News & Tips

FASB changes accounting for long-duration insurance contracts

Companies that sell products such as life insurance, disability income insurance, long-term-care insurance and annuities will change their accounting under new rules issued by FASB.

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Independence interpretation on hosting services gets new effective date

The effective date of the new “Hosting Services” interpretation in the AICPA’s “Independence Rule” has been extended 10 months by the AICPA Professional Ethics Executive Committee.

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FASB proposes lessor accounting amendments

Amendments proposed by FASB are intended to make implementation of the new lease accounting standard easier and less costly for lessors.

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FinREC issues working drafts on credit loss accounting issues

The AICPA’s Financial Reporting Executive Committee (FinREC) has issued working drafts of accounting issues related to implementation of FASB’s new standard for accounting for credit losses.

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Tolerance for high risk puts Americans’ investments in jeopardy

Many Americans see a volatile stock market as a way to make a quick profit through short-term buying and selling, according to a new poll.

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Qualified business income deduction regs. proposed

The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.

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Final regs. govern who can be a partnership representative

The IRS finalized proposed regulations under Sec. 6223 on the procedures for designating a partnership representative and the authority of the partnership representative under the centralized partnership audit regime.

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Ninth Circuit withdraws Altera opinion

The order announcing the withdrawal says it is being done “to allow time for the reconstituted panel to confer on this appeal.”

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IRS issues proposed regs. on 100% bonus depreciation

The IRS issued proposed regulations providing guidance on Sec. 168(k), which was amended by P.L. 115-97, known as the Tax Cuts and Jobs Act, to increase the allowable first-year depreciation deduction for qualified property from 50% to 100%.

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GASB proposes new rules for reporting conduit debt obligations

Under new rules proposed by GASB, state and local governments would use a single method to report conduit debt obligations and related obligations.

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