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1. Smarter, faster business decisions   WebExclusive

A look at how the cloud changes collaboration.

2. PCC approves private company GAAP exception for certain acquired intangible assets   WebExclusive

BY Ken Tysiac
The Private Company Council (PCC) voted Tuesday to approve a GAAP alternative that will allow private companies to elect not to separately recognize and measure certain intangible assets acquired in a business combination.Private companies that elect the alternative would not recognize:Noncompetition agreements.Customer-related intangible assets that are not capable of being sold or licensed independently from the other assets of a business.It is anticipated that customer-related intangible assets often would not meet one of the criteria for recognition.

3. ASB proposes moving content of AT Section 501 into GAAS  

The AICPA Auditing Standards Board (ASB) is proposing moving a section of its attestation standards into generally accepted auditing standards (GAAS).Engagements performed under existing AT Section 501, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements, as well as related attestation Interpretation No.

4. Signs you might commit fraud   WebExclusive

You would never do that. Right?

5. PFIC reporting rules do not apply to certain marked-to-market stock   WebExclusive

BY Sally P. Schreiber, J.D.
On Wednesday, the IRS announced that it will amend the regulations governing the reporting requirements for U.S. persons who hold stock in passive foreign investment companies (PFICs). The amendments will provide that, if a taxpayer marks to market PFIC stock under Sec. 475 or any Code section other than Sec.

6. IRS explains power-of-attorney requirements for corporate taxpayers   WebExclusive

BY Sally P. Schreiber, J.D.
On Tuesday, the IRS’s Office of Professional Responsibility (OPR) issued a bulletin clarifying when corporate officers or employees must have a valid power of attorney in order to represent the company before the IRS (OPR Bulletin 2014-12). The bulletin also discusses how the existence of a power of attorney may be evidence that the officer or employee is subject to the rules of Circular 230, Regulations Governing Practice Before the Internal Revenue Service (31 C.F.R.

7. PCAOB alert calls for auditors to focus on revenue   WebExclusive

BY Ken Tysiac
The PCAOB on Tuesday urged auditors to focus on the board’s standards for auditing revenue.In Staff Audit Practice Alert No. 12, Matters Related to Auditing Revenue in an Audit of Financial Statements, the PCAOB discusses board requirements for auditing revenue that are relevant to significant audit deficiencies found frequently during inspections.The alert discusses:Testing whether revenue was recognized in the correct period.Evaluating whether the financial statements include the required disclosures regarding revenue.Responding to risks of material misstatement due to fraud associated with revenue.Testing and evaluating controls over revenue.Applying audit sampling procedures to test revenue.Performing substantive analytical procedures to

8. CPA practitioners sue to stop PTIN fees   WebExclusive

BY Sally P. Schreiber, J.D.
Two CPAs have filed suit in the U.S. district court for the District of Columbia, asking the court to stop the IRS from charging fees for issuing preparer tax identification numbers (PTINs), to obtain refunds of fees paid in the past, and to enjoin the IRS from asking for more information than needed to issue preparer tax identification numbers (PTINs) (Steele, No.

9. How to be a better speaker   WebExclusive

A step-by-step guide for preparing a speech or presentation, featuring Elizabeth Pittelkow, CPA.CITP, CGMA.

10. U.S. accountants’ optimism returns to pre-recession levels   WebExclusive

BY Neil Amato
Not since 2007 have U.S. accountants in industry felt as optimistic about the future of their companies and the state of the domestic economy as they do now.While concerns about regulatory requirements linger, and some companies remain hesitant to deploy cash or hire, those potential obstacles can’t stem the rising tide of optimism regarding U.S.
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