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Limited guidance from the IRS and accounting standard-setting bodies has led to a divergence in interpretation and practice for inventory valuation within the scope of business combinations. A few modifications to current practice would improve the valuation process. These modifications include a more refined separation of costs and operations, the consideration of upfront materials costs, […]
The Financial Accounting Standards Board’s Emerging Issues Task Force has reached a consensus on how to account for implementation costs in a cloud computing arrangement that’s considered a service contract. In March, FASB issued a proposed accounting standards update to clarify the accounting for such implementation costs (see FASB proposes changes in accounting for cloud […]
Set to open at $24 on June 15, Avalara’s stock price has soared 50 percent within the day and the tax automation company’s IPO has brought in almost $285 million. Avalara’s mission is to be a part of every internet transaction in the world, but CEO Scott McFarlane said Friday that the company still only […]
The good times continue to roll for management consultants: In 2017, fueled by digital transformation and tax reform, their market grew by an impressive 8.1 percent. And as they have done every year since 2010, the Big Four once again outperformed the market a whole: growing by 9.4 percent in the same period. But can […]
The Internal Revenue Service and the Treasury Department have issued a notice saying they intend to amend the Section 987 regulations on foreign currency gains and losses, delaying the applicability date by one more year. Last October, the IRS and the Treasury issued Notice 2017-57, which previously delayed the applicability date by one year, and […]
HR Block intends to close 400 of its company-run outlets, as the tax prep chain foresees fewer customers coming in to have their returns prepared as a result of the new tax law. Shares in the Kansas City, Missouri-based company plummeted Wednesday after Block cut its guidance during an earnings call, even though it reported […]
The Tax Cuts and Jobs has many people paying more attention to their tax situation, but the fact is that taxes for small businesses are always a complicated subject, and require constant attention. With that in mind, the National Association of Enrolled Agents put together a short list of great advice for small-business owners to […]
Ernst Young has released a study on some future trends it is seeing in the corporate tax and finance function around the world. For the study, Reimagining the tax and finance function, EY polled senior executives from 1,722 large organizations in different countries. It found that 84 percent of the companies surveyed are taking action […]
The American Institute of CPAs has released a new line of learning resources on the future of finance. The AICPA learning materials are a combination of free and for-purchase products collectively called Go Beyond+ Disruption. They cover topics including human intelligence, data analytics, cybersecurity, blockchain and robotic process automation. The courses count as professional education. […]
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