New FASB Standard Addresses Certain Stranded Income Tax Effects from Tax Cuts and Jobs Act
by CCH ARM Editorial on February 14, 2018 at 7:54 pm
New ASU Issued The FASB issued an Accounting Standards Update (ASU) that helps organizations address certain stranded income tax effects in accumulated other comprehensive income (AOCI) resulting from the Tax Cuts and Jobs Act. ASU No. 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, provides financial […] The post New FASB Standard Addresses Certain Stranded Income Tax Effects from Tax Cuts and Jobs Act appeared first on Tax & Accounting Blog. […]
Are you ready to audit smarter?
by Cathy Rowe on February 12, 2018 at 1:00 pm
Why audit smarter? Because, it is time to challenge the status quo! Some people say that audit work is becoming a commodity. However, others say it becomes a commodity only if we let it! So, do not let it. Figure out how to audit smarter, especially when it comes to data analytics. Clients expect value, […] The post Are you ready to audit smarter? appeared first on Tax & Accounting Blog. […]
SEC Corp Fin Future Focus Areas Discussed
by CCH ARM Editorial on February 9, 2018 at 7:45 pm
SEC Director of Corporation Finance (Corp Fin), William Hinman, recently discussed efforts by Corp Fin to implement SEC priorities and provided insight into future areas of focus. Hinman indicated that SEC Chairman Jay Clayton “has made clear that our efforts must extend to all investors, especially Main Street investors, and that our capital formation efforts […] The post SEC Corp Fin Future Focus Areas Discussed appeared first on Tax & Accounting Blog. […]
COSO and WBCSD Propose Guidance on ESG Risks
by CCH ARM Editorial on February 8, 2018 at 9:21 pm
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the World Business Council for Sustainable Development (WBCSD) have released a draft of proposed guidance, Applying Enterprise Risk Management to Environmental, Social and Governance-Related Risks (Draft Guidance). The comment deadline is June 30, 2018. The existing COSO framework, Enterprise Risk Management — Integrating with […] The post COSO and WBCSD Propose Guidance on ESG Risks appeared first on Tax & Accounting Blog. […]
Re-engineer Your Audit Process
by Wendy Cable on February 7, 2018 at 1:00 pm
When the AICPA issued Risk-Based Audit Standards years ago to better address audit risk, KCoe-Isom, LLP saw an opportunity to re-engineer its entire auditing process. What they looked for was an automated solution that adhered to the standards and simultaneously streamlined the audit process. What they found was Wolters Kluwers CCH ProSystem fx Knowledge Coach. […] The post Re-engineer Your Audit Process appeared first on Tax & Accounting Blog. […]
Accounting is the story of a business told in the language of numbers. Some people have a natural understanding of numbers, but it is not something that comes naturally to everyone. Thus, even if you have learned the basics and can prepare your own budgets or monthly...
Ever complain to a friend or family member about your debt and received advice that landed you in more debt? The one person who will not lie to you about your finances is your accountant. Each is obligated by law to act professionally, with integrity. Hiring an...
An accountant can help you save money. Look at it this way - your accountant probably knows more about you than even your mother at this point! He or she can help you devise strategies to hide money from yourself, such as automatic payroll deductions into a brokerage...
Changing jobs? Your accountant would advise you on assuring that your new employer is withholding the right amount from your paycheck. It is definitely worth keeping an eye on, to avoid back taxes in the future.
Living paycheck to paycheck? An accountant can analyze your financial situation and provide you with options on how to reduce your debt. Your accountant can also teach you methods to improve your credit score, which is invaluable if you are thinking of purchasing...