FASB issued a proposed Accounting Standards Update that would improve the disclosures about a public entity’s reportable segments and address requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses.
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Distinguish yourself: 10 questions to impress your interviewer
That upcoming job interview works two ways. When it’s your turn to interview the interviewer, distinguish yourself using these 10 questions suggested by career experts.
R&D credit claim transition period extended
Taxpayers now have until Jan. 10, 2024, to supply missing information within 45 days of submitting a Sec. 41 research and development credit refund claim under new requirements.
FASB updates reporting standard for supplier finance programs
The Accounting Standards Update (ASU) enhances transparency required from buyer companies. Most of the ASU is effective for fiscal years beginning after Dec. 15, 2022.
IRS raises per diem standard rates for business travel
Under Notice 2022-44, the high-low method rates will be slightly higher and the list of high-cost localities in the continental United States is revised, both effective Oct. 1.
PCAOB seeks comments on interim attestation standards
The PCAOB issued a staff request for information and comment on the application and use of the board’s interim attestation standards.
AICPA again critiques new IRS requirements for R&D credits
In a second letter, the AICPA takes issue with broad new documentation requirements for refund claims involving the Sec. 41 credit, outlined in an IRS memo in fall 2021.
Penalty relief deadline fast approaches for 2019, 2020 tax returns
Taxpayers must file by Sept. 30 to qualify for late-filing penalty relief from the IRS.
AICPA apprenticeship program receives grant from Maryland Department of Labor
The first-of-its-kind Registered Apprenticeship for Finance Business Partners is set to launch in Maryland.
CFO optimism is declining as cost concerns rise
US CFOs have grown more pessimistic about the economy — thanks to increasing costs of goods and services, increasing energy costs, and supply chain challenges — according to a quarterly survey by Grant Thornton.
Stretching retirement dollars by living abroad
Practical tips could help retirees make the most of their money in a place with a substantially lower cost of living.
CPA email closings: Go pro or add a personal touch?
Accounting professionals discuss the importance of email as a communication tool and the need to think about how their emails — including the closings — reflect on their and their firms’ professionalism. They say the messages should also consider the nature of the relationship they have with the other person.
FASAB seeks comments on proposal related to reimbursable work agreements
The FASAB released an exposure draft technical bulletin, Intragovernmental Leasehold Reimbursable Work Agreements, which is intended to further explain and address accounting issues not directly covered under Statement of Federal Financial Accounting Standards 54, Leases, and other relevant statements.
AICPA seeks feedback on accounting and valuation guide
The AICPA’s Financial Reporting Executive Committee issued a working draft of the AICPA Accounting and Valuation Guide, Business Combinations, which would provide guidance and illustrations regarding the accounting and valuation considerations for business combination transactions.
Financial planning impacts of the Inflation Reduction Act
The recently passed legislation ultimately will help with one of the biggest wild cards of retirement — health care planning — but immediate updates to financial plans are likely not needed.
SEC proposes new regulations for US Treasury market clearinghouses
SEC Chair Gary Gensler says that proposed changes to the Exchange Act Rule of 1975 would “reduce risk across a vital part of our capital markets.”
CAQ increases diversity efforts with new initiative
The CAQ announced a strategic education initiative intended to expose students to careers in accounting, attract greater diversity and representation within the profession, and address barriers to entry from underrepresented and underserved groups.
Significant risk revised: Concept changes under SAS No. 145
SAS No. 145 revises the definition of significant risk. The revisions alter how you conduct elements of your risk assessments. Get the updated information you need and be ready for your 2023 audits.
AICPA asks IRS to expand penalty relief
The AICPA, in a letter to the IRS, urged the Service to expand the relief under Notice 2022-36 to include several other Code sections and forms and to extend the deadline for requesting relief to Dec. 31, 2022.
SEC chair seeks increased regulation of cryptoassets
SEC Chair Gary Gensler calls for cryptoasset entities to register under current securities laws and suggests that more legislation to support regulation could be on the way.
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