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Critical audit matters are upon us, and the early results are in! CAMs expand the independent auditors’ report to disclose audit-specific information that relates to accounts or disclosures that are material to the financial statements and involve challenging, subjective, or complex auditor judgment. The CAM requirements are contained in the Public Company Accounting Oversight Board’s […]
Bundling goods or services, usually with a discount, is a common practice in many industries. Whether it’s a fast-food combo or a cable company “triple play,” bundles appeal to the market because consumers believe they are getting a better value compared to à la carte pricing. Bundles also appeal to sellers because the discounted packages […]
Rep. Jimmy Gomez, D-Calif., introduced legislation Friday modeled after the estate tax bill sponsored in the Senate by Sen. Bernie Sanders, I-Vt. The For the 99.8% Act would impose a tax on estates worth over $3.5 million. Under the For the 99.8% Act, the families of 588 billionaires would owe up to $2.2 trillion in […]
There is a lot of discussion these days about accounting for goodwill, especially with respect to accounting issues subsequent to its acquisition. This debate is driven by managerial criticisms of goodwill impairment testing, which led to the Financial Accounting Standards Board’s invitation to comment. FASB asked responders to tell them what goodwill is, which is […]
The Public Company Accounting Oversight Board has brought in Holly Greaves, a former CFO at the Environmental Protection Agency, as its new CFO, but not publicly announced the move. “Holly was approved by the board as a corporate officer,” confirmed PCAOB spokesperson Torrie Matous. In her previous job, she had worked under former EPA chief […]
Internal Revenue Service Commissioner Charles Rettig issued an order Friday transferring authority over denials of requests for tax appeals to the IRS’s Office of Chief Counsel, despite recent legislation creating an independent Office of Appeals at the IRS. “In a delegation order released today, the IRS Commissioner delegated authority regarding denials of requests to go […]
The Internal Revenue Service is cautioning taxpayers and tax professionals to beware of a new twist on an old scam in which fraudsters call up victims and threaten to cancel their Social Security number if they don’t pay their taxes. “In the latest twist on a scam related to Social Security numbers, scammers claim to […]
Since its acquisition by Sage in 2017, Intacct (now Sage Intacct) has experienced a growth spurt driven by the resources afforded it by Sage. This year’s Sage Intacct Advantage conference is a case in point, with its largest attendance ever, and 50 percent more exhibitors than last year. But Sage Intacct has also been growing […]
Growing complexity in the world of tax, and corporate pressures to do more with less, are creating opportunities for accountants to bring some much-needed relief to business clients, according to leaders at Deloitte Tax LLP. “There’s been a 40 percent reduction in the corporate tax rate – but at the same time, our clients in […]
The U.S. labor market and wage growth are showing some signs of a slowdown, according to a new report by payroll giant ADP. The ADP Workforce Vitality Report for the third quarter of the year found that wages for U.S. workers grew 3.2 percent over the last year, increasing the average wage level by $0.90 […]
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