Rules issued by the Financial Accounting Standards Board align its definition of "collections" with that used by the American Alliance of Museums' Code of Ethics for Museums. The standard might help museums and other not-for-profits maintain collections.
The Internal Revenue Service has announced it is suspending two old revenue rulings on the active trade or business requirement under Secs. 355(a)(1)(C) and (b) until it completes a study it is conducting to determine whether entrepreneurial activities by a business are enough to satisfy the active trade or business requirement where no income has been earned.
Keeping up with due diligence requirements is essential this time of year, but it's not easy for CPAs to adhere to the rules when they're in the thick of busy season. This blog post details requirements you need to remember to ensure standards stay high.
Facebook has admitted it stored user passwords in plain text, potentially making them accessible to employees. It might be wise for users to change passwords, although the company says it will not require that.
The Securities and Exchange Commission has approved amendments to Regulation S-K aimed at simplifying and modernizing disclosure by public companies, consultants and money managers. The amendments are required under the Fixing America's Surface Transportation Act of 2015.
Many people who prepare financial statements, such as controllers, analysts, accountants and auditors, lack confidence in their reports' accuracy, according to research from BlackLine. They cite reasons including human error, data volume, overreliance on spreadsheets, outdated processes and lack of automated controls.
"Hopefully, your organization has a fraud response plan that assigns specific duties and responsibilities," writes IIA President and CEO Richard Chambers. "But if not, don't automatically assume that, as an internal auditor, you should undertake a fraud investigation single-handedly or that you should lead a fraud investigation team yourself."
- Page 1