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Companies are using “clawbacks” to recover incentive compensation that was given to executives through erroneous financial reporting while lowering their effective tax rates, but the practice of clawback adoption could be having some negative consequences, according to a new study. The study, which will be appearing in the January issue of The Accounting Review, a […]
The International Accounting and Assurance Standards Board has released a revised standard for identifying and assessing the risks of material misstatements. International Standard on Auditing (ISA) 315 (Revised 2019) is part of the IAASB’s work to improve audit quality globally. In finalizing the revisions, the IAASB concentrated on making the standard more understandable and less […]
Foreign intrigue; stealing green; bringing it home; and other highlights of recent tax cases. Las Vegas: Preparer Trixa Belloso Rivas, 55, has been sentenced to 14 months in prison and been ordered to pay $2 million in restitution to the IRS. Between August 2008 and May 2019, Rivas owned and operated the tax prep business […]
Apparently, leading the accounting profession still leaves the members of Accounting Today’s Top 100 Most Influential People time to pursue other activities and other goals As part of this year’s Top 100 Most Influential People survey, Accounting Today asked, “Do you have a major personal accomplishment that you’re particularly proud of?” Some of the personal […]
Last Friday, President Trump signed into law two appropriations bills that extend government funding while also dealing with several of the tax extender provisions and repealing some Obamacare taxes. Both H.R. 1158, Consolidated Appropriations Act, and H.R. 1865, Further Consolidated Appropriations Act, averted a government shutdown that would have commenced on Dec. 21, 2019 without […]
Recently, the House Ways and Means Committee approved legislation that would make vaping products subject to the same excise tax as cigarettes. This isn’t the first time tobacco companies have seen a significant shift in taxation, and it certainly won’t be the last. Ever since the first indirect taxes were applied to tobacco more than […]
As your client’s most trusted advisor, you probably spend a lot of time on their business balance sheet. But how much focus is dedicated to their personal balance sheet? The personal balance sheet is critical for understanding what’s happening at “Family, Inc.” Whether you call it a net worth statement, a personal balance sheet or […]
The Public Company Accounting Oversight Board has issued a concept release proposing a new approach to changing its quality control standards. The changes would represent the biggest changes since the PCAOB adopted the current quality control standards in 2003 after the board was established by the Sarbanes-Oxley Act of 2002, in the wake of accounting […]
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has teamed up with Deloitte Risk Financial Advisory on publishing new guidance on managing cyber risks in a digital age. The guidance, aimed at board directors, particularly audit committee members, as well as executive management and cyber practitioners, discusses how companies can apply COSO’s Enterprise […]
Top 100 Firm Clark Schaefer Hackett has acquired outsourced accounting firm Keelsra Business Services. Keelsra, which was founded in 2005 and is named after founder Scott Campbell’s three daughters, specializes in serving nonprofits and small businesses. “The demand in the marketplace for outsourced accounting services continues to grow,” said Kerry Roe, president of Clark Schaefer […]
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