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11 suggestions for making corporate disclosures more effective

Better search and visualization capabilities, more discussion of company strategy, and ranking of risk factors would make corporate financial reporting more useful to investors, according to a report released Thursday. Prepared with the help of a broad spectrum of experts, the report provides recommendations for improving the effectiveness of corporate

How to take a forward-looking approach to cybersecurity

Although many companies are seeing cybersecurity threats rise, many lack the resources to handle these risks, a new global survey shows. Two-thirds (67%) of organizations report facing rising threats in their information security risk environment, according to EY’s Global Information Security Survey, which polled 1,825 organizations in 60 countries. More

Filing season complications loom, IRS commissioner tells AICPA

The 2015 tax filing season “will be one of the most complicated filing seasons we’ve ever had,” IRS Commissioner John Koskinen said in a keynote address Tuesday to hundreds of attendees at the AICPA National Tax Conference in Washington. He also held out hope of penalty relief for taxpayers affected

Data security, regulation spark investor confidence in US stock exchanges

Data security and regulatory oversight are the top factors contributing to rising investor confidence in U.S. stock exchanges, according to a Center for Audit Quality (CAQ) pulse poll released Tuesday. Seventy percent of investors responding to the CAQ’s 2014 Main Street Investor Survey, which was released Oct. 9, said they

2014 MAP survey: Firms experience growth, stock up on cash

U.S. accounting firms are storing up equity as they prepare for a number of financial challenges over the next few years. That’s one of the findings of the 2014 National Management of an Accounting Practice (MAP) Survey, released Monday by the AICPA Private Companies Practice Section (PCPS) and the Texas

GASB proposes disclosures for tax abatements by governments

State and local government financial statements would be required to reflect agreements that state and local governments make to attract businesses to their areas under new accounting rules GASB proposed Friday. In an effort to stimulate economic development, governments often agree to abate or reduce the taxes of businesses and

2015 inflation-adjusted items and tax tables issued

The IRS issued the annual inflation adjustments for 2015 for more than 40 tax provisions as well as the 2015 tax rate tables for individuals and estates and trusts (Rev. Proc. 2014-61). Among the inflation-adjusted amounts that have increased are the personal exemption, which increases from $3,950 in 2014 to

District court dismisses AICPA lawsuit against IRS

The U.S. District Court for the District of Columbia issued a memorandum opinion dismissing the AICPA’s lawsuit against the IRS seeking to halt the IRS’s Annual Filing Season Program for tax return preparers (AICPA v. IRS, No. 14-1190 (JEB) (D.D.C. 10/27/14)). The AICPA’s complaint, filed in July, had asked the

How SSARS No. 21 became a standard

It took years of deliberation and professionwide collaboration to produce Statement on Standards for Accounting and Review Services (SSARS) No. 21. Here’s how the AICPA Accounting and Review Services Committee (ARSC) developed the standard, which was issued Oct. 23: Initial exposure draft On June 29, 2012, ARSC initially exposed for

Defined contribution plans can offer deferred annuities to older participants

Under guidance released on Friday, qualified defined contribution plans will be allowed to provide lifetime income to plan participants by offering funds including deferred annuities among their assets, even if some of the funds are available only to older plan participants (Notice 2014-66). In the notice, the IRS explained how

Social Security Administration announces 2015 wage base

On Wednesday, the Social Security Administration (SSA) announced that the wage base above which taxes for old age, survivors, and disability insurance (OASDI) are not due will increase from $117,000 to $118,500 in 2015. The new rate means employees will pay a maximum of $7,347 of OASDI in 2015, with

Pension plan limitations are increased for inflation

Taxpayers will be allowed to contribute more money to their retirement savings in 2015 under new pension plan limits announced by the IRS on Thursday. The IRS annually adjusts the limitations on pension plan contributions in cases where cost-of-living increases meet the statutory requirements for inflation adjustment. A list of

Standards revised for reviews, compilations, engagements to prepare financial statements

Clarified and revised standards for compilations and engagements to prepare financial statements released Thursday create a bright line between accounting (preparation) and reporting (compilation) services. The AICPA Accounting and Review Services Committee (ARSC) released Statement on Standards for Accounting and Review Services (SSARS) No. 21, which contains significant changes for

When does Section 70 of SSARS No. 21 apply?

Section 70, Preparation of Financial Statements, of Statement on Standards for Accounting and Review Services No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification, applies when an accountant in public practice is engaged to prepare financial statements. The following table provides examples of services that the

Global Management Accounting Principles seek to guide better benchmarking, decision-making

Effective management accounting practices can improve decision-making in organizations, which need sound fundamentals but also speed when trying to decide which strategic paths to follow. In short, organizations need principles that can be applied to help produce favorable outcomes. The Global Management Accounting Principles, released Wednesday, represent the first set

Reducing unnecessary complexity remains a key focus of FASB

Taking unnecessary cost and complexity out of the U.S. financial reporting system has been a primary objective for Russell Golden since he became FASB’s chairman in July 2013. FASB plans to continue its efforts to reduce complexity—while maintaining usefulness of reporting to financial statement users—in the coming years, Golden said

COSO’s ERM framework to undergo update

A well-known framework for risk management is scheduled for another update. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced Tuesday that it is undertaking a project to update its Enterprise Risk Management—Integrated Framework, which debuted in 2004. Organizations use the framework to help them manage uncertainty, consider

Examine clichés in approach to innovation

Spot-and-react strategies are better than no strategies at all, but organizations should have a “rebellious instinct for change” in approaching innovation, entrepreneurship expert Luke Williams said. Williams, speaking Monday at the AICPA’s fall Council meeting in Boston, said entities should challenge their common practices in order to be leaders in

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