NEWS ROUNDUP

February 15, 2017

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Tax Practitioners’ Information Will Soon Be Available at IRS Website

The IRS alerted tax practitioners that it will soon be publishing their registration information online. It also said that if a practitioner used a personal address instead of a business address, or used a street address instead of a P.O. box, he or she may want to change it.

FASB Amends Consolidation Guidance for Not-for-Profit Entities

FASB has issued ASU 2017-02, “Clarifying When a Not-for-Profit Entity That Is a General Partner or a Limited Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity,” which amends the consolidation guidance for not-for-profit entities in ASC 958-810.

AICPA Issues Revenue Working Drafts for Insurance and Software Entities

The AICPA’s Revenue Recognition Task Force has released for public comment working drafts on accounting issues associated with the implementation of the new revenue standard for insurance and software entities.

3 Ways to Recognize Vendor Fraud

The Association of Certified Fraud Examiners estimates that a typical organization loses 5% of annual revenues to fraud. Corrupt vendors embezzle millions of dollars from businesses annually and much of that loss happens without the defrauded companies ever having a clue. There are some simple ways to make it harder for this to happen.

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