Tax, accounting, auditing news - Journal of Accountancy

December 16, 2020

Quiz: Are you prepared to audit fraud risk during a pandemic?

With so many organizations financially affected by the COVID-19 pandemic and making an abrupt shift to remote working, there’s a perfect storm for increased fraud in financial statements. Take this quiz to see if you know your responsibilities for auditing fraud risks in your engagements.

December 15, 2020

Temporary e-signature authorization for IRS forms extended

The IRS announced that it was extending taxpayers’ ability to file a number of forms using electronic signatures due to the pandemic. The limited relief extends the authorization through June 30, 2021.

December 15, 2020

FASB addresses revenue contracts with customers acquired in a business combination

FASB proposed a standard that is intended to drive consistency in accounting for revenue contracts with customers acquired in a business combination.

December 15, 2020

FAQs on SOC 2 and SOC 3 engagements issued by AICPA staff

The AICPA staff has posted new FAQ guidance on issues related to System and Organization Controls 2 and 3 (SOC 2 and SOC 3) engagements.

December 11, 2020

Some teleworkers could be hit with surprise tax bills

With many workers unaware of the implications when remote work crosses state lines, CPAs may face frustration and confusion in clients.

December 10, 2020

Final rules govern disallowed transportation fringe benefits

The IRS finalized proposed rules on the disallowance of deductions for transportation fringe benefits, which was enacted by the law known as the Tax Cuts and Jobs Act.

December 10, 2020

Q&A: FASAB reaches milestone amid pandemic

After celebrating its 30th anniversary, the Federal Accounting Standards Advisory Board is continuing to move forward in its mission to deliver transparency in federal accounting, says board Chair George Scott, CPA, CGMA.

December 10, 2020

What to know about holiday travel policies during COVID-19

Firms share the approaches they are using to keep employees safe, and HR experts advise firms to stay current with their state’s guidance, know their rights as employers and communicate policies clearly to staff.

December 10, 2020

US finance leaders wary as pandemic impacts continue

Optimism is higher than in the third quarter, but plenty of obstacles remain, according to the AICPA’s quarterly economic outlook.

December 9, 2020

Tips for auditing in a COVID-19 environment

The coronavirus pandemic has dramatically disrupted the focus and procedures involved in many audits. These tips provide best practices, fraud considerations and new procedures practitioners may wish to use.

December 9, 2020

Assessing audit risks during the pandemic

The coronavirus pandemic has caused the risks of material misstatement and fraud to change substantially for many audit clients. Here’s how practitioners can continue delivering high-quality audits in this environment.

December 9, 2020

New attestation standard clarifies work effort of review engagements

The limited assurance obtained by a practitioner in a review engagement is clarified in a standard issued by the AICPA Auditing Standards Board.

December 8, 2020

Several tax provisions set to expire at end of 2020

Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified tuition and related expenses.

December 8, 2020

FASB to seek input on its standard-setting agenda

FASB will undergo a comprehensive project starting this month to determine its future standard-setting priorities, FASB Chair Richard Jones said at the AICPA Conference on Current SEC and PCAOB Developments.

December 8, 2020

IRS finalizes qualified plan loan rollover rules

The IRS finalized proposed regulations on the qualified plan loan rollover rules amended by the law known as the Tax Cuts and Jobs Act with just one change in response to a comment.

December 8, 2020

New Form W-4 slow to gain traction with taxpayers

Only 26% of taxpayers have changed their withholding since Form W-4 was revised in 2019, an AICPA survey found.

December 8, 2020

Why the best critical audit matter disclosures use entity-specific info

Critical audit matters have more value when they provide entity-specific language and avoid boilerplate, experts say.

December 7, 2020

PCAOB changes 2021 inspection focus areas as a result of COVID-19

PCAOB inspectors will focus more in 2021 on industries and audit areas that have experienced disruption as a result of the coronavirus pandemic. Inspectors also will try to become more unpredictable in the audits and areas they examine.

December 7, 2020

Internal control focus critical as a result of pandemic changes

The coronavirus pandemic has led to changes in operations that require increased attention to internal controls, Securities and Exchange Commission staff said at the AICPA Conference on Current SEC and PCAOB Developments.

December 7, 2020

Emergence through fresh-start reporting

As an entity moves through the bankruptcy process, it must meet certain criteria to qualify, upon emergence, for fresh-start reporting under FASB ASC Topic 852, Reorganizations.