Weekly News Round Up: FASB Releases Not-for-Profit Accounting Standard; IRS Offers Tax Relief to Flood Victims; and Teens and Financial Planning
August 22, 2016
Welcome to the Weekly News Round Up from the SC&H Group blog. Each week, we showcase audit, tax, and consulting news to keep you informed about the current stories and events impacting the accounting and business landscape – and ultimately your financial obligations.
This week, we highlight how the global production of crude oil will fall behind demand in the third quarter. In addition, the FASB finally issued its accounting standard for not-for-profit financial reporting, and the IRS is offering some tax relief to victims of the recent floods in Louisiana.
Global Oil Production to Fall Behind Demand
Global production of crude oil will fall behind demand in the third quarter of this year as the current oversupply that has fueled the oil price slump clears out, according to the International Energy Agency.
FASB Releases Not-for-Profit Accounting Standard
The Financial Accounting Standards Board released its long-awaited accounting standards update for not-for-profit financial reporting.
IRS Extends Tax Deadlines for Louisiana Storm Victims
The Internal Revenue Service is giving victims of the recent catastrophic storms and flooding in Louisiana until Jan. 17, 2017 to file some of their individual and business tax returns and make certain tax payments.
Robotic Process Automation – Changing the Finance Landscape
New robotic software will enable automation across a spectrum of processes and will work across different software platforms and systems, according to this recent CFO Magazine article.
IRS Finalizes Rules for Taxes on Foreign Federal Contractors
The Internal Revenue Service issued final regulations for a 2 percent tax on payments from the U.S. government to foreign contractors.
Anatomy of the Future CFO
To best cope with digital-driven disruption, companies are now looking for finance leaders who can adapt the enterprise to a changing environment.
Junior Achievement Teens and Personal Finance Survey Reveals … Optimism?
The 2016 Junior Achievement Teens and Personal Finance Survey reveals that those between the ages of 13 and 17 are much more optimistic about their college future and how they will finance it.