CPA Never under estimate the value
A new online portal automates the submission of powers of attorney and tax information authorizations, and there are plans to expand its functionality over time.
Source: JOA News
Read More here – IRS launches 'Tax Pro Account' feature
GASB issued a revised proposal that describes concepts that would guide the board when it establishes requirements for notes to financial statements for state and local governments.
Source: JOA News
Read More here – GASB revises proposed approach to financial statement notes
FASB issued guidance that’s designed to help lessors more faithfully account for the underlying economics of leases that would have been classified as a sales-type lease or a direct financing lease and would have recognized a day-one loss.
Source: JOA News
Read More here – FASB alters accounting for certain leases with variable lease payments
Various issues that have been identified as worthy of attention by the Governmental Accounting Standards Board are addressed in an omnibus proposed standard issued Monday.
Source: JOA News
Read More here – GASB proposal addresses a variety of governmental accounting issues
Nonfungible token sales have commanded eye-popping prices in the past year, leaving CPAs with many questions related to valuation of these digital assets.
Source: JOA News
Read More here – NFTs come with big valuation challenges
The US Small Business Administration has published a database of the more than 100,000 approved grants from the $28.6 billion Restaurant Revitalization Fund.
Source: JOA News
Read More here – Restaurant Revitalization Fund recipients revealed
The SBA has formally notified lenders that it is no longer requiring a Loan Necessity Questionnaire to be submitted with forgiveness applications for Paycheck Protection Program loans of $2 million or more.
Source: JOA News
Read More here – SBA officially drops PPP Loan Necessity Questionnaire requirement
Proposed quality management standards presented by the AICPA Auditing Standards Board would require audit firms to customize their processes in accordance with their individual risks.
Source: JOA News
Read More here – Quality management proposal provides opportunity to consider risks
CPAs and restaurant owners have worked together closely to overcome the devastating consequences of the coronavirus pandemic. Bill Pirolli, CPA/CFF/PFS, CGMA, and Brian Casey, who are Rhode Island natives and chair their respective association boards, endeavor to help the industry recover.
Source: JOA News
Read More here – Restaurant industry recovery aided by CPAs, 2 leaders with longtime ties
The AICPA released a survey seeking feedback on the preliminary content proposed for the redesigned CPA Exam, which would be assessed in three sections that will comprise the Core of the Exam, plus material that would assess candidates’ knowledge in one of three Disciplines they choose under the new CPA Evolution licensure model.
Source: JOA News
Read More here – Content for redesigned CPA Exam takes shape
