Challenges to consider in auditing revenue recognition
WEBJul 1, 2020 · The article explains the five-step process of revenue recognition under FASB's new standard and the judgment involved in each step. It also discusses the independence missteps related to revenue recognition and the audit procedures for assessing the risk of material misstatements.
Tax, accounting, auditing news - Journal of Accountancy
WEBThe Journal of Accountancy provides the latest news and insights on accounting, financial reporting, auditing, taxation, financial planning, and more. Find out about CFO opportunities, retirement planning, IRS guidance, beneficial ownership reporting, and other topics.
Guidance on claiming the ERC for third and fourth quarters of 2021
WEBAug 5, 2021 · The IRS issued Notice 2021-49 that provides additional guidance on claiming the employee retention credit (ERC) under Sec. 3134, as modified by the American Rescue Plan Act. The notice covers eligibility, wage limits, tax offset, and other issues for the ERC in the third and fourth quarters of 2021.
Accounting for sale and leaseback transactions
WEBJul 1, 2020 · Learn how to apply new revenue recognition and lease accounting standards to sale and leaseback transactions, which involve the seller selling an asset to a buyer and then leasing it back. See the criteria and illustration for determining whether the transaction qualifies as a sale or a finance lease.
The QBI deduction for rental real estate activity
WEBAug 1, 2019 · Learn how to determine if a rental real estate activity qualifies as a trade or business for the 20% QBI deduction under Sec. 199A. The article explains the factors, rules, and exceptions for different types of rental activities and offers planning opportunities.
A refreshed focus on risk assessment - Journal of Accountancy
WEBJan 1, 2022 · Learn how auditors can improve their risk assessment processes with a new standard and a pandemic-fueled shift in risks. Find out how to identify and respond to significant risks, understand internal control, and use data analytics and visualization tools.
Mechanics of the new Sec. 199A deduction for qualified business …
WEBMay 1, 2018 · Learn how to calculate the new deduction for qualified business income (QBI) from passthrough entities under Sec. 199A of the Tax Cuts and Jobs Act. Find out who qualifies for the deduction, how it is limited by taxable income and business type, and what are the exceptions and special rules.
Unclaimed property: What is it, and what are the risks?
WEBNov 1, 2020 · Learn what unclaimed property is, how states regulate it, and what penalties and options companies face if they are not in compliance. The article covers the basics of unclaimed property, the uniform acts, the audit process, and the recommendations for CPAs and other professionals.
Embracing technology in the audit - Journal of Accountancy
WEBFeb 1, 2022 · Use of sophisticated technology and data analytics in the audit is fast becoming a standard operating practice at Aronson LLC as firm leaders are embracing the digital-first approach to engagements that is becoming more prevalent at firms across the country.. Alan Langelli, CPA, the lead partner in the Technology Services Group at the …
A framework for maintaining ethics compliance
WEBNov 1, 2019 · Learn how to apply the conceptual framework to identify, evaluate, and address threats to ethics compliance, such as undue influence, in public practice. The framework can help CPAs defend against professional liability claims and protect their independence and integrity.