Here are the answers to the 2014 JofA news quiz.
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Take the 2014 JofA news quiz
Take this 12-question, 2014 Journal of Accountancy quiz to make sure you are up-to-date on news in the profession from the past year.
President signs tax extenders into law
President Barack Obama signed into law the Tax Increase Prevention Act of 2014, which retroactively extends more than 50 expired tax provisions through 2014.
U.S. GAAP taxonomy for 2015 available
The 2015 U.S. GAAP Financial Reporting Taxonomy is available, pending SEC approval, FASB announced.
IASB issues amendments, exposure draft related to more streamlined disclosures
The amendments are designed to give preparers the ability to use professional judgment when preparing financial statements.
New law creates tax-favored savings accounts for disabled taxpayers
The tax extenders legislation passed on Tuesday includes a provision allowing states to create tax-favored accounts to allow disabled taxpayers to save money to pay for their disability-related expenses.
Congress passes tax extender legislation
Included in the extended provisions are the research and development credit, bonus depreciation and higher limits under Sec. 179. The bill now goes to the president for his signature.
Survey: Financial planning services help firms retain clients, increase revenue
Adding personal financial planning (PFP) services can help a CPA firm attract and retain clients and increase its revenue, the AICPA’s recent Economic Benefit of PFP Services survey found.
Evolving practice monitoring to improve quality in A&A engagements
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.
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.
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