NSAC Happenings and Latest News - Page 104
FASB Proposes Targeted Changes to Hedge Accounting Rules
FASB aims to ensure that financial statements provide faithful depictions of the economic results of an organization's risk management activities.To achieve that goal, the board has proposed the following targeted changes to hedge accounting standards: • Expanding the use of component hedging for nonfinancial and financial risks. • Refining the measurement techniques for hedged items in fair value hedges of benchmark ...
Read MoreAnticipating Questions about the New Overtime Rule
The Department of Labor released the highly anticipated final overtime rule in May, expanding overtime pay eligibility to approximately 4.2 million salaried workers across the country. Despite recent news that a lawsuit has been filed by 21 states as well as a separate lawsuit filed by business groups led by the U.S. Chamber of Commerce both challenging the rule, businesses are urged to continue with preparation efforts for the Dec. 1, 2016 ...
Read MoreAvoiding the Doomsday Countdown: How Companies Can Prepare for Changes in Revenue Recognition
The countdown is on for 2018, as new international accounting rules, IFRS 15 for international countries and ASC 606 for the U.S., will change the way companies need to manage revenue recognition. While 2018 seems far away, a recent survey by PwC and the Financial Education Research Foundation found that 75 percent of companies haven’t completed an initial assessment of the standard’s effect, and nearly 27 percent of respondents ...
Read MoreIRS issues 2017 inflation adjustments for many tax provisions
The IRS issued the annual inflation adjustments for 2017 for more than 50 tax provisions as well as the 2017 tax rate tables for individuals and estates and trusts (Rev. Proc. 2016-55). These provisions are used to file tax year 2017 returns in 2018. One of the few inflation-adjusted amounts that stayed the same is the personal exemption, which remains $4,050 for 2017. The standard deduction for married taxpayers filing joint returns increases ...
Read More2017 Pension Plan Limitations Announced
The IRS has released cost-of-living adjustments for the dollar limitations for pension plan contributions and other retirement-related items for tax year 2017. The contribution limit for 401(k)s remains unchanged, at $18,000 for 2017. However, income ranges for eligibility to make deductible contributions to traditional IRAs and to Roth IRAs, and to claim the saver’s credit, all increased. The phase-out ranges for when taxpayers or their ...
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