Journal of Accountancy - Accounting, tax, auditing news
The Journal of Accountancy is the ultimate resource for today’s CPA, providing daily professional and regulatory updates, breaking news and videos.
Medicare’s tricky rules on HSAs after age 65
Jul 1, 2021 · Before the tax-savings wonder that is the health savings account (HSA) was introduced in 2003, it was a generally accepted best practice for any worker who wasn't already collecting Social Security at the age of 65 to go ahead and sign up for Medicare Part A (hospital insurance), regardless of other coverage.
Tax, accounting, auditing news - Journal of Accountancy
4 days ago · The latest news from the Journal of Accountancy, covering accounting, financial reporting, auditing, taxation, financial planning, technology, and more.
Tax news and information - Journal of Accountancy
Nov 11, 2024 · IRS again delays effective date of $600 threshold for Form 1099-K reporting. The delay, the third by the IRS for Form 1099-K reporting for third-party settlement organizations, will treat 2024 and 2025 as transition years.
5 best practices for intercompany accounting - Journal of …
Dec 1, 2016 · Increasingly complex multinational value chains, partly the result of industry consolidation or globalization, and more scrutiny from auditors and regulators are causing more and more companies to run into serious and costly intercompany accounting problems.. Improper or insufficient intercompany accounting practices are partly to blame. "Multinationals need to …
Challenges to consider in auditing revenue recognition
Jul 1, 2020 · FASB's new revenue recognition standard, FASB ASC Topic 606, Revenue From Contracts With Customers, is one of the most significant changes ever in U.S. GAAP. The new, principles-based standard requires consideration of a five-step framework that includes estimates on the revenue recognized for the accounting period (see the sidebar, "Independence …
Maintaining independence with nonattest services
Nov 1, 2016 · Independence is a critical concern for CPAs and is the very foundation of attest services. Independence is a state of mind that permits CPAs to perform without being affected by influences that compromise professional judgment, allowing them to act with integrity and exercise objectivity and professional skepticism.. The trust the public places in CPAs makes it important …
Assessing and Responding to Risks in a Financial Statement Audit
EXECUTIVE SUMMARY The new audit risk standards require the auditor to understand and respond to risks of material misstatement, whether due to errors or fraud. In reaching that understanding, auditors should identify risks to the entity’s business and the controls in place to mitigate them. These standards use the more
Audit & assurance news and resources - Journal of Accountancy
Oct 31, 2024 · The data-driven audit: Technology and the future of auditing. Cathy Rowe, Senior Vice President and Segment Leader, U.S. Professional Market, Wolters Kluwer Tax & Accounting North America, discusses how data-driven insights combined with analysis and guidance can make audits more thorough and help firms make better decisions.
Assessing the Allowance for Doubtful Accounts - Journal of …
Calculating estimates of the collectibility of accounts receivable and auditing those estimates is difficult. This article describes three techniques for assessing allowance for doubtful accounts estimates and complying with Statement on Auditing Standards (SAS) no. 57 and AU section 342, Auditing Accounting Estimates, which suggest auditors compare prior accounting estimates