IRS offers automatic method to change accounting for new revenue recognition standard

A new revenue procedure makes it easier for companies to conform with FASB’s revenue recognition standard.

via Jay-Z’s attorneys say SEC subpoena is weapon in ‘celebrity hunt’:

Lawyers for the hip-hop mogul don’t want him to testify in a probe of a firm he did business with more than a decade ago.

3 time-saving tips to enhance your audit workflow: There are ways to save time while ensuring you are producing the highest quality audit and providing excellent client service. Time-saving tips that will enhance your audit workflow (June 12, 2018). | Manual processing of reconciliations is a critical audit matter: As the deadline approaches to comply with the new auditing standard adopted last year by the PCAOB, auditors are girding to disclose CAMs for the first time in their reports. | AuditFile offers report writer add-on for Word: The audit automation software provider has introduced a free tool for Microsoft Office users.

6 myths about tax refunds


IRS warns of new scam involving erroneous tax refunds. | The Internal Revenue Service warned taxpayers Tuesday to beware of a quickly proliferating scam involving erroneous tax refunds being deposited in their bank accounts, after a data breach on their tax preparers’ computers gives them access to sensitive client information.

IRS didn’t notify 458,658 identity theft victims. | The Internal Revenue Service failed to tell nearly half a million victims of identity theft last year their information was being used by others for employment purposes, according to a new report, which attributed the failure to a computer programming error.


AICPA Online Revenue Recognition Guide

Post on @Quora by @jeffreybtravis:

The American Institute of CPAs Online Revenue Recognition Guide

Post by Illinois CPA:

The American Institute of CPAs

The American Institute of CPAs issued its first Audit & Accounting Guide on Revenue Recognition. The AICPA published this because of changes in accounting standards for revenue recognition for publicly held companies for annual reporting periods.