In a new concept of practice monitoring the AICPA envisions for the future, peer reviewers and firms will use a new technology platform to enable more thorough analysis and provide more timely feedback for accounting, auditing and attestation engagements.
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U.S. board members cite challenges in revenue recognition implementation
Updating systems and policies and revising contracts with customers were cited by U.S. public company board members as the top challenges to implementing revenue recognition, according to a survey by accounting and consulting firm BDO.
Final rules govern reporting of specified foreign financial assets
Final regulations issued on Thursday explain how taxpayers whose specified foreign financial assets are great enough to trigger the Sec. 6038D reporting requirement can comply with the rules.
Standard mileage rates will change slightly in 2015
The IRS issued the standard mileage rates for business use of an automobile, and for driving for medical or moving purposes, for 2015.
Keep pushing forward on revenue recognition implementation, experts say
Companies should continue their work to implement the new revenue recognition standard despite the potential that FASB may defer its effective date, experts said at the AICPA Conference on Current SEC and PCAOB Developments.
FASB considering revenue recognition delay to reduce uncertainty
The Financial Accounting Standards Board is researching revenue recognition accounting issues that may challenge companies—and may lead to a delay in the effective date of the new standard.
SEC will seek comments on new possibility for voluntary IFRS adoption
The SEC is considering the merits of an informal proposal that would allow voluntary filing of supplemental material in financial statements by U.S. public companies, according to SEC Chief Accountant James Schnurr.
SEC official: PCAOB’s standard setting too slow
The PCAOB’s pace of developing auditing standards is too slow, SEC Chief Accountant James Schnurr said. He plans reviews of the process in hopes of speeding it up.
Do preparers have answers to revenue recognition questions?
Financial statement preparers have questions about the new revenue recognition standard that may make a delay in the implementation date appropriate, SEC Chief Accountant James Schnurr said.
7 risk areas for the 2014 audit cycle
Revenue recognition and internal control over financial reporting are among the key risk factors in the 2014 audit cycle, according to an alert by the Center for Audit Quality (CAQ). The alert details seven key areas of potential risk in auditors’ work.
FAF, FASB, and GASB release draft strategic plan
The Financial Accounting Foundation, the Financial Accounting Standards Board, and the Governmental Accounting Standards Board released a new joint strategic plan that spells out the organizations’ vision and mission.
U.S. economy on a roll, according to survey of finance executives
Economic optimism is up from a year ago, led by brighter projections in revenue, profits, and hiring, according to the latest quarterly survey of finance executives in business and industry by the AICPA. Availability of skilled personnel is a rising concern.
What to consider when hiring an employee benefit plan auditor
Employee benefit plan administrators have a lot to consider when hiring a financial statement auditor. Here’s what to look for when seeking a firm for this important service.
What do public companies disclose about auditor relationships?
Proxy reports filed by U.S. public companies often discuss how nonaudit services may affect independence, according to a new report. But other elements of relationships with auditors are disclosed less often.
PCAOB may soon require naming of engagement partner
PCAOB Chairman James Doty hopes the board will complete a standard early next year that will require the naming of the engagement partner and other firms participating in U.S. public company audits.
Minimum essential coverage, other health care reform guidance issued
The IRS issued final regulations and other guidance on how to determine whether taxpayers have minimum essential health care coverage and listing hardship exemptions for purposes of the individual mandate.
Rules updated for transit fare smart cards and qualified transportation fringe benefits
The Internal Revenue Service issued new rules on the tax treatment of smart cards and debit cards used to purchase transportation for employees.
GASB gives preliminary views on leases, fiduciary responsibilities
The Governmental Accounting Standards Board issued “Preliminary Views” statements proposing changes for the way state and local governments account for leases—and for activities in which they have a fiduciary responsibility.
Alert focuses on independence rules for auditors of certain nonissuers
The Center for Audit Quality (CAQ) and the AICPA on Wednesday issued a joint alert to provide audit firms with an overview of SEC and PCAOB independence rules that apply to financial statement audit and attestation engagements for certain nonissuers. The alert is intended for auditors of: SEC-registered, nonissuer broker-dealers;
GASB member gets vice chair position
GASB member Jan Sylvis has been named the board’s vice chair, a position that existed early in GASB’s history but recently was retired. The appointment, which takes effect Jan. 1, was announced Wednesday by the board of trustees of the Financial Accounting Foundation (FAF), which oversees GASB and FASB. FAF
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Clean data faster using Excel’s REGEX functions
Excel’s REGEX functions provide a simpler, flexible solution to text-cleaning tasks, reducing the need to combine multiple functions when cleaning imported data. This JofA Technology Q&A article shows the way with step-by-step instructions and a video walkthrough.
From The Tax Adviser
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Current developments in S corporations
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