Accounting Standards
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Zone & Co Launches ZoneBilling AI Assistant
IRS Extends Tax Deadlines Until May For Helene Victims
Avantax Acquires SEP Financial Services
Sovos Launches Indirect Tax Suite for SAP, Enhances Clean Core Readiness
FASB Aims to Improve Derivative Accounting
Investors, accounting firms, and other stakeholders have until Oct. 21 to provide comments to the FASB on the proposed ASU.
FASB Wraps Up Work on Its Conceptual Framework By Issuing Final Chapter
Chapter 6 of the framework, issued by the FASB on July 12, pertains to the measurement of items recognized in financial statements.
AICPA Comments and Requests to Testify on Foreign Trust Proposed Regulations
The submitted recommendations will simplify filing for taxpayers and practitioners, reduce the administrative burden on the IRS
AICPA Comments on Proposed Regs on Excise Tax on Repurchase of Corporate Stock
Section 4501(a) was enacted as part of the Inflation Reduction Act of 2022 and provides that a covered corporation is subject to “a tax equal to 1 percent of the fair market value of any stock of the corporation which is repurchased by such corporation during the taxable year.”
FASB Private Company Council Identifies 4 Priorities
The Private Company Council (PCC) met on Monday, June 24, 2024. Below is a summary of topics discussed by PCC and FASB members at the meeting:
NetSuite Launches New Solution for HIPAA Compliance for Healthcare Entities
NetSuite SuiteSuccess Healthcare Edition is an industry-specific pre-configured solution with pre-defined role-based dashboards, reports, KPIs, and workflows.
GASB Concludes Pension Standards Achieved Objectives
A post-implementation review of GASB 67 and GASB 68 found that the two standards, approved in 2012, met their goals.
AICPA Auditing Standards Board Approves Revisions to Attestation Standards
The changes are intended to align them with the AICPA standards pertaining to quality management, and related financial statement audit and non-audit standards.