Issue Monitoring
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The Ohio Society actively monitors the issues that impact the CPA profession and the business world at-large. Below are the key issues that we are actively tracking at this time. We will provide you with the latest news and updates, in addition to resources and solutions you need today.
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Arizona is the 28th state to enact legislation permitting no-notification, no-fee interstate practice by CPAs who are not located in those states. Read more about Interstate Practice Mobility and view mobility resources.
Another step is taken towards convergence with IFRS: The AICPA Council designated the International Accounting Standards Board (IASB) in London as an accounting body for purposes of establishing international financial accounting and reporting principles. FASB will continue to set standards in the U.S. Read more on this and other news stories surrounding IFRS.
FASB has advocated movement toward all U.S. public companies using accounting standards promulgated by a single global standard setter when preparing their financial reports. Read more.
Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement 109
Issued in 2006, FIN 48 requires companies to take a more structured approach in reporting uncertain tax positions on their financial statements. Read more.
The AICPA Peer Review Board has released revised Standards for Performing and Reporting on Peer Reviews and Interpretations to the Standards. The revised standards are expected to result in a more efficient and effective peer review process. As the revisions are significant, all interested parties are encouraged to become familiar with them. Read more.
The SEC proposed that all U.S. companies use XBRL to provide financial information following a three phase-in plan – with the largest companies to begin next year. Read the full story.
View resources on XBRL, and read the latest XBRL news.
The regulatory environment and standard-setting of the profession continue to change and evolve. Catch up on the latest news from the SEC, the PCAOB and more.
The demand for forensic accounting services is growing – and that trend is expected to continue as businesses increasingly seek out experts to help them with a broad range of issues such as economic damages, family law, fraud investigations and litigation.
View more fraud and forensic accounting news and resources.
The U.S. Treasury Department's Advisory Committee on the Auditing Profession published an addendum to its draft final report that is now open for comment. The addendum adds four new issues to the draft report for public comment.
The AICPA Auditing Standards Board (ASB) has issued two exposure drafts (EDs) of proposed Statements on Auditing Standards (SASs) – the first to be released as part of the ASB’s Clarity Project – a project that will rewrite all their standards to make them easier to read, understand and implement.
Read more and view the major changes of the Clarity Project.
Issue: Every time state government faces a budget shortfall, legislators begin to look for possible revenue sources or budget cuts. Since Ohio’s economy has generally shifted away from a manufacturing base, legislative advisors have begun looking to the long list of services—including accounting and consulting—that currently and intentionally are not taxed.
Read more information on sales tax on services.
The AICPA’s Center for Audit Quality (CAQ) urged the SEC to use the proposed delay of the Sarbanes-Oxley Section 404(b) external audit requirements for smaller companies to better assess the costs and benefits of implementing new standards and guidance.
The Ohio Society of CPAs is your source for the most up-to-date tax reform information. The links below provide in-depth information on recent developments, and will be updated regularly to keep you informed.