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February 13, 2015

FASB addresses income tax disclosures for undistributed foreign earnings

FASB has made tentative decisions on certain disclosures it plans to require related to income taxes, with a focus on undistributed foreign earnings. The board is attempting to simplify financial reporting by streamlining disclosures.

February 11, 2015

AICPA releases Q&A on effect of new mortality tables

The Society of Actuaries’ Retirement Plans Experience Committee released in 2014 its RP-2014 Mortality Tables Report, which includes new mortality tables developed for use by pension plans.

February 11, 2015

New conflict minerals guidance developed

New questions and answers developed by the AICPA Conflict Minerals Task Force provide nonauthoritative guidance to practitioners performing independent private-sector audit engagements of conflict minerals reports.

February 10, 2015

IASB proposal would clarify how entities classify a liability

An IASB proposal issued Tuesday is designed to improve presentation in financial statements by clarifying how entities classify debt, particularly when it is coming up for renewal.

February 9, 2015

SEC proposes requiring companies to disclose hedging policies for personnel

The proposal is designed to inform investors whether company personnel can receive incentive compensation through hedging even if the company performs poorly and the stock value drops.

February 6, 2015

COSO: Internal control a challenge with outsourced providers

Here’s how companies with outsourced service providers can meet the requirements of the updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

February 2, 2015

FASB proposes two changes to simplify accounting for income taxes

FASB proposed two standards changes that are designed to reduce complexity in accounting for income taxes.

February 1, 2015

Financial reporting

– The SEC is considering the merits of an informal proposal that would allow voluntary filing of supplemental material in financial statements by U.S. public companies, according to SEC Chief Accountant James Schnurr. U.S. GAAP would be retained as the required basis for financial statements under an idea Schnurr is

February 1, 2015

Decision-making quiz

Learn about your decision-making process with this short quiz.

February 1, 2015

5 ways to overcome confirmation bias

Following this five-step process can help auditors avoid a common psychological trap and the risk that they will overlook important contradictory evidence.

February 1, 2015

Evolving practice monitoring to improve quality in A&A engagements

A new vision for practice monitoring in the future aims to prevent quality issues in accounting, auditing, and attestation engagements. A new technological platform is being developed to provide more timely feedback to peer reviewers and firms.

February 1, 2015

I’m not biased, am I?

Five common judgment biases can have a negative impact on accounting and auditing decisions. Learn how to spot these biases, and take a short quiz to see how they can affect your judgment.

February 1, 2015

Lost and found

Gift cards are a source of convenience for customers and a source of revenue for companies. But accounting for gift cards can be inconvenient. Finance must pay attention in particular to the recognition of breakage income related to unredeemed amounts on cards.

January 27, 2015

Revenue recognition implementation: What are FASB’s plans?

FASB’s staff expects to report results of research on two key revenue recognition issues to the board in February—and plans to present feedback to the board early in the second quarter of 2015 on a possible delay in the standard’s effective date.

January 26, 2015

ASB issues auditing interpretations to SAS No. 126 on going concern

New auditing interpretations issued by the AICPA Auditing Standards Board are the result of a short-term initiative to address some of the effects of accounting standards on going concern.

January 26, 2015

Application of PCC exception addressed in not-for-profit panel Q&A

Nonauthoritative guidance developed by the AICPA Not-for-Profit Entities Expert Panel addresses how a for-profit subsidiary of a not-for-profit entity can apply a private company accounting alternative related to amortization of goodwill in its stand-alone financial statements.

January 13, 2015