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News

The OSCPA prides itself on keeping members and the public up–to–date on issues related to the accounting profession, be it general news about or affecting the profession, accounting and tax code updates, helpful news for consumers, and more.

Displaying 1 - 10 of 251 news items
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FASB Simplifies Inventory Measurement

View Detail The update is part of FASB’s simplification initiative, which aims to improve areas of GAAP for which cost and complexity can be reduced while maintaining the usefulness of the information provided to users of financial statements.

Senate Taking Steps Toward Protecting Banks Working with Cannabis Industry

View Detail An amendment to the Financial Services and General Government Appropriations bill and a bill before the Senate could provide protections for banks working with legal marijuana businesses.

Businesses Big and Small Could Keep Expired Tax Breaks Under Bill Passed by Senate Panel

View Detail Businesses big and small would get to keep claiming dozens of tax breaks that expired at the start of the year under a bill that overwhelmingly passed the Senate Finance Committee.

Corporate Income Tax: Tax Haven Jurisdictions Amended, Addback Requirement Modified

View Detail Oregon has enacted legislation modifying the list of tax haven jurisdictions for which income must be included on the Oregon corporate excise tax return. Applicable to tax years beginning after December 31, 2015, the tax haven jurisdiction list is amended to include Bonaire, Curacao, Guatemala, Saba, Saint Eustatius, Saint Maarten, and Trinadad and Tobago. Monaco and the Netherlands Antilles are removed from the list of tax haven jurisdictions.

Multiple Taxes: Credits Extended, Amended, and Enacted; Other Changes Made

View Detail Oregon has enacted legislation mandating the study of Oregon’s state and local revenue system, enacting a new credit, amending credits available against the corporate and personal income taxes, amending a property tax exemption and clarifying the definition of a "resident" for personal income tax purposes.

Self-Insured Employers Must File Health Coverage Information Returns

View Detail Regardless of size, all employers that provide self-insured health coverage to their employees are treated as coverage providers. These employers must file an annual return reporting certain information for each employee they cover.

FASB Offers One Extra Year for Revenue Recognition Implementation

View Detail In response to potential challenges face by financial statements preparers, the Financial Accounting Standards Board has elected to delay implementation of new revenue recognition standards by one year. The original implementation date of December 15, 2016 remains available for early implementation.

10 Imperatives for Internal Auditors

View Detail A report published by the Institute of Internal Auditors Reseach Foundation has identified key operational practices for internal auditors. The report, Driving Success in a Changing World: 10 Imperatives for Internal Auditors, summarizes responses to the Common Body of Knowledge (CBOK) 2015 Practitioner Survey. It is one of 25 reports that will be published and released by the IIA.

Uniform CPA Examination May Be Changed as a Result of Feedback

View Detail After considering public comment, the AICPA Board of Examiners is reviewing plans to have the Uniform CPA Examination increase the assessment of higher-order skills.

Survey Reveals Talent is a Key Concern Among CPA Firms

View Detail Both hiring and retaining quality staff were top concerns of firms of all sizes. Other concerns include seasonality of the workload and succession planning.