NSAC Happenings and Latest News - Page 108
IRS lowers mileage rates for 2017
The Internal Revenue Service has issued the 2017 optional standard mileage rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: • 53.5 cents per mile for business miles driven, down from 54 cents for 2016; • 17 cents per mile driven for medical or moving ...
Read MoreThe Best Kept Secrets of Fraud, Part I
Deep in the heart of a steaming jungle, a ramshackle mining town is full of dangers like mudslides, snakebites, and tropical diseases. Even getting here is an adventure that requires a small plane, a day spent navigating seething rivers, or a hair-raising 4x4 ride over ungraded roads. There are few comforts here and, apart from items in a small camp commissary, almost nothing to buy. It may seem the most unlikely place on earth to uncover an ...
Read MoreFASB 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 ...
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