Latest accounting news

Here are some of the latest accounting news and updates:

1. FASB Issues New Standard on Leases

The Financial Accounting Standards Board (FASB) has issued a new standard on leases, which will require companies to recognize lease assets and liabilities on their balance sheets. The standard, known as ASC 842, is effective for public companies for fiscal years beginning after December 15, 2018, and for private companies for fiscal years beginning after December 15, 2019.

2. SEC Proposes New Disclosure Requirements for Cybersecurity Risks

The Securities and Exchange Commission (SEC) has proposed new disclosure requirements for publicly traded companies to provide more information about their cybersecurity risks and incidents. The proposed rules would require companies to disclose the nature and scope of their cybersecurity risks, as well as the impact of any cybersecurity incidents on their business.

3. IRS Issues Guidance on Tax Reform Changes

The Internal Revenue Service (IRS) has issued guidance on the changes to the tax code made by the Tax Cuts and Jobs Act (TCJA). The guidance includes information on the new tax rates, deductions, and credits, as well as changes to the alternative minimum tax (AMT) and the estate and gift tax.

4. AICPA Issues New Guidance on Cryptocurrency Accounting

The American Institute of Certified Public Accountants (AICPA) has issued new guidance on the accounting and reporting of cryptocurrency transactions. The guidance provides guidance on how to account for the purchase, sale, and holding of cryptocurrencies, such as Bitcoin and Ethereum.

5. FASB Proposes New Standard on Insurance Contracts

The FASB has proposed a new standard on insurance contracts, which would require companies to recognize insurance contracts as assets and liabilities on their balance sheets. The proposed standard would also require companies to disclose more information about their insurance contracts, including the nature and scope of the contracts and the risks associated with them.

6. SEC Proposes New Rules for Crowdfunding

The SEC has proposed new rules for crowdfunding, which would allow companies to raise capital from a large number of people, typically through online platforms. The proposed rules would require companies to provide more information about their business and financial condition, as well as the risks associated with investing in their company.

7. IRS Issues Guidance on Tax Treatment of Virtual Currencies

The IRS has issued guidance on the tax treatment of virtual currencies, such as Bitcoin and Ethereum. The guidance provides that virtual currencies are treated as property, rather than currency, and are subject to capital gains tax.

8. FASB Issues New Guidance on Accounting for Share-Based Payments

The FASB has issued new guidance on the accounting for share-based payments, which would require companies to recognize the fair value of share-based payments as an expense on their income statements. The guidance would also require companies to disclose more information about their share-based payments, including the number of shares granted and the fair value of the payments.

9. SEC Proposes New Rules for Disclosure of Climate Change Risks

The SEC has proposed new rules for the disclosure of climate change risks, which would require publicly traded companies to provide more information about the potential impacts of climate change on their business and financial condition. The proposed rules would also require companies to disclose their greenhouse gas emissions and their efforts to reduce them.

10. AICPA Issues New Guidance on Accounting for Non-Publicly Traded Companies

The AICPA has issued new guidance on the accounting and reporting requirements for non-publicly traded companies, which would provide guidance on how to account for the purchase, sale, and holding of assets, as well as the recognition of revenue and expenses.

These are just a few of the latest accounting news and updates. If you're interested in staying up-to-date on the latest accounting news and developments, I recommend following reputable accounting news sources, such as the Journal of Accountancy, Accounting Today, and the Financial Accounting Standards Board (FASB) website.