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The Securities and Exchange Commission has released a staff accounting bulletin to conform its existing staff guidance to the new revenue recognition standard that takes effect for public companies at the end of the year. The new revenue recognition standard is classified as Topic 606 in the Financial Accounting Standards Board’s Accounting Standards Codification. The […]
The Internal Revenue Service has prevailed in U.S. Tax Court in a case involving an Arizona jewelry store business that received a tax break by insuring itself for millions of dollars, in part against the risk of terrorism. Benyamin and Orna Avrahami, a couple who own three jewelry stores and three shopping centers in the […]
The Institute of Management Accountants is partnering with ANEFAC, the National Association of Executives in Finance, Administration and Accounting, to support the international advancement of the management accounting profession in Brazil. The two organizations announced a new memorandum of understanding to promote the IMA’s Certified Management Accountant certification among finance and accounting professionals in Brazil. […]
The U.S. Chamber of Commerce and a group of 27 other major corporations and business trade associations have sent a letter to the Securities and Exchange Commission urging the SEC not to finalize the Public Company Accounting Oversight Board’s proposed changes to audit reports. The Chamber of Commerce’s Center for Capital Competitiveness first submitted an […]
A growing number of key congressional Republicans are considering a controversial maneuver that would allow for about $450 billion of tax cuts without offsets, according to four congressional aides familiar with the discussions. Under the proposal, the GOP would not account for things like expiring tax breaks when gauging the budgetary impact of tax legislation—giving […]
Jackson Hewitt Tax Service and its franchisees expect to hire more than 25,000 preparers and associates nationwide between now and the end of the year. Last year, Hewitt added fewer than 20,000 employees for the tax season, the company said. It expects increased demand for services. Hewitt claimed strong results for last season, including 4 […]
The International Public Sector Accounting Standards Board is mulling new guidance on how the public sector should account for revenue and non-exchange expense transactions, such as the provision of education, health care and defense, in light of the revenue recognition standard. The IPSASB, which operates under the auspices of the International Federation of Accountants, has […]
Global accounting association BKR International presented its annual scholarship awards earlier this month, honoring students from around the world for their notable achievements. Scholarship winners are nominated by BKR member firms and approved by the Worldwide Board. BKR awards $3,000 per student to go towards gaining accounting credentials in their country. The program has now […]
International Federation of Accountants CEO Fayezul Choudhury is bringing the influence of accountants to the fore to help solve problems around the world. “IFAC is dedicated to the proposition that the global accountancy profession advances economies and strengthens organizations,” he told Accounting Today. “To try and fulfill that pretty important challenge of being the voice […]
The Internal Revenue Service revoked an unidentified hospital’s tax exemption in February for failing to conduct a community health needs assessment, in a sign of possible trouble for other nonprofit health care organizations. In the letter, which the IRS posted online this month, an IRS official cited the reason for the “adverse determination” revoking the […]
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