After more than 10 years of research, exposure drafts, and various rounds of deliberations, the FASB has issued ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts. Acknowledging that there was room for improvement, simplification, and more relevant disclosures,

On November 26, the Internal Revenue Service (“IRS”) issued proposed regulations providing additional clarification on the new business interest expense deduction limitation under Internal Revenue Code Section 163(j). The proposed regulations provide general rules and definitions for the deduction under

More than two years after it began its project, the AICPA Auditing Standards Board (ASB) issued Proposed Statement on Auditing Standards (SAS), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. In January 2015,

Although it intended to simplify and clarify investment disclosures and create more consistent application across entities, the FASB caused some unintended confusion when it issued the following Accounting Standards Updates (ASU): ASU 2015-07 Disclosures for Investments in Certain Entities That

After being put in an awkward position twelve months ago with the late passage of the Tax Cuts and Jobs Act of 2017 the Internal Revenue Service has been working to provide guidance to taxpayers to assist them in determining

The IRS has released a draft copy of Form 990-T for tax year 2018 which provides more insight into how the Tax Cuts and Jobs Act of 2017 (“TCJA”) will impact exempt organizations with income from unrelated trades or businesses