Top Accounting News This Week – 5/21/18

Here is this weeks Top Accounting News you can use:

Trouble with ASC 842 and how the SEC is responding

The Accounting Standards Codification 842 has changed reporting standards for leased assets and liabilities beginning January 1, 2019.  With software currently unable to meet the need, the SEC is now hearing concerns from companies struggling to meet the new requirements.

IRS offers guidance on revenue method to avoid a massive influx of change requests

The recent changes implemented for revenue method by the IRS, have caused quite a bit of uncertainty regarding a mandatory shift to GAAP reporting.  This has caused the potential for a flood of individual special requests.  Read why here…

Helen Munter of the PCOAB resigns

It seems the PCOAB has more to contend with than just an all new board.  Head Inspector, Helen Munter has recently resigned after fourteen years with the PCOAB.

New Bookkeeping Systems on the Horizon

 PeaCounts is pushing the limits of technology with their new application combining artificial intelligence and blockchain technology for the latest in bookkeeping software.  Read all about its capabilities here….

 

1. https://www.complianceweek.com/blogs/accounting-auditing-update/systems-identifying-leases-complicate-adoption-of-rules#.WwL7M5ch1PY
2. https://www.complianceweek.com/blogs/accounting-auditing-update/irs-issues-new-guidance-on-changing-revenue-method#.WwL8_5ch1PY
3. https://www.accountingtoday.com/news/pcaob-inspection-head-helen-munter-steps-down?brief=00000158-5504-dc42-a1fe-55d7045f0000
4. https://www.accountingtoday.com/news/pcaob-inspection-head-helen-munter-steps-down?brief=00000158-5504-dc42-a1fe-55d7045f0000

For more information see our other Blog posts!