2015 News Archive
 

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GWSCPA News

GWSCPA Provides FISC Response to FASAB ED on the Proposed Federal Financial Accounting TR on Implementation Guidance for Internal Use Software.

The Greater Washington Society of Certified Public Accountants (GWSCPA) Federal Issues and Standards Committee (FISC) is pleased to provide comments on the Federal Accounting Standards Advisory Board’s (FASAB) Exposure Draft (ED) on the...

FASB moving forward on some aspects of Not for Profit Financial Statements, will re-deliberate others

Following review of public comments on their proposed Accounting Standards Update, Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities, the FASB has decide that...

Tips for successful revenue recognition implementation

Financial statement preparers may be feeling a bit less pressure in the wake of a recent decision by FASB and the International Accounting Standards Board (IASB) to delay the effective date of the new revenue recognition standard by one year. The...

GOP Lawmakers Introduce Resolution to Impeach IRS Commissioner

House Oversight and Government Reform Committee Chairman Jason Chaffetz, R-Utah, and 18 Republican members of his committee have introduced a resolution to begin proceedings in the House to impeach Internal Revenue Service Commissioner John...

ASB addresses audits of ICFR integrated with financial statement audits

The AICPA Auditing Standards Board (ASB) issued a new standard Tuesday to establish requirements and provide guidance that apply only when an auditor is engaged to perform an audit of internal control over financial reporting (ICFR) that is...

IASB proposal would guide management on materiality

The International Accounting Standards Board (IASB) on Wednesday published its draft guidance on materiality to help company management determine whether information should be disclosed. The guidance follows similar action by FASB, which last...

11th-Hour Budget Deal Hikes Pension Premiums, Again

The premiums plan sponsors pay to the PBGC, which already were to rise, were hiked again to pay for a funding deficit just before the House passed the bill. The Bipartisan Budget Act of 2015 (BBA), passed by the House of Representatives on...

Handling the Ups and Downs

Helping your clients handle market volatility Volatility isn’t new to markets, and is something that will accompany investing forever. There have always been times in markets when, in the words of famous economist John Maynard Keynes,...

Getting Ready for Tax Season and Year-End Crunch

AccountantsWorld CEO Dr. Chandra Bhansali is warning about the tax season crunch that many accountants will be facing in a few months when their clients come in to not only do their taxes, but also close the books on their small businesses, while...

The Annual Budget May Be Past Its Useful Life

Most companies don't generate an adequate return on investment on their budgeting processes. Unfortunately, in our experience advising hundreds of companies in how to create long-term shareholder value, we find most do not generate an adequate...