Audit & Accounting

Two firms share their experience driving efficiencies in preparation and filing with software tools.

The AICPA’s framework for financial reporting could save the audit.

The drop in corporate rates could causes issues with deferred tax assets and liabilities.

The Internal Revenue Service has proposed guidance on the new partnership audit regime that promises to make it easier for firms, if not all their partners, but with some extra complications added by the new tax reform law.

The Securities and Exchange Commission is giving companies some leeway as they prepare their quarterly financial statements after passage of the Tax Cuts and Jobs Act.

The pursuit of growth requires firms to adopt a different mindset.

Thomson Reuters’ Checkpoint Catalyst research service has added guidance on the Financial Accounting Standards Board’s new impairment rules requiring companies to recognize estimated credit losses sooner.

The Financial Accounting Standards Board has made available the 2018 GAAP Financial Reporting Taxonomy along with the 2018 SEC Reporting Taxonomy, pending final acceptance by the Securities and Exchange Commission.

The Public Company Accounting Oversight Board said Wednesday it has imposed a $1.5 million civil penalty against Grant Thornton LLP and censure the firm for violations of quality control standards and for audit failures.

American Institute of CPAs president and CEO Barry Melancon issued a statement Wednesday following passage by Congress of the Tax Cuts and Jobs Act expressing disappointment that the bill doesn’t give CPA firms the same favorable tax treatment provided to other pass-through entities.