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AICPA Ethics Board Issues Exposure Draft on Legal Non-Compliance

The American Institute of Certified Public Accountants’ (“AICPA”) Professional Ethics Executive Committee has proposed new interpretations concerning the AICPA Code of Professional Conduct. The two proposed interpretations are part of the Exposure Draft, Responding to Non-Compliance with Laws and Regulations , and impacts members in both public practice and business. Entitled “Responding to Non-Compliance with Laws and Regulations” under the “Integrity and Objectivity Rule”, the proposed interpretations offer guidance on a member’s responsibilities when handling non-compliance with regulations at a client or in his or her employing organization. Members that encounter non-compliance must either: Allow the client’s or employing company’s oversight and those with the authority to resolve the. Read More.

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Partnership Tax Return Due Date Changes

Before filing your tax return this year, please be aware that the federal due date for partnership returns has changed to March 15. Several states have responded by introducing new legislation or guidance that conform state tax return due dates to the federal deadline. Available for download by the American Institute of Certified Public Accountants is a chart listing states’ conformity with federal partnership tax return due dates. Click here to download the chart. If you’re interested in this year’s federal tax deadline changes, check out our recent “Tax Day 2017” alert .

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Revenue Recognition Draft Guidance Issued for Utilities and Time-Share Companies

The American Institute of Certified Public Accountants’ Financial Reporting Executive Committee has issued the following working drafts to address implementation of Accounting Standards Update No. 2016-09, Revenue From Contracts With Customers, by the Financial Accounting Standards Board (“FASB”): Working Draft: Proposed Implementation Issues for Revenue Recognition: Power & Utility Entities (#13-1): Accounting for Tariff Sales to Regulated Customers. Intended to help power and utility companies with applying ASU No. 2016-09 to revenues caused by regulated utility tariffs, this working draft explains that agreements between utilities and customers for services provided under a regulated tariff must be disclosed as a customer. Read More.

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Going Concern Standard Issued by AICPA Board

A new going concern standard has been released to replace Statement on Auditing Standard (“SAS”) No. 126 of the same name. Issued by the American Institute of Certified Public Accountants (“AICPA”) Auditing Standards Board (“ASB”) this week, SAS No. 132, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern, provides clarity to financial statements and their associated disclosures. Several concepts of SAS No. 126 are retained in the new standard, but SAS No. 132 includes significant changes that impact: The auditor’s objectives and related conclusions; Financial support by third parties or the entity’s owner-manager; The period. Read More.

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