The FASB proposes debt guidance for public comment. This proposal is intended to improve guidance used to determine whether debt should be classified as a current or noncurrent liability in a classified balance sheet. Stakeholders are encouraged to review and comment on the proposed ASU by October 28, 2019. In January 2017, the FASB proposed debt guidance, which contained […]
Filing Taxes By Extended Deadline-What Have We Learned Since April 15?
The Internal Revenue Service (IRS) predicts that more taxpayers than ever before have chosen to wait to file their 2018 individual tax returns until the October 15, 2019 extended deadline. This is thought to be due to the many changes brought about by the Tax Cuts and Jobs Act and the continuing flow of guidance […]
The ‘no touch’ tax return
The idea of a ‘no touch’ tax return is here, and the reality of it is right around the corner. Furthermore, while you ponder that thought, there are ways to incorporate software in order to accomplish that ‘no touch’ tax return goal. This blog is based on the session, Moving Closer to the No Touch […]
5 Signs It’s Time to Switch Your Business Bank
Before knowing where to deposit your cash, decide when to withdraw. September 4, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. As a small-business owner, if you feel like your bank is not meeting your needs, you’re not alone. According to a recent study by J.D. Power, only 32 percent of […]
Is Your Audit Practice Evolving or Regressing?
Auditing can be traced all the way back to ancient China, Greece and Egypt. But it wasn’t until the Industrial Revolution that the accounting profession took flight. In a time of such explosive business growth, business people realized that there needed to be a systematic way to detect fraud and enforce financial accountability. Today, the […]
AICPA Proposes Amendments to Incorporate Recent Auditor Reporting Changes
The AICPA has issued the Exposure Draft, Proposed Statement on Auditing Standards: Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes From SAS No. 134. The comment due date is October 28, 2019. SAS 134 The AICPA issued Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, Including Amendments […]
AICPA Proposes New SAS on Auditing Accounting Estimates
The AICPA’s Auditing Standards Board (ASB) has issued the Exposure Draft, Proposed Statement on Auditing Standards: Auditing Accounting Estimates and Related Disclosures. The comment deadline is November 22, 2019. The ASB developed the Exposure Draft as part of its Enhancing Audit Quality Initiative project to enhance the auditing standards relating to auditing accounting estimates. As […]
3 Ways to Increase Audit Efficiency While Adding Value
Technology is transforming the practice of audit at an unprecedented pace. In fact, it’s not hard to envision audits in the future as entirely untouched by human hands. Indeed this is an exciting future to consider. While you contemplate the long-term implications, though, don’t overlook how technologies available today can help you automate many routine […]
FASB Proposes ASU on Long-Duration Contracts
The FASB proposed an ASU on long-duration contracts today. The FASB issues proposed Accounting Standards Update (ASU) that would grant all insurance companies that issue long-duration contracts, such as life insurance and annuities, additional time to apply a standard that addresses this area of financial reporting. Stakeholders are encouraged to review and provide comment on the […]
Why Audit Quality Matters
Why does audit quality matter? Well, first and foremost, the audit landscape has changed due to changing peer review requirements. To explain, the AICPA’s Enhancing Audit Quality Initiative brought to light numerous deficiencies identified during peer review. Therefore, it is important for firms to be aware of the deficiencies the AICPA identified, and ensure their […]