FASB has issued an exposure draft which would require additional disclosure about supplier financing arrangements sometimes referred to as reverse factoring. These disclosures would provide users with information about [...]
The FASB has issued an update to the definition of key elements in the Concept Statements. The definitions of an asset, liability, revenue and expenses have all received an [...]
Nichols' Tax Update, Issue 22-1 Label Doesn’t Determine Rental Self-Employment Tax Exclusion In a legal memorandum, the IRS concluded that the definition of rental activity from section 469 doesn’t [...]
This week on Accountable: Bringing Students Back to the Accounting Field, with Dr. Scott Dell, CPA In addition to being a SCACPA advisor on B&I topics, David Peters is [...]
Nichols' Tax Update, Issue 21-51 IRS Announces Standard Mileage Rates for 2022 The IRS has announced the optional standard mileage rates used in computing the deductible costs paid or [...]
The Professional Ethics Executive Committee (PEEC) of the AICPA has postponed the implementation of the Information System Services Interpretation an additional year. In addition, PEEC has also provided a new [...]
Nichols' Tax Update, Issue 21-50 Fact Sheet Updates FAQs on Recovery Rebate Credit The IRS has issued a fact sheet (FS-2021-17) updating its list of frequently asked questions on [...]
Happy New Year! Let's wrap up 2021 with a review of all things accounting and auditing! 2021 saw a flurry of activity from the AICPA, FASB and GASB. We'll [...]
Nichols' Tax Update, Issue 21-49 IRS Advises on Calculating Imputed Underpayments of Partnerships In emailed advice, the IRS advised on whether adjustments to partnership-related items are included in the [...]
IRS Will Not Acquiesce in Mayo ClinicHolding on UBIT In an action on decision (AOD 2021-04, 2021-47 IRB 725), the IRS has announced that it will not acquiesce in an [...]
FASB announced its updated research agenda based off of initial discussions of the earlier 2021 Invitation to Comment. The ITC was an agenda consultation project to hear from stakeholders [...]
FASB has issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. This much awaited ASU addresses disclosures for profit entities about the types of government [...]
FASB issued ASU 2021-09, Discount Rate for Lessees That Are Not Public Business Entities. The much-anticipated changes to permit the use of the private company alternative without having to [...]
Updates Near for Fixing Obsolete Professional Conduct Rules Treasury is reviewing draft revisions to Circular 230 that are said to provide changes for unenforceable provisions and clarify sections that [...]
The AICPA's Professional Ethics Executive Committee (PEEC) has issued a Temporary Policy Statement Related to the Uniformed Services Employment and Reemployment Rights Act(USERRA) and parallel state statutes. They are [...]
This week on Accountable: How CPAs Can Avoid Burnout, with Frank Castillo, CPA In addition to being a SCACPA advisor on B&I topics, David Peters is an acclaimed and [...]
The FASB has issued an exposure draft as part of its Disclosure Framework project to update the disclosure requirements for interim reporting. The proposal follows ASU 2018-13 and 2018-14 [...]
The AICPA has issued a Technical Q&A to address questions surrounding reporting on the SEFA when the amount reported does not tie back to the financial statements due to [...]
Practitioners See Need for Guidance on Controlled Group Rules Provisions of the controlled group rules have been working their way beyond qualified plans, making the code section ripe for [...]
The AICPA's Auditing Standards Board (ASB) is interested in hearing from auditors who perform audits of less complex entities (LCEs). They want to know your thoughts on what the ASB [...]
This week on Accountable: How You Can Start-Up Your Start-Up, with Advance CPE CEO John Larkin In addition to being a SCACPA advisor on B&I topics, David Peters is [...]
Nichol's Tax Update, Issue 21-44 IRS Cracking Down on Crypto Noncompliance The IRS is going full steam ahead on addressing noncompliance related to cryptocurrency, and tax professionals may need [...]
The AICPA's Accounting & Review Services Committee (ARSC) has issued an exposure draft titled Quality Management for an Engagement Performed In Accordance with SSARS. As the AICPA has already [...]
Today Financial Accounting Standards Board (FASB) issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. It addresses how to account for contract assets recognized [...]
The Financial Accounting Standards Board (FASB) has issued another private company alternative, ASU 2021-07, Determining the Current Price of an Underlying Share for Equity-Classified Share-Based Awards. This is a [...]
This week on Accountable: How You Can Leverage Today's Virtual Environment for Your Firm, with Chris Hervochon, CPA, CVA In addition to being a SCACPA advisor on B&I topics, [...]
The long awaited changes by the AICPA to Risk Assessment have been issued. SAS 145, which will be effective in 2023, updates several definitions and provides clarity on areas that had [...]
The AICPA has issued a proposal to update key terminology and certain ethics interpretations to better align with changes made by the SEC. The AICPA issued a temporary enforcement [...]
Governmental Accounting Standards Board (GASB) has issued GASB Statement 98 renaming the Comprehensive Annual Report to the Annual Comprehensive Financial Report. The standard eliminates an unintended consequence when the acronym [...]
Nichols' Tax Update, Issue 21-41 Economic Nexus . . . Remote Seller in South Carolina At ‘Press time” only three states, Alaska, Montana, and Oregon had NOT enacted some [...]