Magazine article The CPA Journal

Tax & Accounting Update

Magazine article The CPA Journal

Tax & Accounting Update

Article excerpt

Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is a quick-reference guide to the most pressing issues coming down the regulatory and administrative pipeline. Visithttps://tax.thomsonreuters.com/checkpoint-news/ for further information and daily updates.

AICPA News

New CPA Exam to launch April 2017.

On April 4, the AICPA announced the newest iteration of the Uniform CPA Examination. The changes include greater emphasis on critical thinking, problem solving, and other high-level cognitive skills, along with more "task-based simulations" meant to test those skills. The AICPA said it based the latest set of changes on the result of a "practice analysis," a broad effort launched in 2014 to ensure the test stays "current, relevant, reliable, and legally defensible." Testing on the new exam is slated to begin in April 2017.

SEC News

Concept release seeks comments on business and financial disclosure rules.

On April 13, the SEC issued a preliminary rulemaking document to solicit public comments on its plan to update its 30-year-old business and financial disclosure requirements. The goal of the comments is to make the requirements more effective for investors. The document is part of the agency's broad review of its disclosure rules and seeks opinions on the overall disclosure framework, specific line item disclosure requirements, and the presentation and delivery of the information to investors.

FASB News

June release date expected for planned credit loss standard.

After being on the verge of release for close to a year, FASB's planned standard for writing down bad loans and securities is expected to be released as a final set of amendments to U.S. GAAP by the end of June 2016. Before it releases the amendments, however, the board wants to meet again to weigh the upcoming standard's costs and benefits and reconsider the 2019 effective date for public companies it had previously agreed to.

PCAOB News

Proposal offers changes to supervisory responsibilities in multiple-firm audits.

On April 12, the PCAOB issued a proposal to strengthen the rules that apply to audits involving at least one other accounting firm aside from the auditor hired by the client. The PCAOB is asking for comments on its plan to have lead auditors increase their oversight of the secondary firms that work on a client account. …

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