NSAC Happenings and Latest News - Page 93
How the New Revenue Standard May Affect a Company's Income Tax Accounting
As companies prepare to adopt the new revenue recognition standard, they must consider the potential income tax accounting implications. Adoption of the standard may create new temporary differences or require the remeasurement of existing ones. It also may create process and system challenges if multiple “accounting bases” need to be maintained. Tax professionals should be actively involved in implementation discussions to make sure ...
Read MoreNew Auditing Disclosure Requirement Takes Effect June 30
The Public Company Accounting Oversight Board issued a reminder that the new requirement will be taking effect on June 30. Auditing firms will be required to disclose the names of other participating firms on Form AP, which firms registered with the PCAOB began filing with the PCAOB earlier this year. The initial requirement was for firms to disclose the name of the engagement partner who served on the audit for the most recent period. This ...
Read MoreCFOs Losing Sleep Over Financial Reporting
The financial reporting process keeps 97 percent of CFOs awake at night, according to a recent survey, with only 3 percent of the senior finance execs polled saying they don’t lose any sleep over their organization’s reporting processes or deadlines. The survey, by the financial reporting technology company, Workiva, and the business systems information provider, FSN, polled 977 international CFOs and senior finance ...
Read MoreMachine Learning, Artificial Intelligence - And The Future Of Accounting
Machine Learning, Artificial Intelligence - And The Future Of Accounting Take a deep breath. Robots are NOT going to replace all human accountants or bookkeepers (at least not anytime soon). White-collar workers who are part of the knowledge economy are beginning to experience what manual laborers have in the past when new technology made their jobs obsolete. Given the improvements we have recently seen in computing, many professionals ...
Read MoreWhen Is It OK To Throw Out Old Tax Documents?
After every tax season, it’s tempting to do some spring cleaning, which often includes a massive dump of recently filed tax data. While many firms have migrated to paperless records, many still grapple with the issue of tax record retention. One of the most confusing questions clients ask their accountants is: what do I do with my tax records and how long do I need to keep them? Keep in mind that compliance includes federal (IRS)
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