Tax, accounting, auditing news - Journal of Accountancy

September 19, 2022

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.

September 16, 2022

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.

September 15, 2022

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.

September 14, 2022

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.”

September 13, 2022

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.

September 12, 2022

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.

September 9, 2022

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.

September 8, 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.

September 8, 2022

Student loan forgiveness: Advice from a CPA financial planner

Brianne C. Smith, a member of the AICPA Personal Finance Planning Executive Committee, discusses how she’s going beyond the headlines to help her clients maximize their savings.

September 7, 2022

SEC to auditors: Use care with Chinese engagements

Public audit firms must make sure issuers in China and Hong Kong will grant new lead auditors appropriate access to previous engagements, an SEC official warns.

September 6, 2022

FASAB issues updates to technical releases

Implementation guidance for leases is among the topics included in the Federal Accounting Standards Advisory Board’s updated technical releases.

September 2, 2022

4 ways to ‘break the bias’ and support women in your organization

Asking questions is a first step towards addressing the problem of gender inequity, says Tracey Walker of RSM US, who will share her experiences at this year’s AICPA & CIMA Women’s Global Leadership Summit.

September 1, 2022

Economic pessimism leads to drop in revenue and profit projections

Finance executives in business and industry are more pessimistic about their own businesses and the domestic and global economy, according to a quarterly US survey.

August 31, 2022

PCAOB releases review of 2021 inspections, looks forward to 2022 review

The board’s target team provides insights in four areas of focus to provide guidance for public company auditors and shape the PCAOB’s approach to future inspections.

August 30, 2022

Advice from an expert on cyber insurance coverage

Cybersecurity specialist Mike Foster shares common questions that insurance companies might ask when your company is applying for cyber insurance coverage and advice on how to address them.

August 29, 2022

AICPA recommends changing cryptoasset question

In a comment letter to the IRS, the AICPA recommended changes and clarifications regarding the tax treatment of cryptoassets or “virtual currency.”

August 29, 2022

Proposed revisions to the AICPA tax standards

The AICPA released proposed revisions to the SSTSs for public comment on Monday. The proposal includes new standards on data protection, reliance on tools, and representation of clients before taxing authorities.

August 29, 2022

A deeper dive into the Inflation Reduction Act’s tax provisions

Here’s an item-by-item review of the many tax provisions in the recently enacted Inflation Reduction Act, which creates a new corporate AMT and a host of energy tax credits.

August 26, 2022

PCAOB, China sign agreement opening door for inspections

The Statement of Protocol allows the PCAOB access to inspect Chinese companies the same way it does in other countries. The PCAOB said it plans to put the agreement “to the test” by mid-September.

August 25, 2022

AICPA disputes ‘misleading’ claims on new IRS funding, calls for service improvements

Despite “confusion and misinformation” about the Inflation Reduction Act’s allocations, concerns continue about the funding levels for taxpayer service, the AICPA’s president and CEO said.

FROM THIS MONTH'S ISSUE

4 ways solo practitioners can stand out

Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.