Weekly News Round Up: U.S. Job Gains Fall; FASB and Nonprofit Accounting; FASB and Revenue Recognition; and Timeless Personal Finance Book
May 16, 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 U.S. job gains fall to lowest level in seven months. In addition, the PCAOB is changing its auditor’s reporting model, while FASB is expected to scale back its nonprofit accounting standards. And, finally, we offer insights into a timeless personal financial planning book.
U.S. Job Gains Fall to Lowest Level in 7 Months
U.S. job growth slowed sharply in April as employers reacted to the sluggish economy by adding the fewest jobs since September, according to the U.S. Labor Department.
FASB Readies Nonprofit Accounting Changes
The FASB is expected to release a scaled-back set of changes in accounting standards for nonprofit organizations this summer – with potentially more far-reaching changes planned for the future.
PCAOB Tries Again to Change Audit Report Format
The Public Company Accounting Oversight Board is taking another stab at overhauling the auditor’s reporting model, and is asking for public comments on the latest proposal.
FASB Tweaks Revenue Recognition Standard
The Financial Accounting Standards Board has issued the last of its planned amendments to the revenue recognition standard to clarify certain aspects that led to questions for companies as they began to prepare for adoption.
SEC Approves PCAOB Rules on Disclosing Engagement Partner Name
The SEC has approved rules from the PCAOB to improve audit transparency by disclosing the names of audit engagement partners, along with information about other firms that participate in the audits.
AICPA Launches Cybersecurity Webinar Series
The AICPA recently announced a series of webinars on cybersecurity, which are designed to help CFOs, controllers, CPAs and management accountants gain more understanding and insight into emerging cybersecurity threats.
A Timeless 6-step guide to Personal Financial Planning
Published nearly a century ago, “Think and Grow Rich,” a personal finance book by Napoleon Hill, still offers timeless advice, according to Business Insider.