Journal of Accountancy

How to use COSO to implement and scale AI projects

The COSO enterprise risk management framework can help leaders manage risks associated with their AI strategies.

Early Black-owned CPA firms spurred diversity efforts

Built by Black CPAs who succeeded despite adversity, these firms continue to play an important role in the profession’s recruitment and advancement initiatives, and with the clients they serve.

FASB proposal addresses fair value and equity security sale restrictions

A new FASB proposal intends to clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the security and therefore is not considered in measuring fair value.

Transcript Delivery System down for some Form 941 transcripts

The IRS reports that its Transcript Delivery System is down for business taxpayers who reported information related to COVID-19 employment tax relief on Form 941, Employer’s Quarterly Federal Tax Return.

How climate risks are reflected in current financial statements

The Center for Audit Quality has published a resource that describes management and auditors’ responsibilities related to climate-related risk reporting.

Ways and Means releases list of tax provisions for budget bill

The proposal would raise tax rates for corporations and individuals and make many other changes to the Internal Revenue Code.

SBA quadruples COVID-19 EIDL limit to $2 million

The SBA unveiled a menu of COVID-19 EIDL program modifications designed to make it easier for restaurants and other businesses particularly hard hit by the pandemic to take out EIDL loans.

Lease accounting: Private companies on the clock after delay

Following a pandemic-related delay, the new standard takes effect for entities within the “all other entities” category for fiscal years starting after Dec. 15, 2021, and for interim periods within fiscal years beginning after Dec. 15, 2022.

Guidance issued on 2021 qualified sick and family leave wage reporting

Information reporting on Form W-2 or a separate statement allows self-employed taxpayers to claim qualified sick leave and qualified family leave equivalent credits.

IRS updates business travel per-diem rates

The allowances for determining deductions for lodging, meals, and incidental costs are slightly higher than before.

EBP audits set for major changes, more transparency

Employee benefit plan audit procedures and reporting will undergo a significant shift as SAS No. 136, as amended, is implemented.

COVID-19 resurgence, tight labor market lead to drop in optimism

Although finance professionals are optimistic about their own businesses’ economic prospects, the delta variant’s spread and scarcity of job seekers caused concerns that were reflected in a modest drop in the CPA Outlook Index in the AICPA Business and Industry Economic Outlook Survey.