Lenders express confidence in FRF for SMEs in low-risk scenarios

Financial statements prepared in accordance with an AICPA financial reporting framework give lenders nearly as much confidence to loan capital as GAAP-based financial statements for small and medium-size businesses with low credit risk, a published study shows.
Source: Journal of Accountancy

How to develop a global mindset

As more organizations operate globally and include more people from diverse backgrounds, it’s more important than ever to be culturally savvy and sensitive.
Source: Journal of Accountancy

New tax withholding tables are issued

The IRS issued new tax withholding tables for 2018 to be used to implement the changes to the tax law enacted last month.
Source: Journal of Accountancy

FASB Q&A supports use of SAB 118 by private companies, not-for-profits

Private companies and not-for-profits that elect to apply the guidance in a new SEC staff accounting bulletin should apply all relevant aspects of the bulletin in its entirety, FASB’s staff said.
Source: Journal of Accountancy

FASB addresses financial reporting impacts of new tax law

FASB addressed numerous financial reporting implications of P.L. 115-97, known as the Tax Cuts and Jobs Act.
Source: Journal of Accountancy

IRS asking for taxpayer representatives’ personal information

The IRS is now asking taxpayer representatives who call the agency to provide their Social Security number and date of birth to confirm their identity.
Source: Journal of Accountancy

FASB proposes lease standard implementation improvements

A proposed FASB Accounting Standards Update seeks to ease the implementation of the new leases accounting standard.
Source: Journal of Accountancy

IRS announces when filing season will start

The IRS announced that this year’s filing season will begin about a week later than last year’s filing season.
Source: Journal of Accountancy

Form 1023-EZ will ask applicants for mission and activities

The streamlined application for tax-exempt status will ask organizations to describe their mission and activities for the first time.
Source: Journal of Accountancy

New, user-friendly software coming to the CPA Exam

A new software platform developed by the AICPA and available to CPA candidates at Prometric test centers was designed to make the CPA Exam easier for candidates to navigate.
Source: Journal of Accountancy