Monthly Archives: October 2020

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Gauging risk assessment and response processes

How well do auditors perform in assessing and responding to risks of material misstatement? New research provides some answers.
Source: JOA News
Read More here – Gauging risk assessment and response processes


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Draft instructions for partnership capital account reporting released

The IRS released draft instructions for Form 1065, U.S. Return of Partnership Income, to calculate partner capital accounts using the tax-basis method.
Source: Tax News
Read More here – Draft instructions for partnership capital account reporting released


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Draft instructions for partnership capital account reporting released

The IRS released draft instructions for Form 1065, U.S. Return of Partnership Income, to calculate partner capital accounts using the tax-basis method.
Source: JOA News
Read More here – Draft instructions for partnership capital account reporting released


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Americans’ personal financial satisfaction sees record rebound

The AICPA’s Personal Financial Satisfaction Index (PFSi) rose 99% in the third quarter, setting a new record for quarterly growth. This finding underscores this year’s economic volatility, as last quarter the PFSi saw its largest-ever quarterly decline.
Source: JOA News
Read More here – Americans’ personal financial satisfaction sees record rebound


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UAA Model Rules updated to support evolution of CPA licensure

The National Association of State Boards of Accountancy’s board of directors approved changes to the Uniform Accountancy Act Model Rules that create a clear path for the CPA Evolution project.
Source: JOA News
Read More here – UAA Model Rules updated to support evolution of CPA licensure


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Pandemic resilience starts with compassion, accountants say

Panelists at an AICPA fall Council presentation on resilience explained how basic values can drive success during troubled times such as the coronavirus pandemic.
Source: JOA News
Read More here – Pandemic resilience starts with compassion, accountants say


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Diversity and inclusion: Tips for moving the needle

Building on a commitment to diversity with efforts to promote inclusion can make a difference in the accounting profession, according to panelists at the AICPA’s fall Council.
Source: JOA News
Read More here – Diversity and inclusion: Tips for moving the needle


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FASB proposes 3 targeted lease accounting changes

FASB proposed three targeted changes to its lease accounting guidance. The proposal is a response to feedback the board received during its post-implementation process for the lease accounting standard.
Source: JOA News
Read More here – FASB proposes 3 targeted lease accounting changes


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Tips for single audits amid pandemic uncertainty

An avalanche of new federal awards has left practitioners who perform single audits working under uncertain circumstances and awaiting regulators’ guidance. Here’s how practitioners can give themselves a chance to succeed under challenging conditions.
Source: JOA News
Read More here – Tips for single audits amid pandemic uncertainty


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Unclaimed property distributions allowed as self-certified rollovers

The IRS issued guidance adding state unclaimed property fund distributions to the list of reasons that taxpayers may self-certify that they missed the 60-day deadline to roll over funds to a qualified retirement plan.
Source: Tax News
Read More here – Unclaimed property distributions allowed as self-certified rollovers