Monthly Archives: November 2019

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FASB approves guidance to assist in reference rate transition

FASB approved guidance to assist companies in their transition from interbank-offered rates to new reference rates.
Source: JOA News
Read More here – FASB approves guidance to assist in reference rate transition


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New opportunities for firms in SOC reporting

Increases in outsourcing and cloud computing have led to clients’ need for CPA assurance on systems and controls.
Source: JOA News
Read More here – New opportunities for firms in SOC reporting


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FASB proposes clarifying hedge accounting standard

FASB is attempting to enable a better, more consistent application of its new hedge accounting standard with proposed clarifications to certain sections of the guidance.
Source: JOA News
Read More here – FASB proposes clarifying hedge accounting standard


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Demand for sustainability assurance is growing

Seventy percent of companies participating in a survey by The Conference Board that obtain assurance on their sustainability information said the need for such assurance will increase over the next five years.
Source: JOA News
Read More here – Demand for sustainability assurance is growing


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FASB addresses share-based payments to customers

Share-based payments made to customers will be accounted for under FASB ASC Topic 718 as a result of new rules.
Source: JOA News
Read More here – FASB addresses share-based payments to customers


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Automatic accounting method change procedures updated

The IRS released its updated procedures for automatic accounting method changes, which are accounting method changes that can be made without the IRS’s consent.
Source: JOA News
Read More here – Automatic accounting method change procedures updated


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IFAC seeks consistency, accountants’ engagement in corporate reporting

The wide variety of frameworks and standards initiatives prevents consistency in corporate reporting, according to the International Federation of Accountants.
Source: JOA News
Read More here – IFAC seeks consistency, accountants’ engagement in corporate reporting


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IRS posts 2020 inflation adjustments and tax tables

The IRS released the 2020 tax tables for individuals and estates and trusts, as well the inflation adjustments for over 60 tax provisions for 2020 tax returns.
Source: Tax News
Read More here – IRS posts 2020 inflation adjustments and tax tables


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IRS posts 2020 inflation adjustments and tax tables

The IRS released the 2020 tax tables for individuals and estates and trusts, as well the inflation adjustments for over 60 tax provisions for 2020 tax returns.
Source: JOA News
Read More here – IRS posts 2020 inflation adjustments and tax tables


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Retirement plan contribution limits increase for 2020

Annual contribution limits for 401(k) plans will increase from $19,000 in 2019 to $19,500 in 2020, and most other limits are increasing as well.
Source: Tax News
Read More here – Retirement plan contribution limits increase for 2020