The Latest

The Financial Accounting Standards Board and the International Accounting Standards Board said Friday they plan to create a joint group to help companies and their accountants make the transition to the upcoming final converged standard on revenue recognition.

Searer Business Technology (SBT) has released Executive Series Version 6.3 accounting software, which includes 300 enhancements and features across all major modules.

Last week, one of the “girlie” cable channels had a weeklong Christmas-in-July event, where they showed Christmas movies the whole week. (In case you’re wondering, it’s my wife, not me, who watches this particular channel). But the thought occurred that if it’s time to start thinking about Christmas, then it’s also time to begin considering end-of-year tips and planning strategies to offer clients as we approach the beginning of fall.

About 11 million U.S. students who need to borrow to cover their college costs would pay 3.86 percent on their next loans under legislation now headed for final passage by Congress.

The Supreme Court’s landmark decision last month striking down the Defense of Marriage Act may have solved the estate tax problems of the lead plaintiff, Edith Windsor, but it still is leaving a lot of uncertainty among same-sex couples, particularly those in states that do not recognize same-sex marriage.

Senators Tom Harkin, D-Iowa, and Chuck Grassley, R-Iowa, led a bipartisan group of five senators in introducing legislation to increase the alternative tax liability limitation for small property and casualty insurance companies.

The Internal Revenue Service has issued a revenue procedure that clarifies the rules for when a company uses the deferral method of accounting for advance payments that are received by the taxpayer for the sale of gift cards that are redeemable by an unrelated entity.

There are currently 17 states offering sales tax holidays where state sales tax charges are temporarily dropped on back-to-school items such as clothing, footwear, classroom supplies, computers and certain other products, according to CCH.

The Indian Waters Council of the Boy Scouts of America hosted a dedication ceremony July 13 to celebrate the opening of The Randy Scott Memorial Shooting Range at Camp Barstow in honor of the founder of Scott and Company CPAs.

The International Auditing and Assurance Standards Board has released proposals aimed at fundamental transformation of the structure of the future auditor’s report with the goal of communicating better to users such as investors and financial analysts.