Many CPA firms post sparingly and need better training and policies around social media, a new survey shows.
The IRS finalized proposed regulations issued last June requiring corporations to file Form 5472 with their timely filed tax returns or pay a large penalty.
A GAAP alternative issued by FASB gives private companies the option to elect not to recognize separately from goodwill certain intangible assets acquired in a business combination.
The IRS issued proposed regulations that govern the tax treatment of transfers of installment obligations in exchange for equity interests in corporations or partnerships.
Here are the answers to the 2014 JofA news quiz.
Take this 12-question, 2014 Journal of Accountancy quiz to make sure you are up-to-date on news in the profession from the past year.
President Barack Obama signed into law the Tax Increase Prevention Act of 2014, which retroactively extends more than 50 expired tax provisions through 2014.
The 2015 U.S. GAAP Financial Reporting Taxonomy is available, pending SEC approval, FASB announced.
The amendments are designed to give preparers the ability to use professional judgment when preparing financial statements.
The tax extenders legislation passed on Tuesday includes a provision allowing states to create tax-favored accounts to allow disabled taxpayers to save money to pay for their disability-related expenses.
Adding personal financial planning (PFP) services can help a CPA firm attract and retain clients and increase its revenue, the AICPA’s recent Economic Benefit of PFP Services survey found.
Included in the extended provisions are the research and development credit, bonus depreciation and higher limits under Sec. 179. The bill now goes to the president for his signature.
In a new concept of practice monitoring the AICPA envisions for the future, peer reviewers and firms will use a new technology platform to enable more thorough analysis and provide more timely feedback for accounting, auditing and attestation engagements.
Updating systems and policies and revising contracts with customers were cited by U.S. public company board members as the top challenges to implementing revenue recognition, according to a survey by accounting and consulting firm BDO.
Final regulations issued on Thursday explain how taxpayers whose specified foreign financial assets are great enough to trigger the Sec. 6038D reporting requirement can comply with the rules.
The IRS issued the standard mileage rates for business use of an automobile, and for driving for medical or moving purposes, for 2015.
Companies should continue their work to implement the new revenue recognition standard despite the potential that FASB may defer its effective date, experts said at the AICPA Conference on Current SEC and PCAOB Developments.
The Financial Accounting Standards Board is researching revenue recognition accounting issues that may challenge companies—and may lead to a delay in the effective date of the new standard.
SEC Chief Accountant James Schnurr’s idea for possibly allowing voluntary, supplemental IFRS information in U.S. GAAP financial statements has accountants wondering: Would companies actually bear the costs to take the option?
The SEC is considering the merits of an informal proposal that would allow voluntary filing of supplemental material in financial statements by U.S. public companies, according to SEC Chief Accountant James Schnurr.