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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

No more extraordinary items: FASB simplifies GAAP

A new standard issued by FASB is designed to save time and reduce costs for preparers by eliminating the concept of extraordinary items from GAAP.

January 9, 2015

PCAOB to seek comments on going concern

The project is responding to new FASB requirements for management’s evaluation of going concern.

January 1, 2015

GASB pension changes: Are you ready?

GASB Statements No. 67 and No. 68 have created significant changes in pension accounting for state and local governments that affect financial statement preparers and auditors.

January 1, 2015

Financial reporting

Taking unnecessary cost and complexity out of the U.S. financial reporting system has been a primary objective for Russell Golden since he became FASB’s chairman in July 2013.

December 23, 2014

FASB issues private company alternative for certain intangible assets

A GAAP alternative issued by FASB gives private companies the option to elect not to recognize separately from goodwill certain intangible assets acquired in a business combination.

December 18, 2014

U.S. GAAP taxonomy for 2015 available

The 2015 U.S. GAAP Financial Reporting Taxonomy is available, pending SEC approval, FASB announced.

December 18, 2014

IASB issues amendments, exposure draft related to more streamlined disclosures

The amendments are designed to give preparers the ability to use professional judgment when preparing financial statements.

December 12, 2014

U.S. board members cite challenges in revenue recognition implementation

Updating systems and policies and revising contracts with customers were cited by U.S. public company board members as the top challenges to implementing revenue recognition, according to a survey by accounting and consulting firm BDO.

December 10, 2014

Keep pushing forward on revenue recognition implementation, experts say

Companies should continue their work to implement the new revenue recognition standard despite the potential that FASB may defer its effective date, experts said at the AICPA Conference on Current SEC and PCAOB Developments.

FROM THIS MONTH'S ISSUE

Tax-efficient drawdown strategies in retirement

Want to stretch retirement funds and avoid tax pitfalls? This article shares tips and models for smarter drawdown strategies that maximize after-tax wealth, manage Social Security and Medicare impacts, and minimize surprises. Also see: Tax season preview and quick guide.