Accounting news

Here are some recent accounting news and updates:

FASB Updates

• FASB Issues Update on Accounting for Credit Losses (ASU 2016-13): The Financial Accounting Standards Board (FASB) has issued an update to its accounting standard on credit losses, which is intended to improve the accuracy of financial reporting by requiring companies to recognize credit losses earlier.
• FASB Issues Update on Leases (ASU 2016-02): The FASB has issued an update to its accounting standard on leases, which requires companies to recognize lease assets and liabilities on the balance sheet.

Tax Reform

• Tax Cuts and Jobs Act (TCJA): The TCJA, signed into law in December 2017, made significant changes to the US tax code, including reducing corporate tax rates and limiting the deductibility of interest expenses.
• IRS Issues Guidance on TCJA: The Internal Revenue Service (IRS) has issued guidance on various aspects of the TCJA, including the new qualified business income (QBI) deduction and the limitation on the deductibility of interest expenses.

Audit and Accounting Standards

• PCAOB Issues New Audit Standard: The Public Company Accounting Oversight Board (PCAOB) has issued a new audit standard that requires auditors to perform additional procedures to identify and assess the risks of material misstatement in financial statements.
• AICPA Issues New Accounting Standard: The American Institute of Certified Public Accountants (AICPA) has issued a new accounting standard that provides guidance on the accounting for revenue recognition.

Regulatory Updates

• SEC Issues Guidance on Cybersecurity Disclosures: The Securities and Exchange Commission (SEC) has issued guidance on the disclosure of cybersecurity risks and incidents, requiring companies to provide more detailed information about their cybersecurity practices and incidents.
• OCC Issues Guidance on Bank Accounting: The Office of the Comptroller of the Currency (OCC) has issued guidance on bank accounting, including guidance on the accounting for loan losses and the recognition of income.

Industry Trends

• Cloud Accounting: Cloud accounting is becoming increasingly popular, with many companies moving their accounting systems to the cloud to improve efficiency and reduce costs.
• Artificial Intelligence (AI) in Accounting: AI is being used in accounting to automate tasks such as data entry, financial reporting, and compliance.
• Sustainability Accounting: Sustainability accounting is becoming increasingly important, with companies required to disclose their environmental, social, and governance (ESG) performance.

Notable Accounting Firms

• Deloitte: Deloitte has been named the largest accounting firm in the world by Accounting Today, with revenues of over $43 billion.
• PwC: PwC has been named the second-largest accounting firm in the world, with revenues of over $41 billion.
• EY: EY has been named the third-largest accounting firm in the world, with revenues of over $34 billion.

These are just a few examples of recent accounting news and updates. If you're looking for more information, I'd be happy to help!