Newsflash - Oct. 5, 2017

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Upcoming Complimentary CPE:
A Focus on Disaster Relief

By FICPA
ficpa.org

Following the recent natural disasters in various parts of the U.S., FICPA is offering four complimentary webcasts focused on the unique challenges we face in the wake of hurricanes Irma and Maria. Topics include:

  • Statutory tax relief for casualty victims (both individual & business)
  • Special rules for federally declared disaster areas
  • IRS disaster assistance administrative relief
  • Calculating and reporting disaster area losses
  • Involuntary conversions resulting from disaster losses
  • Disaster related tax issues: Harvey, Irma & Maria
  • Getting started with the recovery process
  • Code Section 7508A and how it affects returns
  • Recent enacted legislation enacted for Hurricane Irma victims

Join us for one of these four webcasts, free for FICPA members:
CIRAs: Disaster Related Accounting and Auditing Issues (2.0 AA) - 10/10/2017 at 10:00am
Hurricane Irma: Getting Started with Recovery (2.0 TB) - 10/10/2017 at 1:00pm
Understanding Tax Relief for Victims of Disasters (2.0 TB) - 10/18/2017 and 10/19/2017 at 11:00am

Learn More


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A Breakdown of the Proposed Framework on Tax Reform

By Jim Brandenburg
accountingweb.com

Tax reform has been in the works behind the scenes for months (and some parts of it for years), but it has now been released to the public and nearly every business and individual taxpayer will be impacted. However, the framework released by Congress was short on details.

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IASB Proposes Amendments to Accounting Policies, Estimates

By Terry Sheridan
accountingweb.com

The International Accounting Standards Board (IASB) has released proposed amendments to International Accounting Standard (IAS) 8, Accounting Policies, Changes in Accounting Estimates and Errors.

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Federal Agencies Get New Guidance Related to PP&E Opening Balances

By Ken Tysiac
journalofaccountancy.com

A new technical release issued by the Accounting and Auditing Policy Committee of the Federal Accounting Standards Advisory Board provides guidance to federal government agencies that apply alternative methods in establishing opening balances for general property, plant, and equipment.

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How Revenue Recognition Changes are Affecting Preparers like GE, Microsoft

By Ken Tysiac
journalofaccountancy.com

FASB and the International Accounting Standards Board designed their converged revenue recognition standard to enhance comparability across industries. But the standard has presented different implementation challenges to the various business sectors.

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Combining Efforts Around Advocacy for Women CPAs

By Ken Tysiac
journalofaccountancy.com

Women's initiatives in the accounting profession will continue to progress under a new plan that will see the American Institute of CPAs (AICPA) Women's Initiatives Executive Committee (WIEC) continue the name and ideals of the American Woman's Society of CPAs (AWSCPA).

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FASB Proposes Technical Corrections to 2 Standards

By Ken Tysiac
journalofaccountancy.com

FASB issued an exposure draft that contains proposed technical corrections and clarifications for separate standards issued in 2016 on accounting for financial instruments and lease accounting.

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FASB Exposure Draft: Two Proposed Accounting Standards Updates

By FASB
fasb.org

In Accounting Standards Update (ASU) No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, FASB made targeted improvements to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments.

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Irma’s lasting effects for CPAs, our organizations, and our clients

By FICPA
irma.ficpa.org

With a watchful eye on Tropical Storm Nate, FICPA maintains news, annoucements, and resources related to recovery assistance as the cleanup and recovery continues. More at IRMA.FICPA.ORG.

View the resource page


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Tech Tip: How to Change the Default Download Folder on Major Web Browsers

By FICPA
ficpa.org

By default everything you download from a web browser will go to the Downloads folder on your computer, here's how to change that.

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Read the Latest Issue of Florida CPA Today Magazine

By FICPA
ficpa.org

Stay up-to-date about the latest issues and events occurring within the accounting profession, read the September/October issue of FICPA's Florida CPA Today magazine. This month's issue provides a broad variety of information including technical articles written by member CPAs, legislative updates, DOR and IRS updates, monthly chapter meeting dates, upcoming FICPA events, and much more.

View the Magazine


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Your FICPA Benefits at Work: Office Depot October Specials

By Office Depot
odams.officedepot.com

Paper prices are going up, so it's time to stock up! View deals here. Remember that - exclusively as a member of FICPA - you get $25 off your qualifying delivery of $150 or more! Access them through your Office Depot account, under the FICPA's umbrella.

Set up your account and save today


Look for the next issue of FICPA NewsFlash Oct. 19, 2017.

Comments or Suggestions?

We are interested in your comments or suggestions. Please email communications@ficpa.org.