Accounting
Accounting News & Professional Insight
Accounting Today delivers news, rankings, thought leadership, and analysis for accounting professionals so they can navigate change in standards, firm strategy, technology adoption, talent, and the overall business environment.
Accounting professionals are facing rapid transformation, including shifting professional standards, demographic change, technology disruption, practice consolidation, and changing expectations for advisory services. Our coverage surfaces these strategic dynamics and provides insights and analysis for firms, leaders, and the accounting profession.
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The Tax Governance Institute plans to host a video Webcast on the new tax preparer standards on Jan. 15 from 1 pm to 2:30 pm EST.
January 14 -
The International Accounting Standards Board has issued a revised version of its standards for accounting for business combinations such as mergers and acquisitions, in coordination with the Financial Accounting Standards Board, in a move that will highlight the expenses of business combinations that used to be considered assets.
January 11 -
The Mortgage Bankers Association has written to the Financial Accounting Standards Board asking for more flexibility in accounting for troubled mortgages to help prevent foreclosures.
January 10 -
The Internal Revenue Service has established rules for substantiating lump-sum charitable contributions made through the Combined Federal Campaign or similar programs such as a United Way campaign.
January 9 -
Thomson Tax & Accounting's PPC brand has issued a guide to help auditors cope with Statement on Auditing Standards No. 112, "Communicating Internal Control Related Matters Identified in an Audit."
January 8 -
In partial deference to corporate appeals, the Financial Accounting Standards Board has agreed to allow a one-year deferral for part of the implementation of Financial Accounting Statement 157, Fair Value Measurements.Investors have long called for financial statements that report market values - observable or calculated - and FASB constituents in the corporate sector have generally supported the concept. But after a year of preparing to implement FAS 157, corporations went to the board to complain that implementation had turned out to be prohibitively difficult.
January 7 -
The alternative minimum tax isn't the only tax that will continue to surprise taxpayers if Congress fails to act on its repeal. The estate tax, currently set to expire in 2010, will return with a vengeance to a full 55 percent in 2011 if Congress does nothing.The Joint Committee on Taxation estimated that in 2009 there will be 9,600 estates subject to the estate tax. While that number falls to zero in 2010, it will jump to nearly 62,000 in 2011, with increases every year thereafter.
January 7