NSAC Happenings and Latest News - Page 67
IRS Finalizes Rules for Truncating Taxpayer SSNs on W-2s
The Internal Revenue Service has issued final regulations for allowing employers to truncate taxpayer identification numbers on wage and tax statements to help protect employees from identity theft. The regulations allow employers to voluntarily truncate employees’ Social Security Numbers on copies of the Form W2, Wage and Tax Statement, furnished to employees so the truncated SSNs appear in the form of IRS truncated taxpayer ...
Read MoreFASB Opens Second Segment Reporting Study
The Financial Accounting Standards Board said it’s looking for public companies to take part in a study focusing on potential improvements to the segment disclosure requirements. This is the second study conducted by FASB on segment reporting. This one will concentrate on the information disclosed by each reportable segment. The original study last year focused on improving the aggregation criteria and process for determining the ...
Read MoreBKD Dons a White Hat to Hack Clients
The BKD Red Team stands ready to embarrass their clients — but all in the name of security. BKD Cyber, the cybersecurity arm of Springfield, Missouri-based Top 100 Firm BKD, has assembled what it’s calling its Red Team -- a digital attack simulation service that emulates the actions a hacker might take during a cyberattack. This service comes at a time when the accounting profession is on high alert for cybercrime, in the wake of ...
Read MoreGet Private Companies Ready for the New Revenue Standard
Auditors of private companies are reviewing clients’ efforts to prepare for filing financial statements under the new revenue recognition standard in early 2020. In the five years since FASB adopted its landmark guidance in Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606), companies large and small have had to race to implement the standard by its effective date. Public companies began complying ...
Read MoreA Dozen Excel Time-Savers
Q. What are some of your favorite tricks for getting the most out of Excel? A. Excel has been a staple of this column since its launch almost 20 years ago, and I've provided innumerable Excel tips myself since taking it over from Stanley Zarowin in January 2011. I recommend you search the JofA website (or browse journalofaccountancy.com/excel), as almost all of those Excel tips and tricks are still valid today, though the ...
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