The valuation piece currently presents the biggest challenge—and question mark—for accountants and the organizations they serve.

Bank regulators propose to allow banks to phase in capital treatment of credit losses over three years.

Two Federal Reserve officials, both former Goldman Sachs Group Inc. executives, expressed doubt corporate tax cuts under consideration in Congress will lead to an investment or hiring boom.

Outgoing Federal Reserve Chair Janet Yellen said the central bank would welcome and support a faster expansion of the economy stemming from changes in the tax code, provided it was the right kind of growth.

Federal Reserve's interest rate hike could have an impact on tax reform.