News
 

< Return to List

News

FASB clarifies embedded derivative standards

The guidance in Accounting Standards Update 2016-06, Derivatives and Hedging (Topic 815), Contingent Put and Call Options in Debt Instruments, is intended to resolve accounting practices that have diverged. The new standard is the result of a...

PCAOB Gets Budget Increase of Almost 3%

The SEC approved a $257.7 million budget increase for the PCAOB for 2016 on Monday that represented an increase of 2.7% over the previous year. The PCAOB’s budget will mostly be paid for with an accounting support fee totaling $253.3...

Treasury Launches Counteroffensive against IRS Phone Scammers

The Treasury Inspector General for Tax Administration is pursuing fraudsters posing as IRS agents who call to harass taxpayers about fictitious tax debts, calling them back to warn them about their criminal activity and getting the phone company...

IRS Warns of New Phone Scam Tactic

The IRS said Monday it is receiving new reports of scammers calling under the guise of verifying tax return information over the phone. The latest variation has been seen in the last few weeks and capitalizes on the current tax season. Scam...

FASB Addresses Breakage Recognition, Derivative Contract Novations

FASB issued financial reporting standards Thursday that address recognition of breakage for prepaid stored-value products and the effects of derivative contract novations on existing hedge accounting relationships. Both standards are the result...

IRS Changes in Tax Return Due Dates Promise to Help Preparers Next Year

The Internal Revenue Service will be making some changes in the due dates next year for several types of business tax returns, which should give accountants a little extra breathing room. “In general I think most CPAs are looking forward to...

5 Reasons Accounting Firms Should Have A Formal Mentoring Program

Prior to the recession, young leader training and formal mentoring programs to support recruitment and retention were all the rage. Well, mentoring is more critical than ever, but for different reasons and in slightly different forms. BKR...

IRS to Fix Controls over Obamacare Tax Credits

The Internal Revenue Service plans to strengthen its controls over the accounting for the Premium Tax Credit, which helps subsidize health insurance premiums under the Affordable Care Act, after a government watchdog found discrepancies of $447...

International Audit Regulators Seek Faster Improvement

Audit regulators across the globe saw some improvement in audit quality in their latest annual survey, but they say the pace of improvement needs to be faster. Forty-three percent of inspected audits of public interest entities that were included...

FASB eliminates effective dates for private company alternatives

A new financial reporting standard issued by FASB on Monday will allow private companies to forgo a preferability assessment the first time they elect any of the four private company accounting alternatives. The Private Company Council (PCC) was...