This Week’s Top Accounting News!
A weekly wrap up of top accounting news stories from the USA:
With the new revenue reporting accounting standards changing in 2018, many large companies, such as Ford Motor have opted to recast prior years reporting. However, GE has opted to fully recast 2016 and 2017 reports. Find out why….
A recent agreement between AICPA, NASBA and the Institute of Chartered Accountants of Scotland have eliminated many of the barriers to international accounting careers. By streamlining the process, Americans have a simplified and fully recognized route to obtaining licensing for both the US and Scotland simultaneously. Read the full story here…
After reviewing new tax legislation, the AICPA has drafted a letter to Congress requesting several corrections and clarifications be made. The vague wording in several sections have left accounting professionals at a loss and seeking clarification. The confusions is so profound, the AICPA has even sent additional letters to the IRS and Treasury department with a list of questions and requests for clarification. To read about the full list of issues, click here.
The IRS is no stranger to criticism, but recent events have put IRS in the hot seat when it comes to transparency and accountability. In fact, even Congress and the President have weighed in on the matter and have requested revisions. For more details on the revisions Congress is asking for from the Treasury department, see the full article.
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