- The AICPA’s Auditing Standards Board (ASB) voted to finalize standards that would converge with standards issued in 2015 by the International Auditing and Assurance Standards Board (IAASB). The standards are expected to expand the auditor’s report and make it more useful to investors.
- The IRS has recently deemed refundable AMT credits subject to sequestration under the Balanced Budget and Emergency Deficit Control Act of 1985.
- The IRS released Revenue Procedure 2019-10, which modifies Revenue Procedure 2018-31 and contains guidance for an insurance company changing its basis of computing reserves.
- In Revenue Procedure 2019-06, the Internal Revenue Service (IRS) released the unpaid loss discount factors for the 2018 accident year.
- The Financial Accounting Standards Board (FASB) issued 20 Accounting Standards Updates (ASUs) in 2018, including updates to ASC 842—Leases, various codification improvements and more.
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