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1. FASB’s proposed 2015 GAAP taxonomy available for comment   WebExclusive

BY Ken Tysiac
FASB released its proposed 2015 GAAP Financial Reporting Taxonomy on Friday and asked for public review and comment.The taxonomy is a list of financial reporting labels that are machine-readable and coded in XBRL. Users of financial statements can use the tags to electronically search for and process data so they can be easily accessed and analyzed.Updates for accounting standards and other recommended improvements are included in the proposed taxonomy, which is expected to be finalized by the SEC in early 2015.

2. Capital gain, not amount realized, determines application of 6-year collection statute   WebExclusive

BY Sally P. Schreiber, J.D.
On Thursday, the Tax Court held that gross income for purposes of Sec. 6501(e) statute of limitation calculations includes only the gain from the sale of investments and not the amount realized from their sale (Barkett, 143 T.C. No. 6 (8/28/14)). The court distinguished its holding from the Supreme Court’s Sec.

3. Know your inner negotiator   WebExclusive

To be a successful negotiator, know your weaknesses, says Steve Shamrock, CPA, CGMA. "If you don't know what your weaknesses are," he says, "you're going to end up with a suboptimal result." Find out how to identify your soft spots.

4. COSO transition getting a close look from auditors   WebExclusive

BY Ken Tysiac
The early stages of implementation are over for many companies using the updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO).In 2013, the framework—which had been in use since 1992—was updated to reflect changes in the business environment. U.S. public companies have been working to implement the new framework to fulfill their internal control over financial reporting requirements under the Sarbanes-Oxley Act (SOX).COSO will consider the 1992 framework to be superseded following a transition period that ends Dec.

5. Five elements of effective judgment process for auditors   WebExclusive

BY Ken Tysiac
The public relies on auditors to make critical professional judgments in an objective, professionally skeptical manner.Participants in capital markets who are making investment decisions place trust and confidence in the judgments made by auditors during audits of public company financial statements.A new Professional Judgment Resource released Wednesday by the Center for Audit Quality (CAQ) describes judgment challenges auditors face—and the critical elements of an effective judgment process for auditors.

6. Clarified, revised SSARS approved for reviews, compilations, and engagements to prepare financial statements   WebExclusive

BY Ken Tysiac
The AICPA Accounting and Review Services Committee (ARSC) voted during its meeting this month to approve clarified and revised standards for reviews, compilations, and engagements to prepare financial statements.The clarified and revised standards for compilations and engagements to prepare financial statements create a bright line between accounting (preparation) services and reporting (compilation) services.

7. FASB defines management’s going-concern responsibilities   WebExclusive

BY Ken Tysiac
FASB issued a new financial reporting standard Wednesday defining management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures.The standard provides new guidance, as current GAAP does not describe management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern or provide disclosures in the footnotes.Accounting Standards Update No.

8. Former Deloitte exec Schnurr named SEC chief accountant   WebExclusive

BY Ken Tysiac
Recently retired Deloitte LLP executive James Schnurr will replace Paul Beswick and become the SEC’s third chief accountant in three years, the SEC announced Tuesday.Schnurr will begin serving in his new position in October, the SEC said in a news release. He was vice chairman and senior professional practice director, and specialized in financial and SEC reporting for public companies at Deloitte.“Jim’s broad expertise in accounting, reporting, and risk management will help foster investor confidence by holding companies accountable for their financial reporting requirements,” SEC Chair Mary Jo White said in a news release.

9. Final rules clarify when issuer’s obligation under a debt instrument is part of a straddle   WebExclusive

BY Sally P. Schreiber, J.D.
The IRS on Tuesday provided guidance on when an issuer’s obligation under a debt instrument may be a position in actively traded personal property, in which case it can be part of a straddle. Tuesday’s final regulations (T.D. 9691) adopt without substantive change temporary and proposed regulations on the treatment of debt instruments that may be part of a straddle that were issued last September.

10. New IRS appeals process starts Sept. 2   WebExclusive

BY Ann Marie Maloney
Starting Sept. 2, the IRS Office of Appeals is changing the way it handles appeals to examination decisions. Under the new Appeals Judicial Approach and Culture (AJAC) project, appeals officers are “no longer going to be examiners or investigators,” Appeals Team Manager Philip A. Oyoto told preparers at the IRS National Tax Forum (Aug.
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