IRS explains disallowance of qualified transportation fringe benefits for parking

The IRS issued guidance outlining how to determine the amount of parking expense that is nondeductible under Sec. 274(a)(4) when employers provide parking for their employees.

SEC urges consistency in non-GAAP reporting

Companies need to adhere to policies and controls that reinforce quality in non-GAAP reporting and KPIs, Securities and Exchange Commission Chairman Jay Clayton and Chief Accountant Wes Bricker said at the AICPA Conference on SEC and PCAOB Developments.

New standard proposed for forensic services engagements

A proposed standard by the AICPA Forensic and Valuation Services Committee would classify forensic services engagements as being performed for the purpose of either “litigation” or “investigation.”

FASB tweaks leases standard with new update

An Accounting Standards Update affects accounting for sales and similar taxes, certain lessor costs and certain requirements related to variable payments in contracts.

Initial guidance issued on Sec. 83(i) deferral election for private company equity grants

The IRS issued initial guidance on the application of Sec. 83(i), which allows certain employees to defer recognition of income attributable to the receipt or vesting of qualified stock.

What PCAOB inspectors will look for in 2019

Inspections of registered audit firms will focus on systems of quality control, independence issues, and recurring deficiencies.

Agreement gives US CPAs path to Australia, New Zealand audit rights

The renewal of a mutual recognition agreement gives qualified U.S. CPAs eligibility to obtain the CA ANZ credential, which is a pathway to obtaining audit rights in Australia and New Zealand.

Simplifying implementation of FASB’s not-for-profit financial reporting standard

Smaller organizations with limited staff may have difficulty implementing FASB’s new standard on presentation of not-for-profit financial statements. These best practices can make the work easier.

Employee benefit plan auditing rules to change

The AICPA Auditing Standards Board has voted to issue a new standard for employee benefit plan audits.

Accounting method change procedures for book-tax conformity rule

The IRS announced procedures for taxpayers to change their accounting method to comply with the amendment of Sec. 451(b) enacted by the tax law known as the Tax Cuts and Jobs Act.