The International Accounting Standards Board (IASB), responsible for International Financial Reporting Standards (IFRS), and the Financial Accounting Standards Board (FASB), responsible for U.S. Generally Accepted Accounting Principles (U.S. GAAP), today issued jointly a converged standard on the recognition of revenue from contracts with customers. The standard will improve the financial reporting of revenue and improve comparability of the top line in financial statements globally.
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During the ASCPA Annual Meeting in May, several CPAs participated in Ignite CPA - short slide presentations on fun and interesting topics relating to their lives as CPAs. In this video, Sarah Zelhart, CPA, recounts her experience volunteering in Cambodia.
During the past year, we have been warning people that the current virus attacks are more aggressive and invasive than any we have seen in the past. These attacks are frequently delivered via email, social media, such as Facebook, and embedded in PDF files. The anti-virus companies are having more issues keeping their software ahead of the threats and the creators of viruses and malware are becoming smarter in their attacks. Even if your IT team or managed service provider is diligent in updating your firewalls and anti-virus (AV) signatures, your organization is still susceptible to attacks. So how do we minimize and mitigate this risk?
This month’s legislative update includes information on HB 2664 Income Tax Revisions, HB 2111 Transaction Privilege Tax implementation, SB 1301 2014 tax corrections, S. 994 Digital Accountability and Transparency Act (DATA Act) and report on our Political Action Committee.
The Digital Accountability and Transparency Act (DATA Act) was signed into law by the president on May 9, 2014, after being given final congressional approval on April 28.
This month’s legislative update includes information on HB 2263 Certified Public Accountants, SB 1300 Internal Revenue Code Conformity, HB 2664 Income Tax Revisions, a new item impacting auditors of fire districts and thanks to Senator McCain for his leadership with S. 994 Digital Accountability and Transparency Act (DATA Act).
In 2013, the U.S. Department of Health and Human Services (HHS) released the omnibus regulations under the Health Insurance Portability and Accountability Act (HIPAA), including implementing changes made by the Health Information Technology for Economic and Clinical Health Act (HITECH) (the final rule). Some of the sweeping changes directly affect CPAs who are considered “business associates” of health care clients that are defined by HIPAA as “covered entities.” Read this article by Suzanne M. Holl.
Tax practitioners have been struggling with the passive activity loss rules for almost three decades primarily as they applied to the allowance or disallowance of deductions or credits in the regular income tax. With the advent of the net investment income tax, these same rules play a large part in determining the inclusion or exclusion of income and gain in this separate tax. Read this article by Eric Johnson, Surgent McCoy CPE
The Arizona Society of CPAs applauds U.S. Senator John McCain for his role in the Senate’s recent passage of the Digital Accountability and Transparency Act (DATA Act), S. 994, which calls for utilization of a non-proprietary, platform independent data standard by Federal agencies for reporting spending of Federal funds.
News on Internal Revenue Conformity, the Federal Tax Reform Act of 2014, HB 2263, HB 2664, and HB 2219 are included in this month’s legislative update.