NSAC Happenings and Latest News - Page 90
If You Don't Monitor Your Internal Controls, Fraud Can Find Its Way In
The most effective way to mitigate the risk of fraud in your business or organization is by designing and implementing strong internal controls. But even the best laid plans are susceptible to fraud if no one is monitoring those systems. Fraud is perpetrated in large companies, small family-run businesses, nonprofits, and governmental entities all the time — and the victims are always incredulous. As auditors, we see clients develop ...
Read MoreIRS Releases Inflation Adjustments for 2018
The IRS has unveiled the tax year 2018 annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules and other tax changes. The adjustments include: The standard deduction for married filing jointly rises to $13,000 for tax year 2018, up $300 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $6,500 in 2018, up from $6,350 in 2017. For heads of ...
Read More2018 Pension Plan Contribution Limits Are Announced
The IRS announced that the limit on elective deferral for contributions to 401(k) plans, 403(b) plans, most 457 plans, and the federal government's Thrift Savings Plan will increase from $18,000 in 2017 to $18,500 for 2018. However, the catch-up contribution limit for those 50 and older remains $6,000. Most other inflation-adjusted amounts related to pensions increased from 2017 to 2018. The ability of taxpayers who are covered by workplace ...
Read MoreFASB Releases Hedge Accounting Standard
The Financial Accounting Standards Board has released its long-awaited hedging standard, the final component of its financial instruments convergence project with the International Accounting Standards Board. The accounting standards update has been in the works since 1998, when FASB last issued a standard for hedge accounting activities. After it agreed in 2002 to begin working with the IASB on converging accounting standards, FASB issued two ...
Read MoreWhat's Next for FASB
FASB to work on developing accounting rules to address areas of distinguishing liabilities and equity, financial performance reporting, and segment reporting. After considering feedback on a yearlong agenda consultation project, FASB added these items to its technical agenda:A project on distinguishing liabilities and equity that is designed to improve understandability and reduce complexity without sacrificing the relevance of information ...
Read More