Auditing Standards Board Issues Quality Management Standards: Introduces Risk-based Approach
In June 2022, two senior committees of the American Institute of Certified Public Accountants (AICPA) issued new quality management standards.
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FASB Proposes Changes to Transition Requirements in Long-duration Insurance Guidance
The Financial Accounting Standards Board recently issued a proposed Accounting Standards Update that would amend transition guidance in ASU No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI), for contracts that have been derecognized because of a sale or disposal of individual or a group of contracts or legal entities before the LDTI effective date.
View MoreIRS Revises 2021 Child Tax Credit and Advance Child Tax Credit FAQs
The IRS recently issued a revised set of frequently asked questions for the 2021 Child Tax Credit and Advance Child Tax Credit.
View MorePBGC Issues Final Rule on SFA for Financially Troubled Multiemployer Pension Plans
The Pension Benefit Guaranty Corporation recently published a final rule implementing changes to the Special Financial Assistance Program for financially troubled multiemployer pension plans.
View MoreIRS Extends Time for Certain Estates To Request Late Portability Election Relief
The IRS recently issued Revenue Procedure 2022-32, allowing certain estates to elect the portability of a deceased spousal unused exclusion amount as much as five years after the decedent's date of death.
View MoreGASB Issues Enhanced Concepts for Notes to Financial Statements
The Governmental Accounting Standards Board recently issued a Concepts Statement to guide the Board when establishing note disclosure requirements for state and local governments.
View MoreTennessee Department of Revenue Publishes 2022 Legislative Summaries
The Tennessee Department of Revenue has posted 2022 legislative summaries to its website.
View MoreThree Sales Tax Holidays in Tennessee This Year
The Tennessee Department of Revenue is reminding taxpayers that the General Assembly approved two additional one-time sales tax holidays this year, in addition to the traditional sales tax holiday that takes place each year at the end of July.
View MoreGASB Issues Proposal Requiring Disclosure of Certain Governmental Risks
The Governmental Accounting Standards Board recently issued a proposal that would require governments to disclose information about certain risks they face that could affect the level of services they are able to provide or their ability to meet obligations as they come due.
View MoreFASB Issues Standard To Improve Fair Value Guidance for Equity Securities
The Financial Accounting Standards Board recently issued Accounting Standards Update 2022-03, intended to improve financial reporting for investors and other financial statement users by increasing comparability of financial information across reporting entities that have investments in equity securities measured at fair value that are subject to contractual restrictions preventing the sale of those securities.
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