Michael Cohn

The Public Company Accounting Oversight Board adopted a new auditing standard Tuesday, along with amendments to other auditing standards, to require auditors to pay more attention to three critical areas of the audit: related-party transactions, significant unusual transactions, and a company’s financial relationships and transactions with its executive officers.

The Financial Accounting Standards Board issued an accounting standards update Tuesday to improve financial reporting for development-stage entities, eliminating the inception-to-date information and differences in consolidation guidance.

Amid continuing gridlock in Congress that has held up agreement between Democrats and Republicans on tax reform, the leaders of the Senate Finance Committee outlined a series of hearings this summer aimed at moving forward on the effort.

More than 70 percent of Fortune 500 companies booked their profits to offshore tax havens in 2013, with just 30 companies accounting for 62 percent of money in tax havens, according to a new report.

Christopher Cox, the former Securities and Exchange Commission chairman whose support for converging International Financial Reporting Standards with U.S. GAAP was crucial in setting up a “roadmap” for harmonizing the two sets of accounting standards, has reversed course.

A former Internal Revenue Service employee has been sentenced to four years and nine months in prison in connection with a tax fraud and identity theft scheme.

The Treasury Department’s Community Development Financial Institutions Fund plans to distribute $3.5 billion in New Markets Tax Credit awards to revitalize low-income communities.

Bloomberg BNA has released “Navigating the New Road to Revenue Recognition,” a detailed overview of the new revenue recognition standard, along with guidance on how companies can prepare for its application.

Financial executives are seeing increases in salary, incentives and benefits, according to new research.

The Internal Revenue Service has released the spring 2014 edition of its quarterly Statistics of Income Bulletin, with statistics up through 2011 indicating there are still people who earn over $200,000 a year who pay no federal income taxes, although the number of them has been decreasing.

The majority of CPA business executives are optimistic about prospects for the U.S. economy in the coming year, according to a new survey by the American Institute of CPAs.

American Citizens Abroad has created a U.S. Tax Return Preparers Directory that focuses on tax preparers who have experience with the international tax issues faced by U.S. expatriates.

Thomson Reuters has released a special report on the newly issued accounting standard on revenue recognition from the Financial Accounting Standards Board and the International Accounting Standards Board.

Employers added 179,000 jobs in the private sector in May, according to payroll giant ADP, although the pace of job growth slowed somewhat from April.

The Public Company Accounting Oversight Board is continuing to find a high degree of problems in audits of broker-dealers, despite some improvements, according to PCAOB member Jeanette Franzel.

ALPFA, formerly known as the Association of Latino Professionals in Finance and Accounting, has named Charles P. Garcia as its new CEO, succeeding longtime CEO Manny Espinoza.

The Internal Revenue Service is considering expanding a program under which it delays tax refunds for up to six months for delinquent taxpayers.

The Financial Accounting Standards Board and the International Accounting Standards Board officially announced the formation Tuesday of a Joint Transition Resource Group for Revenue Recognition.

Grant Thonton LLP’s Partnership Board named J. Michael (Mike) McGuire, 55, as the firm’s CEO-elect on Monday, succeeding Stephen Chipman on Jan. 1, 2015.

Some of the major accounting firms and the American Institute of CPAs are planning to publish materials to help accountants and companies deal with the new revenue recognition standards.