The Financial Accounting Standards Board has addressed accounting issues related to implementation of the new leases standard. The Accounting Standards Update affects accounting for sales and similar taxes, certain lessor costs and certain requirements related to variable payments in contracts.
Companies need to adhere to policies and controls that reinforce quality in non-generally accepted accounting principle reporting and key performance indicators, Securities and Exchange Commission Chairman Jay Clayton and Chief Accountant Wes Bricker said at the AICPA Conference on SEC and PCAOB Developments.
A proposed standard by the AICPA Forensic and Valuation Services Committee would classify forensic-services engagements as being performed for the purpose of either "litigation" or "investigation."
The classic movie "It's a Wonderful Life" can teach us a thing or two about the Financial Accounting Standards Board's new revenue recognition standard. You can serve as clients' guardian angel, guiding them as they work to implement the standard, but there might be limits to your involvement.
In good news for taxpayers, the Internal Revenue Service has announced it will issue regulations to clarify that the costs of trust or estate administration are not miscellaneous itemized deductions and, therefore, are still fully deductible.
Possenriede is vice president of finance and program management at unit Lockheed Martin Aeronautics.
Health savings accounts allow for significant tax benefits, although many people use them more like checking accounts than investment vehicles. Here are answers to common questions about the accounts and factors to consider when choosing among them.
Potential focus areas for 2019 inspections of audits of issuers and brokers and dealers will include systems of quality control, independence issues and recurring deficiencies, according to a Public Company Accounting Oversight Board staff document issued Thursday.
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