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The Financial Accounting Standards Board has issued a proposed Accounting Standards Update to address certain issues in the new leasing standard. Specifically, the proposed ASU aims to align the guidance for the fair value of the underlying asset by lessors that are not manufacturers or dealers under Topic 842, “Leases,” with existing guidance. This would […]
The U.K. Competition and Markets Authority has just published the results of its investigation into how company accounts are audited. Its proposals are an exercise in realpolitik that should succeed in improving the quality of scrutiny while acknowledging the conflict of interest posed by auditors being paid for more lucrative consultancy work. The issue is […]
The amount of offshore cash corporations are bringing back to the U.S. dropped sharply for a second straight quarter, falling short of the trillions of dollars President Donald Trump had promised would result from his tax overhaul. Companies repatriated $92.7 billion in the July-September period, the lowest amount this year and down almost 50 percent […]
The Financial Accounting Standards Board announced on Tuesday that the 2019 GAAP Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy are now available, pending final acceptance by the Securities and Exchange Commission. The 2019 GAAP Financial Reporting Taxonomy includes updates on new accounting standards and other improvements, while the 2019 SEC Reporting Taxonomy provides […]
The Tax Cuts and Jobs Act brought about many changes for the 2019 tax return filing season. There are so many changes that there was concern about possible delays to the start of the filing season as the Internal Revenue Service works to update software, forms, instructions, and publications with restricted resources. The IRS has […]
President Donald Trump’s tax returns, which he has refused to make public, can’t be obtained by a nonprofit organization using the Freedom of Information Act, the federal appeals court in Washington ruled. The information is shielded by a taxpayer privacy law passed after President Richard Nixon tried to use the Internal Revenue Service to harass […]
Accounting Today is in the midst of compiling its annual lists of the Top 100 Firms and Regional Leaders, and is looking for more top-notch accounting firms to consider. The two prestigious lists rank the top firms by revenue both nationwide and in specific regions of the country — and this year we intend to […]
The Internal Revenue Service is giving foreign-based banks with U.S. operations some leeway when calculating a major new international tax aimed at preventing global companies from shifting profits abroad. Multinationals often transfer payments, such as interest or royalties, to their affiliates in low-tax jurisdictions to maximize deductions and minimize tax bills. Instead of applying the […]
President Donald Trump pledged that his tax law would kill off breaks and complex loopholes for the wealthy. Instead, the overhaul has ushered in a new generation of maneuvers that taxpayers can exploit before Dec. 31 to minimize next year’s bills. Some tactics capitalize on provisions in the law that provide benefits, such as a […]
Dixon Hughes Goodman sponsors assistance dog Top 20 firm Dixon Hughes Goodman collaborated with paws4people throughout 2018 by sponsoring the training of a one-year-old Golden Retriever assistance dog, Dewey. The DHG Foundation and staff members donated over $35,000 in a 12-month period to support Dewey’s training. Dewey will now be partnered with a veteran or […]
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