GASB issued two proposals that are designed to prevent confusion about external investment pool accounting and clarify requirements for presentation of certain component units.
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GASB establishes new GAAP hierarchy for governmental accounting
The Governmental Accounting Standards Board issued new guidance that cuts in half the number of categories of authoritative GAAP for state and local government financial reporting.
Notice clarifies provider list rules for charitable hospital financial assistance policies
The IRS issued a notice that clarifies how a charitable hospital organization may comply with the requirement to include a provider list in its financial assistance policy.
PCAOB schedules open meeting on naming audit engagement partners
The PCAOB has scheduled a public meeting to consider seeking public comment on a new proposal for naming audit engagement partners.
Congress makes changes to tax code in trade preferences act
The bill modifies the Sec. 35 health coverage tax credit and the Sec. 24 child tax credit, requires payee statements for the education credits, changes the time for payment of certain corporate estimated taxes, and increases information return and payee statement penalties.
51% of Americans are putting off major life events for financial reasons
More than half of the 1,010 U.S. adults surveyed said they had put off important life goals such as buying a home, retiring, or pursuing higher education.
Supreme Court upholds health insurance subsidies in federal exchanges
In a 6–3 decision, the U.S. Supreme Court held that Sec. 36B premium tax credits are available to taxpayers who purchase health insurance on exchanges run by the federal government under the Patient Protection and Affordable Care Act.
PCAOB has new plan for naming audit engagement partners
The PCAOB plans to propose identifying the engagement partner in a new form that auditors could file with the PCAOB, the board’s chairman, James Doty, said.
Emotional harm of elder financial abuse outweighs its financial damage
More than one-third (37%) of CPA financial planners said that elder financial abuse caused “substantial” emotional harm to clients, according to the new AICPA PFP Trends Survey.
FASB, IASB to propose clarifications to principal vs. agent considerations
FASB and the IASB voted to seek public comment on proposed changes to the converged revenue recognition standard that would give financial statement preparers additional guidance on the principal versus agent analysis.
Q&A: To boost revenue, try offering these pricing options
It sounds too good to be true: A way to increase both client satisfaction and firm profits at the same time. But consultant Ron Baker explains how offering different pricing options can help firms do just that in this Q&A.
Proposed rules for ABLE accounts for the disabled are issued
Proposed regulations under Sec. 529A were issued providing guidance on ABLE accounts, special tax-favored accounts designed to help disabled individuals and their families save for and pay disability related expenses.
Key report shows EU companies, investors support IFRS
IFRS are largely supported by companies and investors in the European, but also have room for improvement, according to a report adopted by the European Commission.
IASB proposes narrow amendments to pension accounting standards
The IASB is seeking to provide more information to investors and reduce diversity in practice through narrow-scope amendments to pension accounting standards.
IRS issues guidance for multiemployer plans to apply for benefit suspension approval
The IRS released regulations and a revenue procedure containing guidance for sponsors of multiemployer plans that have insufficient funds to pay benefits, to apply for approval of a suspension of benefits.
SEC upgrades EDGAR, drops 2013 GAAP taxonomy support for XBRL
The SEC released a new version of EDGAR that no longer supports the 2013 taxonomy for the tagging of financial report data using extensible business reporting language.
IFRS business combinations standard review reveals need for further research
The IASB plans to do more research on certain areas of its business combinations standard as a result of a post-implementation review.
IRS issues final portability rules for estate tax exemptions
The IRS issued final regulations on the portability of deceased spouses’ unused estate tax exemption amounts, which allows surviving spouses to use unused amounts of exemption from the estate tax in addition to their own exemptions.
Tax industry and IRS team up to fight identity theft refund fraud
the IRS announced that it agreed to partner with a number of tax preparation firms, state tax administrators, and other interested parties to fight identity theft refund fraud.
GASB proposes changes to irrevocable split-interest agreement guidance
GASB proposed changes that are designed to reduce diversity in state and local government accounting for irrevocable split-interest agreements.
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