An accounting standard FASB issued in 2007 to address ownership interests within a company’s subsidiary achieves its purpose but does have areas that might be improved, a review found.
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SEC proposes new reporting requirements for investment companies and advisers
Rules proposed by the SEC are designed to improve the reporting and disclosure of information by investment companies and investment advisers.
Tax reform, lower rates among top legislative goals, Ryan tells AICPA
In a speech to the AICPA’s spring Council meeting, Rep. Paul Ryan, chair of the House Ways and Means Committee, laid out his goals for tax reform and lower tax rates. He also called for the United States to adopt a territorial tax system.
Proposed CPE standards update would permit new modes of learning
Newly proposed revisions to continuing professional education standards would allow CPAs to receive credit for instruction in short segments (nano-learning) and blended learning, which combines aspects of face-to-face and online instruction.
IASB seeks feedback on possible revenue recognition delay
The International Accounting Standards Board (IASB) published its proposal to delay by one year the effective date of the new revenue recognition standard.
Supreme Court invalidates Maryland’s personal income tax structure
The U.S. Supreme Court held that Maryland’s personal income tax, which does not permit a credit against Maryland county income tax for taxes paid to other states, violates the dormant Commerce Clause.
Cyber concerns show no signs of cooling off, former Homeland Security chief says
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.
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.
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