GASB proposed new guidance that would clarify the accounting and financial reporting of Internal Revenue Code Sec. 457 deferred compensation plans.
Source: JOA News
Read More here – GASB proposes changes to Sec. 457 plan reporting
FASB proposed changes that are designed to address issues that have arisen for stakeholders implementing the board’s new standard for accounting for credit losses.
Source: JOA News
Read More here – FASB proposes narrow-scope changes to credit loss standard
Private companies are entering the final stretch of their preparations to comply with FASB’s new revenue recognition standard. Here’s how auditors can help their clients with the implementation process.
Source: JOA News
Read More here – Get private companies ready for the new revenue standard
The risk assessment standard provides a baseline for the successful planning and conducting of an audit. Take this quiz to find out how well you understand the basics of risk assessment.
Source: JOA News
Read More here – Quiz: How well do you know the risk assessment standard?
The U.S. Supreme Court issued a unanimous decision holding that North Carolina’s attempt to tax a trust based solely on the residence of a beneficiary violates the Due Process Clause of the 14th Amendment.
Source: Tax News
Read More here – Supreme Court holds North Carolina cannot tax trust
The U.S. Supreme Court issued a unanimous decision holding that North Carolina’s attempt to tax a trust based solely on the residence of a beneficiary violates the Due Process Clause of the 14th Amendment.
Source: JOA News
Read More here – Supreme Court holds North Carolina cannot tax trust
The SEC adopted amendments designed to help identify when an auditor’s lending relationship with an audit client is a threat to the auditor’s objectivity and impartiality.
Source: JOA News
Read More here – SEC addresses auditor independence and the Loan Provision
The ASB issued a proposal that would update its audit evidence standard to address issues such as emerging technologies and the application of professional skepticism.
Source: JOA News
Read More here – Audit evidence standard would be updated under proposal
This quiz gives you practice in identifying errors in standard grammar and usage with screenshots of material posted online. In the answers, we’ve used terms that you might not have heard beyond English grammar and composition classes.
Source: JOA News
Read More here – Quiz: Can you spot the usage and word errors?
The AICPA Virtual Currency Task Force reached out to Treasury’s Financial Crimes Enforcement Network (FinCEN) to help practitioners answer the question of whether virtual currency (or cryptocurrency) must be reported on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
Source: Tax News
Read More here – Virtual currency not FBAR reportable (at least for now)
