FASB News Electric Sector Says Lease Accounting Rule Causing Losses to Profitable Contracts The Edison Electric Institute (EEI), a group that represents U.S. investor-owned electric…
CPAJ News Briefs
FASB, PCAOB News
FASB News FASB Issues New Rules to Simplify and Reduce Cost of Accounting for Income Taxes U.S. accounting rulemakers have issued a new accounting standard…
CPAJ News Briefs
PCAOB, IASB, FASB News
PCAOB News Initial Observations of Critical Audit Matters Auditors of large public companies this year have begun including critical audit matters (CAM) in their audit…
CPAJ News Briefs
PCAOB, FASB News
PCAOB News PCAOB to Vote on Concept Release on Quality Control Standards On December 17, the PCAOB will consider publishing a concept release to solicit…
Sales Allocation Methods
Cost of Performance vs. Market-Based Sourcing
Companies that need to allocate their income or loss among the various states they do business in, whether they perform services or sell or license…
CPAJ News Briefs
IASB, FASB News
IASB News Development of International Accounting Rules for Cryptoassets Stifled by Lack of Stability, Readiness IASB has said that because of insufficient use, stability, and…
IASB News Investors Advise Insurers to Quicken Adoption of New Insurance Accounting Rules Insurance companies need to get on with implementing the IASB’s new accounting…
CPAJ News Briefs
FASB, IAASB News
FASB News Golden: Profession’s Leaders Need to Embrace Change, Think Differently Leaders in the accounting profession need to remain proactive in thinking about potential future…
CPAJ News Briefs
FASB, PCAOB News
FASB News Golden Says Next Wave of Questions on Revenue Recognition Is Coming FASB Chairman Russell Golden has said the board is bracing for another…
FASB News FASB Begins Deliberations on Gifts in Kind FASB began discussions on November 6 to develop presentation and disclosure rules for gifts in kind,…
Reflections on the Career of Donald T. Nicolaisen
Speak Softly with Great Impact
In June the profession lost one of its most important figures, Don Nicolaisen. For many of us who knew, respected, and admired Don, it was…
CPAJ News Briefs
AICPA, IASB, FASB, PCAOB News
AICPA News AICPA Updates Interpretive Guidance for PCAOB’s Critical Audit Matters On October 23, the AICPA said it has updated interpretive guidance related to the…
CPAJ News Briefs
FASB News
FASB News Standards Setters Make Tough Decision on Credit Loss Rules FASB voted on October 16 to finalize an August proposal that delays its credit…
CPAJ News Briefs
FASB News
FASB News Joint FASB/GASB Webcast to Explain Nonprofit and Governmental Accounting Rules FASB and the GASB are holding a joint webcast on November 1 providing…
CPAJ News Briefs
GASB, FASB, IASB News
GASB News GASB Proposes Reporting Changes to Ease Effects of Rate Reform State and local governments can comment on a GASB proposal that aims to…
CPAJ News Briefs
FASB News
FASB News FASB Rejects Request to Delay Credit Loss Rules, Votes to Finalize Changes On September 18, FASB unanimously voted against delaying the effective date…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
We enjoyed reading Catherine R. Allen and David M. Nair's article in the March 2019 The CPA Journal, “Disclosure of Noncompliance with Laws and Regulations: What Whistleblower…
CPAJ News Briefs
FASB, AICPA News
FASB News FASB Issues Proposed Taxonomy Changes to Reflect Reference Rate Reform FASB has proposed changes to the 2020 U.S. GAAP financial reporting taxonomy to…
CPAJ News Briefs
FASB News
FASB News FASB Votes to Finalize Proposal Simplifying Income Tax Accounting Rules On September 4, FASB voted unanimously to finalize its proposed rules that would…
Estates can be in shambles for years over medical bills, especially when the bills start to surpass an average yearly household income and coverage requires…
CPAJ News Briefs:
FASB, AICPA, GASB
FASB News FASB Hints at Future Hedge Accounting Overhaul A recent FASB discussion about hedge accounting rules has raised speculation that the board might consider…
The Statement of Cash Flows Turns 30
Common Reporting Deficiencies and Recent Changes
This past year marked the 30th anniversary of the statement of cash flows as a required financial statement. FASB's efforts in developing the then-new standard…
CPAJ News Briefs
FASB, AICPA, PCAOB News
FASB News FASB Proposes Historic Change to Effective Dates Philosophy FASB has proposed a change to its philosophy for establishing effective dates for major new…
CPAJ News Briefs
IASB, FASB, AICPA News
IASB News Conference to Focus on Future Accounting Rules This year’s World Standard-setters Conference—the meeting of accounting rulemakers from various nations that use IFRS—will hold…
CPAJ News Briefs
IASB, PCAOB News
IASB News Joint Discussion on Future of Financial Reporting IASB Chairman Hans Hoogervorst and FASB Chairman Russell Golden will participate in a panel discussion, being…
The Once and Future Worker
A Vision for the Renewal of Work in America
The Once and Future Worker by Oren Cass will be of interest to CPAs on at least three important fronts. First, in running CPA firms, a…
CPAJ News Briefs
FASB, AICPA News
FASB News Recognition of Acquired Liabilities in Customer Contracts Moved to Research Agenda On July 31, FASB removed a project from the Emerging Issues Task…
Changing the Conversation
Redefining How Companies Engage Investors on Sustainability
In 2010, when Ceres released The Ceres Roadmap for Sustainability (https://www.ceres.org/roadmap), sustainable business leaders were easily identified and few in number. Now it is commonplace to find…
CPAJ News Briefs
FASB, PCAOB, AICPA News
FASB News Simplifications to Share-based Payments and Debt Accounting Considered Standards setters plan to tweak narrow areas of the stock compensation and debt accounting guidance,…