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FASB proposes technical corrections and changes

FASB proposed technical corrections and minor changes to its Accounting Standards Codification on Thursday that are designed to respond to suggestions from stakeholders and make incremental improvements to GAAP. The proposal includes...

PCAOB inspectors observe decrease in broker-dealer auditor independence impairments

PCAOB inspectors found fewer independence impairments for auditors of broker-dealers in 2015 compared with previous years. But they discovered deficiencies in financial statement audit areas that were similar to those observed in past years. The...

FASB Assists with Licensing Guidance, Identifying Performance Obligations

FASB on Thursday issued guidance designed to assist preparers with identifying performance obligations and implementing licensing guidance under the new revenue recognition standard. Along with the International Accounting Standards Board (IASB),...

Ways to make tax compliance less of a nightmare for small business

As Tax Day approaches, the question of time and money spent to comply with the U.S. tax code, particularly for small businesses, is a popular topic, with an unpopular response. Compliance costs for an employer with 1–5 employees range from...

How Accountants Can Fight Human Trafficking

Accountants can play an important role in deterring human trafficking and smuggling. The United Nations estimated in 2005 that human trafficking generated approximately $32 billion a year in revenue, while the International Labor Organization...

Raises of 3% forecasted for accountants in 2016

Employers in the United States are likely to increase base pay for finance and accounting professionals by an average of 3% in 2016, according to a newly released salary guide. This would make raises similar to the ones finance and accounting...

How To Grow Your Bottom Line Without Growing Your Client Roster

Accountants are tasked with looking out for the finances of their clients, but what about the growth of their own practices? A recent survey from the International Federation of Accountants found that many small- and mid-sized accounting firms...

Misclassification of Workers: What Are Your Options When You Get It Wrong?

As we embark on a new year we often use the phrase “out with the old and in with the new”. This may be the slogan that businesses perhaps should adapt at it relates to their taxes and the way they operate. What has worked in the past...

PCAOB proposal would guide lead auditors in supervision of other auditors

The PCAOB voted Tuesday to propose rulemaking that would give lead auditors guidance for supervising audit work performed by other firms and individuals in multifirm audits. The board is proposing amendments to its auditing standards that are...

GASB Issues New Guidance on Pension Accounting

The Governmental Accounting Standards Board issued guidance Monday addressing several practical issues raised by stakeholders during implementation of GASB’s pension accounting and financial reporting standards for state and local...