Michael Cohn

3 days ago | accountingtoday.com | Michael Cohn

The Financial Accounting Standards Board released an accounting standards update Monday to improve the requirements for identifying the accounting acquirer in business combinations such as mergers and acquisitions. The update applies to Topic 805, Business Combinations, and Topic 810, Consolidations, in FASB's Accounting Standards Codification, and is based on a recommendation of FASB's Emerging Issues Task Force.

3 days ago | accountingtoday.com | Michael Cohn

Approximately three-quarters of large global companies are receiving assurance services on their sustainability reporting, according to a new report. The report, released Monday by the International Federation of Accountants and AICPA & CIMA, found 73% of large companies from G20 countries obtained assurance on their sustainability disclosures in 2023, up from 69% in 2022. Five years ago, that figure was 51%. Most of the assurance provided both then and now is of limited scope, however.

1 week ago | accountingtoday.com | Michael Cohn

The International Ethics Standards Board for Accountants staff posted a questions and answers publication Thursday to support the adoption and implementation of its IESBA Tax Planning and Related Services Standards. The standards offer a principles-based framework and a global ethical benchmark to guide accountants in public practice and in business when they're doing tax planning.

1 week ago | accountingtoday.com | Michael Cohn

Rep. Gwen Moore, D-Wisconsin, a member of the tax-writing House Ways and Means Committee, introduced legislation Thursday to expand the Section 199A Qualified Business Income deduction to provide a bigger benefit to the smallest businesses. The Mom and Pop Tax Relief Act, H.R. 3249, would let businesses deduct $25,000 of their QBI, giving small businesses with lower revenues an advantage.

1 week ago | accountingtoday.com | Michael Cohn

Bennett Thrasher, a Top 75 Firm based in Atlanta, has steered clear of private equity funding so far and plans to remain independent, despite frequent calls and emails from PE suitors. "Our firm has been doing quite well," said Bennett Thrasher managing partner and CEO Jeff Call. "We grew double digits in total revenue last year, about 11% total. Our challenges on the personnel side have not been as much of a problem for us.