2016 News Archive
 

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IRS Warns Washington D.C., Maryland, Virginia Residents of New Phishing Scam Targeting National Capital Area

WASHINGTON — As reports of phone scams as well as email phishing schemes continue across the country, the Internal Revenue Service warned taxpayers of a new phishing scam targeting Washington D.C., Maryland and Virginia residents. This...

Obama Calls Inversions 'Insidious,' Praising Treasury Rules

(Bloomberg) President Barack Obama issued a forceful denunciation of companies that shield profit overseas through corporate inversions, praising new rules that would curb what he called one of the U.S. tax system’s most insidious...

What will be tested on the next CPA exam

As the business environment has changed, a shift has occurred in the type of work newly licensed CPAs perform. Technical proficiency of accounting, auditing, and tax concepts remains important. Following the AICPA Examinations team’s most...

The GWSCPA Federal Issues and Standards Committee Provides Comments to the Proposed SFFAS, Insurance Programs

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

FASB issues standard to simplify share-based payment accounting

FASB issued a new standard Wednesday that is designed to make accounting for share-based payment transactions less complex for public and private companies. Accounting Standards Update (ASU) No. 2016-09, Compensation—Stock Compensation...

IAASB issues summary financial statement audit reporting guidance

The International Auditing and Assurance Standards Board (IAASB) has issued guidance on the auditor’s responsibilities related to an engagement to report on summary financial statements derived from financial statements audited by that same...

GASB issues accounting guidance for irrevocable split-interest agreements

GASB issued recognition and measurement guidance Tuesday for governments that benefit from irrevocable split-interest agreements. A typical irrevocable split-interest agreement provides benefits to at least two beneficiaries—a government...

Anti-fraud controls cut significantly into losses, new report finds

The presence of anti-fraud controls such as management reviews and telephone hotlines can greatly reduce the damage done by fraud schemes. And the use of such controls is slowly on the rise. Those are two of the trends identified in the 2016...

The Spirit of Accounting

Great news, good news, no news and mostly bad news Here are four short essays about recent events. GREAT NEWS We’re heartened by two February announcements. Specifically, the Financial Accounting Foundation announced that Dr. Christine...

CFO Outlook Dims in Q1

CFOs’ expectations for revenue, earnings, capital spending and domestic hiring declined in the first quarter and are at a nearly six-year low, according to a new survey from Deloitte. Deloitte’s quarterly CFO Signals survey found that...