The coronavirus (COVID-19) pandemic has forced many organizations to either shut down temporarily or operate remotely. This shift to remote work will likely persist into…
FASB News Commenters Press Dire Need for Crypto Accounting Rules FASB should develop an accounting framework to address cryptocurrencies because the value of such assets…
The coronavirus (COVID-19) pandemic has reminded CPAs that the world is risky, volatile, and uncertain. Some risk experts contend that the world has been this…
PCAOB News SEC Removes PCAOB Chairman Duhnke, Seeks to Fill All Board Member Positions The SEC said that William Duhnke was “removed” as chairman of…
ICYMI | Pandemic Payroll
How a Permanent Remote Workforce Will Affect Taxes
Most businesses throughout the United States have introduced or expanded their work-from-home policies in the wake of the coronavirus (COVID-19) pandemic, forcing companies to adjust…
Charitable Contribution Benefits Extended by the Consolidated Appropriations Act
Private Foundations May Benefit
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed in March 2020, temporarily removed the adjusted gross income (AGI) limitation on the deduction of…
FASB News Business Combination Rule Could Change FASB is examining whether to change the rules regarding accounting for business combinations with respect to the subsequent…
The $1.9 trillion American Rescue Plan Act (ARPA) of 2021 (PL 117-2) was signed into law on March 11, 2021. The wide-ranging law contains many…
The $1.9 trillion American Rescue Plan Act (ARPA) of 2021 (PL 117-2) was signed into law on March 11, 2021. The wide-ranging law contains many…
FASB News More Tweaks Coming to Credit Loss Accounting Rules? FASB could decide at a future meeting on whether to tweak credit loss accounting rules…
FASB News Congress Presses FASB to Tackle Accounting for Cryptocurrencies A bipartisan congressional group has asked FASB to establish accounting standards for digital assets such…
ICYMI | A First Look at the American Rescue Plan Act of 2021
Provisions Affecting Individual Taxpayers
On March 11, 2021, President Biden signed into law H.R. 1319, the American Rescue Plan Act of 2021 (ARPA). In the midst of the coronavirus…
FASB News Webcast on New Accounting for Gifts-in-Kind Announced Accountants and others that work with charities and other not-for-profit organizations can now register for a…
When people reach a certain age, a questioning of purpose and direction often happens. Although the entertainment media often satirizes such events, the opportunity to…
FASB News Final Accounting Rules Related to Share Option Awards Being Drafted On April 20, the Private Company Council (PCC) tentatively voted to draft final…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Pandemic Perceptions
Accounting Firms’ Organizational Support during COVID-19
The onset of the coronavirus (COVID-19) pandemic forced many CPA firms to mandate work-from-home arrangements for their employees. How has this sudden shift in the…
FASB News Roundtable on Credit Loss Accounting Rules Set for May 20 FASB has announced it will host a virtual roundtable next month on the…
Time-sensitive circumstances make estate and insurance planning in 2021 an important consideration. The three major factors that will influence planning in the coming months are…
FASB News Chief Accountants Caution Against Tinkering with Statement of Cash Flows Finance chiefs at some of the nation’s largest companies told FASB that the…
A Corporate Governance Anomaly
Requiring Outside Auditors to Disclose CAMs May Have Unintended Consequences
Generally accepted audit standards (GAAS) require an auditor to communicate significant findings from the audit to those charged with governance in the entity being audited,…
FASB News Special Meeting on Board’s Five-Year Agenda The Financial Accounting Standards Advisory Council (FASAC), the FASB’s main advisory body, held a special session on…
CPA firms found themselves, as all businesses had over the past year, facing the chaotic economic landscape created by the coronavirus (COVID-19) pandemic. Just as…
FASB News ‘Last-of-Layer’ Hedging Renamed, Expanded Model Proposed FASB said it changed the name “last-of-layer” to the “portfolio layer” hedging method, and will propose expanding…
The Consolidated Appropriations Act of 2021 (CAA) (P.L. 116-260) funds the government for its fiscal year ending September 30, 2021, and makes major tax changes…
FASB News Companies Say Proposal on Acquired Revenue Earning Contracts Would Ease Accounting Costs T-Mobile US Inc., Cisco Systems Inc., IBM Corp., Pfizer Inc., and…
The Consolidated Appropriations Act of 2021 (CAA) (H.R. 133), which has become notorious for its length of 5,593 pages, funds the government for its fiscal…
A First Look at the American Rescue Plan Act of 2021
Provisions Affecting Individual Taxpayers
On March 11, 2021, President Biden signed into law H.R. 1319, the American Rescue Plan Act of 2021 (ARPA). In the midst of the coronavirus…
FASB News EITF Limits Scope of Proposal on Forwards, Options FASB should limit the scope of an October 2020 proposal to freestanding equity-classified written call…
FASB News Segment Reporting Discussions Continue On March 10, FASB discussed segment reporting issues, work that ultimately could provide investors with more useful disclosures about…