The International Ethics Standards Board for Accountants released revisions Monday to the International Code of Ethics for Professional Accountants (including International Independence Standards) to place more emphasis on the role and mindset expected of all professional accountants. The revisions explicitly state that the accounting profession is entrusted with public confidence in the wide-ranging roles played […]
FASB delays insurance standard, focuses on post-implementation reviews – Accounting Today
The Financial Accounting Standards Board has voted to defer the effective date of its long-duration insurance contract standard for one year in response to the coronavirus pandemic, as it takes over the process of conducting post-implementation reviews of some of its recent accounting standards such as revenue recognition, leases and credit losses. Last Wednesday, FASB […]
PPP borrowers, lenders get change-in-ownership guidance from SBA
New guidance issued by the U.S. Small Business Administration (SBA) describes the procedures required for changes of ownership of an entity that has received Paycheck Protection Program (PPP) funds. Addressed to SBA employees and PPP lenders, the SBA procedural notice describes when a change of ownership is considered to have occurred and the responsibilities a […]
Segal Speaking Series benefits accounting students – The Brown and White
Jeff Goldberg The Segal Accounting Distinguished Speaker Series returned on Sept. 23 and featured Jeff Goldberg, ‘92, associate chief counsel at Amazon. The Distinguished Speaker Series is part of an accounting course in which students are educated about issues pertaining to the accounting profession from successful alumni. The course is offered through Zoom this semester […]
Japanese Startup Surges 300% on Demand for Cloud-Based Accounting – Yahoo Finance
TipRanks 3 Monster Growth Stocks That Are Still Undervalued What’s always in fashion on Wall Street? Growth. Given the current macro environment, however, compelling growth stocks have become even harder to spot. That said, despite the wild ride that has been 2020, a select few names could still shine bright and reward investors handsomely, so […]
ABLE account final rules provide wide-ranging guidance
The IRS issued final regulations on Thursday providing guidance to eligible individuals with a disability who are the owners and designated beneficiaries of ABLE accounts on a wide variety of issues involving the requirements for Sec. 529A ABLE accounts (T.D. 9923). ABLE (achieving a better life experience) accounts are tax-favored savings accounts set up under […]
Employers added 661K jobs in September, including 2.2K in accounting – Accounting Today
The unemployment rate declined by 0.5 percentage points to 7.9 percent in September, the U.S. Bureau of Labor Statistics reported Friday, as employers added 661,000 jobs, including 2,200 in accounting and bookkeeping. The labor market improvements reflected the continued economic recovery despite the novel coronavirus pandemic and efforts to contain it. However, stocks fell sharply […]
Small Business Exit Strategies: A Brief Rundown of Your Way Out
When you first start a business, the last thing you’re thinking about is leaving it. But, life gets in the way of plans. That’s why you need an exit strategy before starting your small business. Exit strategies help make sure you, your business, and investors are protected. There are a number of exit strategies for […]
IRS releases final rules on business meals and entertainment
The IRS on Wednesday issued final regulations (T.D. 9925) implementing provisions of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, that disallow a business deduction for most entertainment expenses. The regulations also clarify the treatment of business deductions for food and beverages that remain deductible, generally limited to 50% of […]
Showdown Looms on Cost Accounting Standards – National Defense Magazine
10/1/2020 By Peter Hutt II and Peter Terenzio Photo: iStock The Federal Circuit’s decision in The Boeing Company v. United States clears the way for resolution of Boeing’s substantive challenge to a controversial Federal Acquisition Regulation provision that can give the government windfall recoveries in Cost Accounting Standards (CAS) matters. The case is notable for […]