Closing out 2018 Accounting Today’s Accountants Confidence Index In partnership with ADP ®
The IRS Advisory Committee’s role will In the aftermath of the midterm elections, accountants’ eyes were fixed on Washington, waiting with bated breath to see what the results will mean in terms of growth, tax legislation and trade policy. With so much u
The midterm elections in early November
will lead to Democrats taking control of the House’s tax-writing Ways and Means Committee, but with Republicans retaining control of the Senate and White House, which is likely to put an end to consideration of the Gop-proposed Tax Reform 2.0, and the middle-class tax cut mooted by President Trump.
With all current Preparer Tax ID Numbers
due to expire on Dec. 31, the Internal Revenue Service began accepting renewals from the more than 768,000 federal return preparers in the country.
The Public Company Accounting Oversight
Board is planning extensive changes in how it inspects firms and interacts with statement preparers, according to two of its new board members, who spoke at a conference in New York in early November. Pointing to the board’s proposed five-year strategic plan (which was expected to be approved at press time), they noted five areas of focus: driving improvement in the quality of audit services; anticipating and responding to the changing environment; enhancing transparency and accessibility; pursuing operational excellence; and developing the board’s staff. They also said the board aims to improve the timeliness of inspections, and to shine more of a spotlight on best practices of audit firms.
Marcum took a commanding lead in
terms of new Securities and Exchange Commission audit client engagements in the third quarter of 2018. ( See page 24.) Separately, Marcum also combined with fellow Top 100 Firm Raffa, highlighting the usual bump in end-of-the-year M&A. ( See our expanded M&A Watch, page 35.)
SEC Chairman Jay Clayton said the SEC
is looking at a proposal from President Trump to change the quarterly financial reporting cycle for public companies. ( See page 26.) expand in 2019 to have a wider portfolio and incorporate two other advisory groups. ( See page 21.)
The Financial Accounting Standards
Board released an accounting standards update in early November to clarify the guidance on the interaction between some types of collaborative arrangements and the new revenue recognition standard.
Most U.s.-based public companies are
choosing a less burdensome, but riskier method for complying with the new revenue recognition standard, according to a report from regulatory compliance analytics company Intelligize, which found the vast majority of public companies are using the modified retrospective method of adopting rev rec, as opposed to the “full retrospective transition” method, which requires companies to restate their revenues going back to fiscal year 2016.
The International Federation of Accountants
elected Dr. In-ki Joo of South Korea as president for a two-year term through November 2020. Joo has served as deputy president of IFAC since November 2016.
The National Conference of CPA Practitioners
installed its 2018-19 officers and directors, including Neil Fishman, of Fishman Associates CPAS, in Florida, as president, and Mark Stewart, of Feldstein & Stewart LLP CPAS, in New York, as executive vice president.
The partnership board of Grant Thornton
LLP voted unanimously to extend CEO Mike Mcguire’s term until July 31, 2021, his mandatory retirement date.
KPMG added another independent
director to its board, appointing Linda Addison, a former managing partner of the law firm Norton Rose Fulbright. The firm appointed its first independent director in October.
All responses from a November 2018 survey of the Accounting Today Executive Research Council, an online panel of over 1,500 accounting professionals. The ACI was created in partnership with: