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FASB officially delays 4 major standards

  • November 16, 2019

On Friday, FASB issued two new Accounting Standards Updates (ASU) that delay many of the effective dates for new standards on leases, hedging, current expected credit losses (CECL), and long-duration insurance contracts. Continue Reading

Report finds shift in accounting firm hiring

  • August 19, 2019

Almost one-third (31%) of new graduate hires in public accounting in 2018 were nonaccounting graduates, an AICPA survey shows. While enrollments and graduates are down, the 208,000 students projected to be enrolled in undergraduate accounting programs in 2017 to 2018 marked the second-highest total ever, and the 76,542 projected total of bachelor's and master's degrees earned remained above prerecession levels. Continue Reading

Understanding small taxpayer gross receipts rules

  • August 5, 2019

Several exceptions are available to small-business taxpayers to help them avoid some of the Internal Revenue Code's more burdensome requirements. Although these exceptions are meant to simplify tax-law compliance, evaluating whether a business qualifies for the exceptions can be convoluted. Continue Reading