Tax, accounting, auditing news - Journal of Accountancy
WEBSep 30, 2024 — The latest news from the Journal of Accountancy, covering accounting, financial reporting, auditing, taxation, financial planning, technology, and more.
The basics of S corporation stock basis - Journal of Accountancy
WEBThe concept of basis is simple, but calculating basis for S corporation stock takes much of many CPA tax practitioners’ time and energy. Why is this the case? Basis measures the amount that the property’s owner is treated as having invested in …
A Framework for Auditor Independence - Journal of Accountancy
WEBEXECUTIVE SUMMARY THE INDEPENDENCE STANDARDS BOARD issued an exposure draft for a conceptual framework for auditor independence containing the concepts and basic principles that will guide the board in its future standard setting. THE NEED FOR A FRAMEWORK AROSE FROM the jumble of confusing independence rules and regulations that applied
5 best practices for intercompany accounting - Journal of …
WEBDec 1, 2016 — Increasingly complex multinational value chains, partly the result of industry consolidation or globalization, and more scrutiny from auditors and regulators are causing more and more companies to run into serious and costly intercompany accounting problems.. Improper or insufficient intercompany accounting practices are partly to blame. "Multinationals need to treat their internal business ...
Making audits more effective through data visualization
WEBMay 1, 2021 — JOURNAL ENTRY TESTING. Another beneficial use of data visualization is for journal entry testing. Particularly for companies that frequently process a large volume of transactions and have numerous accounts, it can be …
Challenges to consider in auditing revenue recognition
WEBJul 1, 2020 — FASB's new revenue recognition standard, FASB ASC Topic 606, Revenue From Contracts With Customers, is one of the most significant changes ever in U.S. GAAP. The new, principles-based standard requires consideration of a five-step framework that includes estimates on the revenue recognized for the accounting period (see the sidebar, "Independence Missteps Related to Revenue Recognition," below).
4 strategies for efficient, effective audit documentation
WEBNov 1, 2017 — AICPA resources. Articles "How Well Do You Know Audit Documentation Requirements?" JofA, Aug. 1, 2017 "Audit Documentation: Tips for Getting It Right," JofA, June 2017 "ASB Issues New Going Concern Auditing Standard," JofA, Feb. 22, 2017 "Professional Liability Spotlight: Professional Liability Risk Resolutions for 2017," JofA, Jan. 2017 "Maintaining Independence With Nonattest Services," JofA ...
Unclaimed property: What is it, and what are the risks?
WEBNov 1, 2020 — Given the ongoing fiscal strains on many states, even prior to COVID-19, it is likely that unclaimed property will continue to be an important source of nontax revenue for them.As such, CPAs and other professionals charged with an organization's risk management and compliance should ensure the company is in unclaimed property compliance.. This article provides an overview of unclaimed property ...
Defining a trade or business for purposes of Sec. 199A
WEBJul 1, 2019 — New Sec. 199A provides a deduction for qualified business income (QBI) from sole proprietorships and relevant passthrough entities (RPEs). Sec. 199A allows individuals (and some trusts and estates) to deduct up to 20% of the combined QBI from qualifying trades or businesses, subject to certain limitations.
Currency Translation Adjustments - Journal of Accountancy
WEBEXECUTIVE SUMMARY Accounting for currency translation risks can be very complex. This article addresses only the basics and provides some tools to help the reader understand the issues and find resources. Globalization has changed the old accounting rule that debits equal credits. Net income became just one part of comprehensive