to derivatives and hedging.
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.
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