2014 News Archive
 

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GWSCPA News

CPA practitioners rate their tax preparation software

Of the 3,833 CPA respondents who indicated that they prepared tax year 2013 returns for a fee, 3,817 predominantly used one of 15 software products identified by the survey. This year they include CCH Axcess Tax (1.4%), which was not represented...

Tentative Decisions on Insurance, Leases, & Financial Statements of NFPs

At its August 27th meeting, the Financial Accounting Standards Board (FASB) discussed its projects on Insurance-targeted improvements to the accounting for long-duration contracts, leases, and financial statements of not-for-profit entities. Read...

COSO transition getting a close look from auditors

The early stages of implementation are over for many companies using the updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In 2013, the framework—which had been in use since...

Five elements of effective judgment process for auditors

The public relies on auditors to make critical professional judgments in an objective, professionally skeptical manner. Participants in capital markets who are making investment decisions place trust and confidence in the judgments made by...

Clarified, revised SSARS approved for reviews, compilations, and engagements to prepare financial statements

The AICPA Accounting and Review Services Committee (ARSC) voted during its meeting this month to approve clarified and revised standards for reviews, compilations, and engagements to prepare financial statements. The clarified and revised...

FASB Issues Guidance on Going Concern Uncertainties

The Financial Accounting Standards Board (FASB) today issued Accounting Standards Update No. 2014-15 , Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a...

SEC Working on Revenue Recognition Guidance

The Securities and Exchange Commission isn’t showing its cards just yet, but it is working on guidance related to a new standard on revenue recognition to address burning questions over whether companies will be required to recast five years...

No summer break for SEC as agency revs up exam pace

Securities and Exchange Commission examiners haven't slowed down during the dog days of summer, according to compliance consultants who attribute the uptick in the SEC exam pace to the agency's focus on registered investment advisers who have...

Why the IRS Has Less Might to Fight Financial Crime

Budget pressures at the Internal Revenue Service's Criminal Investigation Division are cutting the number of investigators there to the lowest level in four decades, and officials say the changes are forcing the division to scale back its fight...

Final rules clarify when issuer's obligation under a debt instrument is part of a straddle

The IRS on Tuesday provided guidance on when an issuer’s obligation under a debt instrument may be a position in actively traded personal property, in which case it can be part of a straddle. Tuesday’s final regulations ( T.D. 9691 ) adopt...