IN PRACTICE
Summaries of IFRS research articles yield insights practitioners can glean for achievable benefits and pitfalls to avoid in implementing IFRS.
HEADLINER Q&A
Henry Keizer, KPMG’s chief audit partner, explains how the financial crisis and other changes have forced the network to pick up its pace. He also discusses career development within the firm.
GOVERNMENT
Under current fund balance reporting procedures, it is often unclear if reserved or designated fund balances are available to help balance a government’s budget. The new GASB Statement no. 54, Fund Balance Reporting and Governmental Fund Type Definitions, establishes a hierarchy of fund balance classifications. Understanding this new information may help balance a government’s budget.
TAX / BUSINESS & INDUSTRY
No one plans on foreclosure or bankruptcy, but your clients facing either should weigh the tax treatment of discharged debt.
TAX
A true clairvoyant may be able to plan for the unexpected and avoid a painful tax bill on gain from the sale of a home. For everyone else, there’s IRC § 121(c).