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

Accounting Today - - Professionwatch - 65 60 50 52.91 J ’17

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:

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