Non-GAAP measures in public company reporting continue to be scrutinized carefully by SEC staff, according to information presented at the AICPA & CIMA Conference on Current SEC and PCAOB Developments.
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Early sunset of the employee retention credit gets penalty relief
The IRS describes how employers may avoid failure-to-pay and failure-to-deposit penalties for ERC claimed or anticipated in the fourth quarter but eliminated by the Infrastructure Act.
AICPA tax advocacy gets results in 2021
The AICPA Tax Policy and Advocacy group worked with the AICPA Congressional Affairs group to represent the interests of practitioners and the public.
Revenue recognition: Tips for challenging circumstances
Certain issues related to revenue recognition are causing enough application problems that the Financial Accounting Standards Board may choose to adjust the standard. But in the meantime, financial statement preparers need to apply the current rules correctly.
What auditors need to know about ESG issues
Regulators and standard setters are making ESG disclosures a bigger area of emphasis. But even current standards require ESG-related risks to be considered, and auditors need to know how to audit this information.
3 key points from the new ‘gold rush’ for intellectual property
Navigating complex deals in rapidly changing markets is a high-pressure challenge. Due diligence remains essential, and it may need to be conducted in a compressed time frame.
SEC increases scrutiny of issuers whose auditors aren’t PCAOB-inspected
The SEC issued rules that create new disclosure requirements for companies that issue public securities in the US but are audited by firms that are not subject to inspection by the PCAOB.
Finance experts’ outlook softens amid supply chain, labor challenges
The CPA Outlook Index dipped slightly but remained in positive territory.
E-signing for forms, tax compliance documents extended
Temporary pandemic-related procedures are reauthorized through October 2023 for certain paper returns and forms and documents in exams and similar taxpayer interactions.
Revenue, SPACs, and LIBOR pose year-end accounting challenges
Some new and complex accounting issues are facing financial statement preparers as 2021 draws to a close.
FASAB clarifies federal accounting rules for debt cancellation
Debt cancellation is a nonexchange activity that should be reported by federal entities on the statement of changes in net position, according to an interpretation issued by FASAB.
Spring-loaded awards merit accounting scrutiny, SEC staff says
“Spring-loaded” awards are share-based compensation that companies award to executives shortly before announcing market-moving information. The SEC staff says that when measuring compensation, companies must consider the impact that the information will have upon release.
Commemorating 100 years of Black CPAs and looking forward
The Black CPA Centennial celebration highlighted the inspiring stories of Black CPAs who broke through barriers and paved a path for others to join the accounting profession. Against the backdrop of the commemoration, work continues to be needed to improve recruiting, retention, and advancement of Black CPAs.
IRS official: New R&D credit documentation applies to amended returns
The deputy commissioner of the IRS Large Business and International Division hears AICPA tax committee’s feedback on new requirements.
Automatic extension for furnishing health coverage statements proposed
Proposed regulations would permanently allow an automatic extension for furnishing health care Forms 1095-B and 1095-C and would also specify that Medicaid services to test for and diagnose COVID-19 are not “minimum essential coverage.”
FASB reconsiders accounting for troubled debt restructuring by creditors
FASB’s accounting guidance for troubled debt restructuring by creditors would be eliminated for organizations that have adopted its credit losses standard, under a proposal the board issued Tuesday.
6 lessons from audit experts who adopted AI early
Machine learning is within reach for many audit firms.
SBA clarifies COVID-19 EIDL application deadlines
The US SBA provided updated guidance Friday on various COVID-19 Economic Injury Disaster Loan program application deadlines.
AICPA, NASBA publish revised CPA Evolution Model Curriculum
In response to feedback, the AICPA and the National Association of State Boards of Accountancy on Friday updated the curriculum resource that was launched in June to help faculty align their programs with the new Core + Disciplines licensure model created by the CPA Evolution initiative.
Tax provisions in the Build Back Better act
The Build Back Better Act contains a large number of tax provisions, ranging from an extension of the advance child tax credit, to a wide variety of green energy tax incentives, and a minimum tax on corporations.
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