FASB News Roundtable on Credit Losses Standard Set FASB plans to hold a public roundtable on January 28 for banks, auditors, investors, and regulators to…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
CPAJ News Briefs
FASB, AICPA, PCAOB News
FASB News No Standards Setting Action Expected on Cryptocurrencies While digital currencies such as Bitcoin may generate headlines, companies do not use them enough to…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
CPAJ News Briefs
FASB/AICPA News
FASB News FASB to Debate Car Lender Concerns on Credit Loss Standard At its November 14 meeting, FASB will consider the concerns that underwriters of…
CPAJ News Briefs
IASB/AICPA News
IASB News Insurance Standard May Face Two-Year Delay The IASB is ready to debate delaying the effective date of its insurance accounting standard when it…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
SEC Chief Accountant Wesley Bricker addressed the importance of objective financial reporting and the role of accountants and auditors in his speech before the Baruch…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
CPAJ News Briefs
FASB/IASB/AICPA News
FASB News FASB to Study Cost of Options in Accounting Standards To help auditors and companies save money, FASB often gives private companies the option…
SEC Chief Accountant Wesley Bricker addressed the importance of objective financial reporting and the role of accountants and auditors in his speech before the Baruch…
Is the ABV Credential for Sale?
Lowering Professional Standards Will Erode the Public Trust
Many CPAs may be unaware that the AICPA is now offering its Accredited Business Valuation (ABV) credential to non-CPAs. The decision was made by the…
CPAJ News Briefs
FASB/IASB/AICPA News
FASB News Debt Classification Guidance Moves Closer to Final Status FASB plans to settle some of the lingering issues with its upcoming guidance for classifying…
CPAJ News Briefs
FASB/AICPA News
FASB News Banks Seek Extended Phase-In Period for Credit Loss Standard Banks want federal banking regulators to make it easier to adopt FASB’s proposed credit…
CPAJ News Briefs
FASB/AICPA News
FASB News EITF Effort to Clarify Business Combinations Guidance Delayed FASB’s Emerging Issues Task Force (EITF) recently determined that it needs to further revise a…
There was much speculation surrounding the fate of the federal estate tax leading up to the ultimate passage of the Tax Cuts and Job Act…
CPAJ News Briefs
FASB/AICPA/IASB News
FASB News AICPA and CUNA Seek Extension of Credit Loss Standard’s Effective Date Some smaller financial institutions and private companies are worried that the transition…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
CPAJ News Briefs
FASB/AICPA News
FASB News Final Version of Disclosure Framework Amendments Slated for Mid-Year In the coming months, FASB plans to publish the guide it first proposed more…
ICYMI | Opinion: AICPA Proposal Raises the Ethical Bar
Incorporating International Standards into the Code of Professional Conduct
In February 2017, the AICPA's Professional Ethics Executive Committee (PEEC) agreed to propose modifications to the Code of Professional Conduct that would require certain actions…
CPAJ News Briefs
FASB/IASB/AICPA
FASB News Research for Performance Reporting Project Continues As FASB develops an outline for its project on performance reporting, the board wants its staff to…
CPAJ News Briefs
ASB/AICPA/IASB News
ASB News Much Work Remains for Lease Standard’s Implementation As the 2019 effective date of FASB’s new lease accounting standard looms, many public companies are…
ICYMI | Applying the AICPA’s Professional Standards to Tax Practice
Best Practices for Minimizing Risk and Penalties
The AICPA's Statements on Standards for Tax Services (SSTS) are now an authoritative part of the Code of Professional Conduct. As such, they are now…
ICYMI | Unsolved Problems in Auditing: A Half Century Retrospective and an Update
2016 Max Block Award Winner: Outstanding Article in the Area of In Focus/Feature
Auditing has been an ever-changing discipline since its birth over 100 years ago, but how much have the challenges auditors face really evolved over the…
CPAJ News Briefs
FASB/AICPA/PCAOB News
FASB News Proposal to Allow Greater Capitalization of Cloud Computing Costs FASB has released a proposed amendment to U.S. GAAP for public comment to clarify…
CPAJ News Briefs
FASB/AICPA News
FASB News Staff Document Advises Private Companies, Not-for-Profits to Follow SEC Guidance on Tax Reform Private companies and not-for-profit entities should be able to apply…
Lease Standard Implementation Falls Behind Schedule
FASB, AICPA, and IASB News
FASB News Lease Standard Implementation Falls Behind Schedule Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), the lease standard published by FASB in February 2016,…
Not-for-Profit Liquidity Disclosures Will Be Flexible
FASB, IASB, and AICPA News
FASB News Not-for-Profit Liquidity Disclosures Will Be Flexible FASB’s ASU 2016-14 is the first major update to financial reporting for not-for-profit entities in more than…
The AICPA’s Financial Reporting Executive Committee (FinREC) issued 12 working drafts of interpretive guidance for six industries— asset management, engineering and construction, gaming, health care,…
In contemplating the nuances of why financial planning makes sense for CPAs, I thought of the old story about the ship with the stubborn captain.…