FASB’s Emerging Issues Task Force is expected to consider whether the new, converged revenue recognition standard applies to certain prepaid cards.
Advertisement
NEWS
FAF seeks assessments of Private Company Council
The Financial Accounting Foundation board of trustees issued a request for comment on the effectiveness, accomplishments and future role of the Private Company Council.
Taxpayers who already filed 2014 returns using incorrect Forms 1095-A won’t have to pay more tax
The IRS announced that about 800,000 taxpayers (20% of the people receiving the form) had received incorrect Forms 1095-A, Health Insurance Marketplace Statement, for 2014.
Proposed FASB disclosures would link bifurcated embedded derivatives to host contracts
The Financial Accounting Standards Board issued a proposal that would require disclosures linking each bifurcated embedded derivative to its host contract.
Revenue recognition: New differences emerging
International convergence of the new revenue recognition standard may decrease as a result of clarifying revisions that will be proposed by the Financial Accounting Standards Board and the International Accounting Standards Board.
ASB issues attestation interpretation to agreed-upon procedures engagements standard
A new AICPA Auditing Standards Board attestation interpretation provides guidance for third-party due-diligence services performed as agreed-upon procedures engagements related to asset-backed securitizations.
IRS asks for comments on proposed rules for high-cost health plans
The Affordable Care Act will impose a 40% excise tax on health care plans that provide excess benefits (so-called Cadillac health plans) starting in 2018. To prepare for its implementation, the IRS is asking taxpayers to comment on proposed rules.
Thousands receive incorrect health care tax forms; signup period extended
The government says it sent thousands of incorrect Forms 1095-A to taxpayers who signed up for health insurance on the HealthCare.gov website. It is working to correct those forms by early March.
Revenue recognition implementation concerns finance executives
A recent KPMG survey shows that 64% of U.S. companies are uncertain about the path they’ll take to adopt the new, converged revenue recognition standard. Also, regulation is cited as the top compliance concern for 51% of corporate finance executives.
Employers have more time to claim work opportunity tax credit
Qualifying employers must file a certification that the employee being hired is a member of a targeted group, no later than the 28th day after the employee begins work.
FASB, IASB to propose clarifying revenue recognition guidance
FASB and the IASB decided to propose clarifying certain areas of the converged revenue recognition standard that are causing implementation problems for some financial statement preparers.
Sec. 4980D excise tax relief is available for certain small employers
The IRS said that small employers will not be subject to the Sec. 4980D excise tax for health insurance employer payment plans that do not comply with the market reforms required under the health care law.
FASB issues targeted consolidation guidance changes
The Financial Accounting Standards Board issued a standard that is intended to make targeted improvements to consolidation guidance for certain legal entities.
Some ERM practices going stagnant, survey indicates
Senior finance executives say their organizations are often not in alignment about the need for structured enterprise risk management, a survey on behalf of the AICPA shows.
Employee consent to employment tax refunds could be obtained electronically
The IRS issued a proposed revenue procedure that would permit employers who file refund claims for overpaid Federal Insurance Contributions Act and Railroad Retirement Tax Act taxes to obtain their employees’ consent to the refund claims electronically.
Small businesses won’t have to file Form 3115 to comply with repair regs.
Small business taxpayers will be allowed to make certain accounting method changes under the tangible property (or “repair”) regulations without filing Form 3115, Application for Change in Accounting Method, the IRS announced.
FASB, AICPA working to clarify uncertain tax position guidance
The staffs of the Financial Accounting Standards Board and the AICPA will work together to clarify guidance for certain disclosures regarding uncertain tax positions.
FASB addresses income tax disclosures for undistributed foreign earnings
FASB has made tentative decisions on certain disclosures it plans to require related to income taxes, with a focus on undistributed foreign earnings. The board is attempting to simplify financial reporting by streamlining disclosures.
AICPA releases Q&A on effect of new mortality tables
The Society of Actuaries’ Retirement Plans Experience Committee released in 2014 its RP-2014 Mortality Tables Report, which includes new mortality tables developed for use by pension plans.
New conflict minerals guidance developed
New questions and answers developed by the AICPA Conflict Minerals Task Force provide nonauthoritative guidance to practitioners performing independent private-sector audit engagements of conflict minerals reports.
Features
SPONSORED REPORT
Get your clients ready for tax season
Help clients avoid surprises with year-end planning strategies for managing taxable income, maximizing deductions, and adjusting to OBBBA changes affecting individuals and businesses.
From The Tax Adviser
September 30, 2026
Navigating the QSBS rules in pass-through structures
September 30, 2026
Sec. 338(h)(10) elections in business acquisitions
August 31, 2026
