To celebrate Father’s Day, the JofA asked accountants across the country to share some lessons they learned from their fathers—especially ones that helped them later on in the accounting profession.
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NEWS
IRS: Corporations cannot circumvent gain on appreciated property using partnerships
The IRS issued temporary regulations designed to prevent corporations from avoiding gain on the distribution of appreciated property through the use of partnerships.
New, voluntary standards promote diversity in financial services industry
Six federal agencies issued voluntary standards that are designed to promote diversity and inclusion at the organizations they regulate in the financial services industry.
Staffing issues surge to forefront of accounting firm concerns
Workload compression during consecutive challenging tax seasons has helped contribute to a growing talent shortage for accounting firms seeking qualified staff.
FASB issues 2 more proposals aimed at simplification
FASB issued proposals that are intended to simplify the equity method of accounting and improve employee share-based payment accounting.
Uniform CPA Examination may be changed as a result of feedback
After considering public comment, the AICPA Board of Examiners is reviewing plans to have the Uniform CPA Examination increase the assessment of higher-order skills.
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.
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.
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.
GASB unveils new rules for reporting on retiree benefits
Three new GASB rules aim to unveil true government liabilities for retiree benefits.
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.
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.
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.
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.
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.
IASB proposes changes to conceptual framework
The International Accounting Standards Board is updating the conceptual framework underpinning financial reporting under IFRS.
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.
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.
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.
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.
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