LAWRENCE — It seems like common sense that an audit committee might want to include individuals who have accounting experience. That’s not always the case. “It’s not necessarily that auditors are acting nefariously when they over-audit. It’s just that people respond to incentives, and auditors have an incentive to protect their reputations and avoid inspection […]
Voices The sad state of accounting standards – Accounting Today
The Wall Street Journal reported on July 1, 2021, that the International Accounting Standards Board, the accounting body that sets the financial reporting rules of public companies in more than 140 jurisdictions ― but not in the U.S. — got a new chief: Mr. Andreas Barckow, who until now served in a similar role in […]
IRS launches ‘Tax Pro Account’ feature
The IRS unveiled a new online feature on Monday known as the “Tax Pro Account,” the purpose of which, for now, is to automate the submission of powers of attorney (POAs) to authorize tax practitioners to represent individual taxpayers and tax information authorizations (TIAs) to view those taxpayers’ accounts. But the IRS ultimately has bigger […]
GASB revises proposed approach to financial statement notes
GASB issued a revised proposed concepts statement Tuesday that would guide the board when it establishes requirements for notes to financial statements for state and local governments. The proposal updates and revises concepts that were proposed by GASB in February 2020. The revised proposal, Communication Methods in General Purpose External Financial Reports That Contain Basic […]
What Is Privilege Tax in Business? The Answer May Surprise You
As a business owner, there are a number of taxes you may be subject to paying or remitting. One of these taxes is privilege tax. So, what is privilege tax, and are you required to pay it? Get the facts straight about the different types of privilege tax below. What is privilege tax? So, what […]
FASB alters accounting for certain leases with variable lease payments
FASB issued a standard Monday that is designed to improve the board’s lease accounting rules related to a lessor’s accounting for certain leases with variable lease payments. Under Topic 842, Leases, a lessor may be required to recognize a selling loss at lease commencement (day-one loss) for a sales-type lease with variable payments even if […]
FASB alters accounting for certain leases with variable lease payments – Journal of Accountancy
FASB issued a standard Monday that is designed to improve the board’s lease accounting rules related to a lessor’s accounting for certain leases with variable lease payments. Under Topic 842, Leases, a lessor may be required to recognize a selling loss at lease commencement (day-one loss) for a sales-type lease with variable payments even if […]
GASB proposal addresses a variety of governmental accounting issues
GASB proposed an accounting standard Monday that would address a wide range of issues for state and local government finance departments that have been identified by the board as needing attention. The issues included in the exposure draft, Omnibus 20XX, include: Accounting and financial reporting for exchange or exchange-like financial guarantees. Classification and reporting of […]
Become Your Own Accountant with This QuickBooks Training
Take a deep dive into payroll, bookkeeping, and much more. Free Book Preview Money-Smart Solopreneur This book gives you the essential guide for easy-to-follow tips and strategies to create more financial success. July 19, 2021 2 min read Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. […]
Accountants, Lawmakers Urge Rules on Crypto Accounting – The Wall Street Journal
Accountants and lawmakers are urging standard-setters to fill a void and write concrete rules telling companies how to account for bitcoin and other cryptocurrency assets. The assets, for which there are no binding U.S. accounting requirements, have drawn regulators’ interest after sharp swings in recent months and investments by companies such as electric-car maker Tesla […]