Audit & Accounting

The American Institute of CPAs has issued two new exposure drafts, including a proposal to update auditing standards surrounding going-concern evaluations.

The AICPA drafted a new comment letter to the U.S. Department of the Treasury and the IRS today, calling for a delay in the effective date of Internal Revenue Code Section 385 proposed regulations (REG-108060-15), which relates to the treatment of certain interests in corporations as stock or debt for federal tax purposes. The AICPA also urged that exceptions to the proposed regulations be provided as part of its numerous technical comments and recommendations.

The AICPA announced a multifaceted action plan against cyber crime.

The International Federation of Accountants has been trying to build the reach and influence of the accounting profession in emerging markets in Africa, Asia and other parts of the world.

The American Institute of CPAs’ Financial Reporting Executive Committee has drafted a set of implementation issues for nine different industries that it plans to incorporate in a guide to the new revenue recognition standard next year.

Soccer’s seven top officials selected a Slovenian to be FIFA’s new audit and compliance chief, an appointment that’s been under scrutiny following the resignation of the former office holder who claimed the role had been diminished.

CAS Takes Off

PricewaterhouseCoopers has created a series of YouTube videos explaining the ins and outs of the Financial Accounting Standards Board’s new lease accounting standard.

Check out the digital edition of the July 2016 issue of Accounting Today.

The Center for Audit Quality is offering an online set of questions to help audit committees determine whether the use of non-GAAP measures is appropriate or not.