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Lease Accounting Standard Leaves Companies With Questions
As companies get ready for the new lease accounting standard, they’re coming across a variety of complications and questions before the standard takes effect in the next few years. Deloitte recently issued a publication with answers to some of the frequently asked questions its clients have encountered. It noted that companies are exploring system solutions to help with the standard, including upgrades and entirely new ...
Read MoreCompanies Making Slow Progress on Revenue Recognition Standard
Many businesses are slow-walking to implementing the revenue recognition standard, even as the effective date approaches next year. KPMG polled a group of financial executives during a webcast in April asking them about their progress on adopting the revenue recognition standard. Their responses are highlighted below: Just over half of the financial executives polled by KPMG (52 percent) said they feel their company has ...
Read MoreHedging May Get Easier Under New FASB Accounting Standard
A new standard for hedge accounting that FASB expects to approve soon is designed to provide better information to investors and eliminate accounting obstacles that prevented some organizations from using hedge accounting. All seven FASB members said during a public meeting that they plan to support the standard when the final ballot draft is issued in a few weeks. After FASB approves the standard on the written ballot, it is expected to be ...
Read MoreIRS Adjusts Health Savings Account Limits for 2018
In Revenue Procedure 2017-37, the IRS said the annual contribution limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,450. For calendar year 2018, the annual limitation on deductions for an individual with family coverage under a high deductible health plan is $6,900. HSAs typically require high deductibles, but they allow people to set aside money from their paychecks on a pre-tax ...
Read MoreAICPA Proposes Standard for Auditing Employee Benefit Plans
The American Institute of CPAs has proposed a new standard for auditing the financial statements of employee benefit plans, after the Department of Labor released a report criticizing the quality of ERISA plan audits. The AICPA’s Auditing Standards Board issued an exposure draft for the proposed Standard. Proposed Statement on Auditing Standards (SAS), Forming an Opinion and Reporting on Financial Statements of Employee Benefit ...
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