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SEC endorses simplification of disclosure rules
The proposal would eliminate the risk factor examples listed in the disclosure requirement and revise the description of property requirement to emphasize the materiality threshold; eliminate certain requirements for undertakings in registration...
Potential areas of risk for the 2017 audit cycle
An alert published by the Center for Audit Quality discusses some of the more judgmental or complex areas that may be relevant during the 2017 auditing cycle. A second alert contains considerations for auditors of brokers and dealers. (Journal of...
Study: Sarbanes-Oxley Act serves as an early warning system for fraud
An academic study suggests that the Sarbanes-Oxley Act serves as an early warning system for corporate fraud. The study finds that "a statistically and economically significant association between material weaknesses [in internal controls] and...
How artificial intelligence is changing accounting
New technology has the potential to be transformative even for smaller firms, experts say. Here's how AI can help firms differentiate themselves . (Journal of Accountancy)
Recommendations for charitable contributions made by businesses
Find out the best practices for businesses that want to make charitable contributions, including donations to non-qualified tax exempt organizations, contributions where the donor or donee receives value, and contributions under $250. (The Tax...
IRS proposes shortened Social Security Number for Form W-2
As the IRS increases its efforts to fight identity theft, the agency has proposed regulations that would allow employers to use shortened versions of employees’ Social Security numbers on Form W-2. (Accounting Web)
This simple tax policy change could boost the cash, credit, and well-being of the working poor
Expanding the Earned Income Tax Credit is a rare policy for helping the poor that’s supported on both the left and the right–and could be a step toward a universal basic income. (Fast Company)
What to consider when auditing revenue recognition implementation
When implementing the new revenue recognition standard, companies may develop new systems and controls that may increase their risks of material misstatements. A new PCAOB alert can help auditors apply the board’s guidance to their...
SEC begins working with DOL on fiduciary rule
Chairman Jay Clayton says the regulator is drafting a rule proposal to harmonize standards for brokers and advisors. (financial-planning.com)
Entrepreneurs offer advice for first-time managers
Stepping into a leadership role for the first time can be difficult. Members of the Young Entrepreneur Council draw on their experiences to offer their tips, including being open to feedback and establishing clear channels of communication with...

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