Journal of Accountancy - Accounting, tax, auditing news
Our expert tax report highlights the important issues that tax preparers and their clients need to address for the 2024 tax year. Stay informed and proactive with guidance on critical tax considerations before year-end. The Journal of Accountancy is the ultimate resource for today’s CPA, providing daily professional and regulatory updates ...
Tax, accounting, auditing news - Journal of Accountancy
Oct 11, 2024 · The IRS issued guidance for recipients of property from decedents on the basis-consistency requirement and for executors and others on basis-reporting requirements. The latest news from the Journal of Accountancy, covering accounting, financial reporting, auditing, taxation, financial planning, technology, and more.
Mastering accounting for business combinations - Journal of …
Mar 1, 2019 · Accounting for business combinations is complex and requires considering a number of areas, including the following: Identifying business combination transactions. Identifying the acquirer. Determining the acquisition date. Measuring the consideration transferred. Recognizing and measuring the identifiable assets acquired and liabilities ...
Challenges to consider in auditing revenue recognition
Jul 1, 2020 · FASB's new revenue recognition standard, FASB ASC Topic 606, Revenue From Contracts With Customers, is one of the most significant changes ever in U.S. GAAP. The new, principles-based standard requires consideration of a five-step framework that includes estimates on the revenue recognized for the accounting period (see the sidebar, "Independence Missteps Related to Revenue Recognition," below).
Embracing technology in the audit - Journal of Accountancy
Feb 1, 2022 · Use of sophisticated technology and data analytics in the audit is fast becoming a standard operating practice at Aronson LLC as firm leaders are embracing the digital-first approach to engagements that is becoming more prevalent at firms across the country.. Alan Langelli, CPA, the lead partner in the Technology Services Group at the assurance, tax, and consulting firm with 35 partners ...
A new take on ethics and independence - Journal of Accountancy
Dec 1, 2018 · Professional accountants are required to apply the conceptual framework to identify, evaluate, and address threats to independence. Independence "of mind" and "in appearance" requires adherence to the fundamental principles of integrity and objectivity. New and improved provisions help accountants apply the conceptual framework when dealing ...
Fraud is suspected: Now what? - Journal of Accountancy
Aug 1, 2022 · As AU - C Section 240 states: "Although the auditor may suspect or, in rare cases, identify the occurrence of fraud, the auditor does not make legal determinations of whether fraud has actually occurred" (¶ .3). The legal determination of whether fraud has occurred is made by a judge or jury, not by management and not by the auditor.
5 best practices for intercompany accounting - Journal of …
Dec 1, 2016 · HOW TO PREVENT PROBLEMS. To avoid problems and to effectively support new regulatory pressures, Cheney recommended five best practices: Standardize global policies that govern critical areas across the organization. Most companies tend to have in place one or two pages of very high - level policies for intercompany accounting.
Keep or toss? A guide to CPA firm record retention
When determining which records should be kept or purged, consider retaining items that document or support the firm's: Client/engagement evaluation process: Such as signed engagement letters, client acceptance checklists, engagement acceptance approvals, and client disengagement letters. Administrative records: Such as fee and billing records ...
Carry your losses (further) forward - Journal of Accountancy
May 1, 2018 · Under current law, assuming each of the tax years takes place after Dec. 31, 2017, and using the same taxable income or (losses) as above, the $500 of loss in year 2 must be carried forward to year 3 and can only be utilized to the extent of 80% of taxable income, or $80. Total federal income tax paid (after taking into account the carryforward ...