Tax, accounting, auditing news - Journal of Accountancy

February 9, 2015

Deloitte’s Engelbert to be first female U.S. CEO of a Big Four firm

Cathy Engelbert, CPA, has been elected CEO of Deloitte LLP, the firm announced today. When Engelbert begins her role in March, she will be the first woman CEO of a Big Four firm in the U.S.

February 6, 2015

IRS issues revised 2014 and 2015 passenger automobile depreciation limits

The IRS issued new figures for depreciation deductions allowed for business use of passenger automobiles for 2014 to take into account the 50% additional depreciation that can be taken for vehicles during the 2014 tax year.

February 6, 2015

2015’s dirty dozen tax scams

The IRS released its “dirty dozen” list of top tax scams for 2015, starting with phone scams and ending with frivolous tax arguments.

February 6, 2015

COSO: Internal control a challenge with outsourced providers

Here’s how companies with outsourced service providers can meet the requirements of the updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

February 4, 2015

PCAOB attempting to make standard setting more efficient

The PCAOB is exploring ways to make its standard-setting process more efficient, board Chairman James Doty said Wednesday during an open meeting of the SEC.

February 2, 2015

FASB proposes two changes to simplify accounting for income taxes

FASB proposed two standards changes that are designed to reduce complexity in accounting for income taxes.

January 30, 2015

Audit committee members need more time, expertise to deal with risky environment, survey says

Risk concerns have put a strain on audit committees, who say they need more time and expertise to exercise proper oversight.

January 30, 2015

Apple nearly catches Samsung as smartphone sales soar

Strong demand for the new iPhone 6 and 6+ almost boosted Apple past Samsung in worldwide smartphone shipments.

January 28, 2015

New standards for auditors of brokers and dealers are focus of PCAOB reminder

A PCAOB report reminds auditors of brokers and dealers that new audit standards for those engagements differ from previous standards.

January 28, 2015

Offshore Voluntary Disclosure Program to remain open indefinitely

The IRS stated that it intends to keep its Offshore Voluntary Disclosure Program open until it announces otherwise.

January 28, 2015

How to manage risks connected with the “internet of things”

Although web-connected products and the “internet of things” provide opportunities for transformative growth, they also may carry substantial risks.

January 27, 2015

Revenue recognition implementation: What are FASB’s plans?

FASB’s staff expects to report results of research on two key revenue recognition issues to the board in February—and plans to present feedback to the board early in the second quarter of 2015 on a possible delay in the standard’s effective date.

January 26, 2015

Taxpayers get penalty relief for incorrect premium tax credit advance payments

The IRS announced penalty relief for taxpayers who find they owe tax when they reconcile the advance payments of the premium tax credit they received with the amount they were entitled to when they file their 2014 tax returns.

January 26, 2015

ASB issues auditing interpretations to SAS No. 126 on going concern

New auditing interpretations issued by the AICPA Auditing Standards Board are the result of a short-term initiative to address some of the effects of accounting standards on going concern.

January 26, 2015

Application of PCC exception addressed in not-for-profit panel Q&A

Nonauthoritative guidance developed by the AICPA Not-for-Profit Entities Expert Panel addresses how a for-profit subsidiary of a not-for-profit entity can apply a private company accounting alternative related to amortization of goodwill in its stand-alone financial statements.

January 23, 2015

FROM THIS MONTH'S ISSUE

Want to thrive in an AI world? Power up your people skills

Learn how CPAs can strengthen their human relationships by developing their communication, curiosity, and self-awareness. Artificial intelligence can’t replicate these people skills.