FASB Votes to Delay Effective Dates for 3 Major Standards, and more - October 22, 2019 News

by MICPA | Oct 23, 2019   ()

FASB Votes to Delay Effective Dates for 3 Major Standards
Private companies and certain other preparers have extra time to implement three major standards as a result of a unanimous vote by the Financial Accounting Standards Board (FASB). Accounting standards for leases, credit losses and hedging are affected, and the board has also delayed the effective date for a standard for long-duration insurance contracts.
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PTIN Renewal Season Begins
It is now Preparer Tax Identification Number (PTIN) renewal season for 2020. There is no fee/cost for 2020 PTINs. All PTINs expire on Dec. 31 and must be renewed annually. You must have a valid PTIN if you plan to prepare any federal tax returns for compensation or you are an enrolled agent.
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MICPA Emerging Leaders: Connect on Nov. 21
Join with other young professionals at this networking event with a panel of fellow CPAs who share their experiences and tips for moving forward and up. Register online, and meet at Royal Oak hotspot, Fifth Avenue, at 6 p.m. on Nov. 21.
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A Fiscal Reality: MICPA and AICPA Support the Fiscal State of the Nation Resolution
The MICPA urges Michigan members of the U.S. House of Representatives to support H. Con. Res. 68, the Fiscal State of the Nation Resolution, which would require the U.S. Comptroller General to give an annual presentation to the House and Senate Budget Committees regarding the audited financial statement of the federal government.
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Agency Eyes Big Revamp of Wall Street Whistleblower Program
The AP reports that the SEC is moving with little fanfare to revamp one of the most successful whistleblower programs in the government, alarming advocates who warn the changes will set back efforts to police Wall Street and punish corporate fraud.
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Taxpayers May Deduct Casualty Losses in Prior Years
The IRS has finalized regulations permitting taxpayers to deduct disaster losses in the tax year immediately preceding the tax year the disaster occurred. The Journal of Accountancy explains.
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Sustainability Standards Seen as Too Fragmented
Environmental, social and governance reporting is filled with competing sets of sustainability-related standards that are in need of simplification and consolidation, according to accounting standard-setters and experts in this Accounting Today article.
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3 Ways Data Can Evolve Your Business
If you’re not on the data science wagon yet, this AICPA blog post explores three reasons you should probably consider jumping on in the near future.
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10 Steps to Avoid Business and Employee Fraud
Small and mid-sized businesses are more vulnerable to fraud than larger organizations, and the effects can be more damaging. The types of fraud that businesses need to be aware of generally fall into three categories: Theft, financial statement fraud and asset misuse. CPA Practice Advisor offers 10 steps small businesses can take steps to deter fraud, and to detect it as soon as possible.
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How "Tail Coverage" Can Protect a Retiring Firm Partner
If a partner is both retiring and selling his or her practice, then an extended reporting period insurance coverage, commonly known as “tail coverage,” is highly recommended. With this coverage in place, the risk to the former and continuing partners is much more manageable.
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Embracing Gratitude Yields Productivity and More
There's a simple solution to improving one’s work life. Increased happiness, better sleep and a more engaged team are a few of the benefits of an attitude of gratitude outline in this AICPA blog post.
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Podcast: How to Make Clients Love Your Firm
Clients who feel an emotional connection to your firm can be your greatest asset, especially at a time when accounting work is increasingly commoditized. In this podcast from the Journal of Accountancy, with full transcript, Julie Littlechild, founder and CEO of Absolute Engagement, discusses what her organization's research reveals about how clients become truly engaged with an accounting practice.

EMU Student Named George Willie Scholarship Recipient
Five ethnically diverse students have been selected to receive up to $20,000 in scholarships and internships with public accounting firms during the 2020 tax season. One of the students is MICPA member Calvin Calloway III of Eastern Michigan University. Calvin will intern with Aprio in Atlanta, Georgia. Congratulations, Calvin, on this fantastic opportunity!
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Source: MICPA
Source: MICPA

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