Accounting

No kidding; Time’s up; jailbird; and other highlights of recent tax cases. Original Article Posted at : https://www.accountingtoday.com/news/tax-fraud-blotter-an-efin-mess

The Financial Accounting Standards Board issued the Current Expected Credit Loss (CECL) accounting standard in 2016. Since then, many questions have been raised about what it requires, particularly by financial services companies that have been preparing to meet the new standard. Original Article Posted at : https://www.accountingtoday.com/opinion/after-the-cecl-transition-now-comes-the-hard-part

The IRS is pushing deadlines and payment deadlines back to July 15 for some taxpayers. Original Article Posted at : https://www.accountingtoday.com/news/tax-relief-for-tennessee-tornado-victims

The Securities and Exchange Commission voted Thursday to exempt smaller public companies with less than $100 million in annual revenue from the requirement for an attestation of their internal control over financial reporting by an outside auditor. Original Article Posted at : https://www.accountingtoday.com/news/sec-rolls-back-audit-requirements-for-smaller-companies-internal-controls

The Chicago-based firm will combine its consulting experiences with Llamasoft’s optimization technology to help its clients meet their supply chain objectives. Original Article Posted at : https://www.accountingtoday.com/news/grant-thornton-partners-with-llamasoft-to-offer-ai-based-supply-chain-optimization

The board’s ASU offers temporary optional guidance to help with the accounting for reference rate reform. Original Article Posted at : https://www.accountingtoday.com/news/fasb-offers-guidance-on-libor-reference-rate-transition

Notice 2020-15 clarifies what Covid-19 expenses can be covered from HSAs. Original Article Posted at : https://www.accountingtoday.com/news/high-deductible-health-plans-can-cover-coronavirus-costs-irs

The American Institute of CPAs has debuted SOC for Supply Chain, a risk management reporting framework that CPAs can use to provide assurance services as they face risks in their supply chain ranging from coronavirus to trade to other threats. Original Article Posted at : https://www.accountingtoday.com/news/aicpa-introduces-soc-for-supply-chain-reporting-framework

Two former Puerto Rico officials, along with the head of an accounting firm and three others, were indicted over allegations of theft, money laundering and wire fraud, escalating federal investigations that have been swirling around the bankrupt U.S. territory. Original Article Posted at : https://www.accountingtoday.com/articles/ex-puerto-rico-officials-and-bdo-partner-charged-in-corruption-probe