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 .
Revenue Recognition Draft Guidance Issued for Utilities and Time-Share Companies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.
Topics: Accounting Standards Update "ASU", AICPA, American Institute of Certified Public Accountants "AICPA", FASB, Financial Accounting Standards Board "FASB", Financial Reporting Executive Committee "FinREC", Proposed Implementation Issues, Revenue Recognition, Working Drafts
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.
Revenue Standard Working Drafts Released for Insurers & Software Companies
Two working drafts addressing implementation problems with the Financial Accounting Standards Board’s (“FASB”) revenue recognition standard have been issued by the American Institute of Certified Public Accountants’ (“AICPA”) Financial Reporting Executive Committee: Proposed Implementation Issues for Revenue Recognition: Insurance Entities (#9-1): Considerations for Applying the Scope Exception in FASB ASC 606-10-15-2 and 606-10-15-4 to Contracts Within the Scope of ASC 944. This working draft explains that contracts bound by the financial reporting requirements under FASB Accounting Standards Codification (“ASC”) 944, Financial Services – Insurance, are not impacted by FASB ASC 606, Revenue From Contracts With Customers. Proposed Implementation Issues for. Read More.
Topics: American Institute of Certified Public Accountants "AICPA", FASB Accounting Standards Codification, Financial Accounting Standards Board "FASB", Insurers, Revenue From Contracts With Customers, Revenue Recognition, Software Companies, Working Drafts
Going Concern Standard Approved by AICPA Board
The American Institute of Certified Public Accountants’ Auditing Standards Board (“ASB”) has unanimously voted to finalize its guidance for going concern. Approved during the ASB’s four-day meeting in Fort Lauderdale earlier this month, the final standard includes recommendations from the comment letters regarding Proposed Statement on Auditing Standards (“SAS”): The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern. The standard will be issued SAS No. 132: The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern, and supersede SAS No. 126, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern (Redrafted), (AU-C Section 570). SAS No. 132. Read More.
AICPA Committee Proposes Changes for Members in Business
The American Institute of CPAs’ (“AICPA”) Professional Ethics Executive Committee has proposed amendments to the interpretation of the “Knowing Misrepresentations in the Preparation of Financial Statements or Records” under the Code of Professional Conduct. Outlined in its exposure draft, Omnibus Proposal AICPA Professional Ethics Division: Proposed Revised and New Interpretations Applicable to Members in Business, the PEEC wants to expand the guidance under the “Integrity and Objectivity Rule” to include other responsibilities of a member in business when disclosing financial information or non-financial information and details not bound by reporting requirements. The PEEC proposes members responsible for financial information to. Read More.
Topics: AICPA Code of Professional Conduct, American Institute of Certified Public Accountants "AICPA", Integrity and Objectivity Rule, Knowing Misrepresentations in the Preparation of Financial Statements or Records, Members in Business, Professional Ethics Executive Committee "PEEC"