Debt cancellation is a nonexchange activity that should be reported by federal entities on the statement of changes in net position, according to an interpretation issued by FASAB.
Source: JOA News
Read More here – FASAB clarifies federal accounting rules for debt cancellation
“Spring-loaded” awards are share-based compensation that companies award to executives shortly before announcing market-moving information. The SEC staff says that when measuring compensation, companies must consider the impact that the information will have upon release.
Source: JOA News
Read More here – Spring-loaded awards merit accounting scrutiny, SEC staff says
The Black CPA Centennial celebration highlighted the inspiring stories of Black CPAs who broke through barriers and paved a path for others to join the accounting profession. Against the backdrop of the commemoration, work continues to be needed to improve recruiting, retention, and advancement of Black CPAs.
Source: JOA News
Read More here – Commemorating 100 years of Black CPAs and looking forward
The deputy commissioner of the IRS Large Business and International Division hears AICPA tax committee’s feedback on new requirements.
Source: Tax News
Read More here – IRS official: New R&D credit documentation applies to amended returns
The deputy commissioner of the IRS Large Business and International Division hears AICPA tax committee’s feedback on new requirements.
Source: JOA News
Read More here – IRS official: New R&D credit documentation applies to amended returns
Proposed regulations would permanently allow an automatic extension for furnishing health care Forms 1095-B and 1095-C and would also specify that Medicaid services to test for and diagnose COVID-19 are not “minimum essential coverage.”
Source: Tax News
Read More here – Automatic extension for furnishing health coverage statements proposed
Proposed regulations would permanently allow an automatic extension for furnishing health care Forms 1095-B and 1095-C and would also specify that Medicaid services to test for and diagnose COVID-19 are not “minimum essential coverage.”
Source: JOA News
Read More here – Automatic extension for furnishing health coverage statements proposed
FASB’s accounting guidance for troubled debt restructuring by creditors would be eliminated for organizations that have adopted its credit losses standard, under a proposal the board issued Tuesday.
Source: JOA News
Read More here – FASB reconsiders accounting for troubled debt restructuring by creditors
Machine learning is within reach for many audit firms.
Source: JOA News
Read More here – 6 lessons from audit experts who adopted AI early
The US SBA provided updated guidance Friday on various COVID-19 Economic Injury Disaster Loan program application deadlines.
Source: JOA News
Read More here – SBA clarifies COVID-19 EIDL application deadlines
