Accounting
Top stories summarized by our editors
7/27/2017

Auditors involved with exempt offering documents will be subject to new requirements under Statement on Auditing Standards No. 133, which the Auditing Standards Board issued Wednesday.

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Auditing Standards Board, ASB
7/27/2017

Waiting until age 70 to claim Social Security, rather than taking it at 62, can mean a significant increase in benefits, and doing so might be worthwhile even if it means tapping retirement savings. Stopping work early likely does not reduce Social Security payments by much so long as someone has a solid 35-year work history.

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Social Security
7/27/2017

The regulations require Section 987 qualified business units that operate in a functional currency other than that of their owner to account for foreign currency translation gains and losses using a balance sheet approach called the foreign-exchange-exposure-pool method. Find out how this rule applies to partnerships.

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The Tax Adviser
7/27/2017

When does it make sense to consider making quarterly estimated tax payments? We explore common scenarios in which making regular tax payments should be a topic of discussion.

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AICPA Insights
7/27/2017

Corporate team-building exercises are often relatively tame affairs, such as scavenger hunts in the park. However, some companies opt for wilder adventures, such as diving with sharks, attending spy school in the UK and exploring caves in Canada.

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CNBC
7/27/2017

A group of investors plan to break off from bitcoin to create a competing currency called bitcoin cash. The move would be the latest example of division in the world of digital currencies.

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Bitcoin, Bitcoin
7/27/2017

After Amazon announced it would buy Whole Foods Market, many of us began pondering what fruit this acquisition might bear. One possible lesson? The greatest innovations often arise from unexplored frontiers.

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AICPA Insights
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Whole Foods Market, Amazon
7/27/2017

A House subcommittee is examining whether to curtail certain rules, including auditing of internal control over financial reporting under the Sarbanes-Oxley Act, amid accusations that regulations have hindered companies from going public. New York Stock Exchange President Tom Farley told the panel he also wants Congress to "narrow the definition of internal control" under Sarbanes-Oxley.

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Compliance Week
7/27/2017

The American Institute of CPAs has changed the full name of "SOC" to "System and Organization Controls" this year in light of the widening range of reporting options and the growing number of business-assurance and risk-management needs, writes Ryan Buckner, a principal at Schellman & Co. "More entities can now undergo a SOC examination for internal entity-level controls for assurance purposes," he writes.

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Accounting Today
7/27/2017

Industries did not expect the level of work required to comply with the revenue-recognition accounting standard set to take effect Jan. 1, experts say. Many companies, especially smaller ones, are using internal resources to prepare, but companies might have difficulty finding outside help as the effective date draws nearer, according to PwC.

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MarketWatch