IRS Urges Tax Preparers to Perform Deep Security Scans of Computer Drives

7853146846_7b45520dbd_mThe Internal Revenue Service (IRS) urges all tax return preparers to get off to a clean start this January and perform a security deep scan of their computer drives and devices.

Already in 2016, the IRS is seeing multiple email phishing scams – some posing as the IRS – targeting tax preparers. These scams are designed to steal sensitive information – either the preparers’ passwords for IRS accounts or sensitive taxpayer data stored on computers.

 

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Changes in Revenue Footnote Disclosures

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More than 18 months ago, the Financial Accounting Standards Board and the International Accounting Standards Board issued a new converged accounting standard relating to revenue from contracts with customers. This new converged accounting standard was designed to help users of financial statements better understand the nature, amount, timing and uncertainty of revenue and cash flows from contracts with customers and assets recognized from the costs to obtain or fulfill a contract.

 

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Revenue recognition, lease standards challenge preparers

Important new standards for revenue recognition and leases are causing difficulty for corporate financial statement preparers, a new survey shows.

Just 29% of corporate preparers said their companies have a clear plan to implement the new revenue recognition standard, according to a KPMG LLP survey of nearly 400 financial executives at the firm’s annual Accounting & Financial Reporting Symposium.
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