2014 News Archive
 

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GWSCPA News

FASB considering revenue recognition delay to reduce uncertainty

FASB members plan to visit various companies to gain insight into potential implementation problems as the board considers whether to delay the effective date of the new, converged revenue recognition standard. The board’s staff is also...

Deadline exemption for CPAs to obtain CGMA approaching

Until December 31, 2014, AICPA members with relevant experience who wish to obtain the Chartered Global Management Accountant (CGMA) designation are exempt from taking exam.  After December 31, any AICPA member who wishes to obtain the...

FASB issues Exposure Draft on Disclosures about Investments in Other Investment Companies

The FASB issued a proposed Accounting Standards Update, Financial Services—Investment Companies (Topic 946): Disclosures about Investments in Other Investment Companies. Comments are requested by February 17, 2015.  Click here to download the...

FAF, FASB, and GASB release draft strategic plan

The Financial Accounting Foundation (FAF), FASB, and GASB asked stakeholders to review and provide feedback on a new draft strategic plan that the organizations issued Thursday. The draft outlines the organizations’ top four priorities, which...

7 risk areas for the 2014 audit cycle

Revenue recognition, internal control over financial reporting, and professional skepticism are among the seven key areas for 2014 audit consideration, according to an alert sent Thursday by the Center for Audit Quality (CAQ). The alert is...

House approves new savings accounts for people with disabilities

The House on Wednesday passed legislation to create tax-free savings accounts for people with disabilities. Passed by a vote of 404-17, the bill known as the ABLE Act is intended to help Americans with disabilities pay for the associated...

House votes to renew 'tax extender' breaks

The House voted overwhelmingly on Wednesday to renew more than 50 expired tax breaks for individuals and businesses through the end of this year, with the Senate looking increasingly likely to follow suit. The one-year retroactive renewal, which...

M&A Pros Expect Very Active Deal Scene in 2015

M&A professionals expect 2015 to be an extremely active year for deals, reflecting confidence that economic and market conditions in the U.S. will remain positive, according to a new survey . KPMG and Mergers & Acquisitions magazine said...

What do public companies disclose about auditor relationships?

U.S. public company proxy reports often discuss how nonaudit services may affect independence but seldom discuss audit fees and their connection to audit quality and disclose auditor tenure about half the time, a new analysis shows. These are the...

DOL fiduciary rule proposal on track for January

The Department of Labor will propose a new fiduciary rule in January 2015, said an updated regulatory agenda issued by the Office of Management and Budget. Now officially called the “conflict of interest rule for investment advice,” the proposal...