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1. New TPAs address changes to reports arising from PCC VIE alternative   WebExclusive

New nonauthoritative guidance issued by the AICPA addresses changes to accountants’ or auditors’ reports when a client adopts a new Private Company Council (PCC) alternative

2. IRS issues 2015 inflation adjustments for HSAs   WebExclusive

BY Alistair M. Nevius, J.D.
The IRS issued the calendar year 2015 inflation-adjusted figures for the annual contribution limits for health savings accounts (HSAs) and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans (Rev. Proc. 2014-30). Individuals who participate in a health plan with a high deductible are permitted a deduction for contributions to HSAs set up to help pay the individuals’ medical expenses (Sec.

3. New conflict minerals guidance available   WebExclusive

Conflict minerals reporting and auditing is a newly emerging practice, as May 31 is the submission date required by the SEC for the first reports of issuers’ efforts to track the gold, tantalum, tin, and tungsten in their supply chains.The AICPA Conflict Minerals Task Force has developed new nonauthoritative guidance to address the attributes of a conflict minerals report that will facilitate an independent private-sector audit.

4. ASB interpretations address GASB pension issues   WebExclusive

The AICPA Auditing Standards Board (ASB) issued three auditing interpretations to help address some of the numerous accounting and auditing issues that are facing governmental cost-sharing multiple-employer pension plans and the government employers that participate in them.The interpretations are intended to help auditors of governmental cost-sharing plans and participating employers in their audits of entities that are implementing the new pension standards created by GASB that will substantially change the accounting and financial reporting of public employee pension plans and the state and local governments that participate in such plans.Interpretations were issued to the following sections of

5. IRS employees with conduct issues receive bonuses, TIGTA reports   WebExclusive

BY Sally P. Schreiber, J.D.
On Tuesday, the Treasury Inspector General for Tax Administration (TIGTA) released a report concluding that the IRS’s awards program, which awards cash and compensatory time off to a large number of IRS employees, did not consider employee misconduct, including tax compliance issues, in making these awards. Although the IRS complied with federal requirements to reduce the number and amount of award expenditures, it does not have any procedures to ensure awards are not going to employees with conduct issues.

6. Accounting, finance jobs take weeks to fill   WebExclusive

BY Ken Tysiac
The empty desk in the accounting and finance department often doesn’t get filled overnight.Vacant accounting or finance jobs take an average of about one month to fill, according to a recent survey of 2,100 CFOs by staffing services firm Robert Half.CFOs were asked how many weeks it typically takes to fill open staff-level and management-level positions in accounting and finance.

7. IASB seeks improvement for macro hedging accounting   WebExclusive

BY Ken Tysiac
An effort to create a more accurate depiction of risk management activities known as “macro hedging” in financial reporting is reflected in a discussion paper released Thursday by the International Accounting Standards Board (IASB).The IASB is inviting comment on a possible new approach to accounting for macro hedging because it says the existing requirements of IAS 39, Financial Instruments: Recognition and Measurement, are difficult to apply.“Current requirements make it difficult to faithfully represent dynamic risk management in entities’ financial statements and can increase operational complexity,” IASB Chairman Hans Hoogervorst said in a news release.

8. Court ruling doesn’t stop conflict minerals compliance work   WebExclusive

BY Ken Tysiac
Despite an appellate court opinion that struck down a disclosure requirement in the SEC’s new conflict minerals rule, experts say companies need to continue tracing the origins of the gold, tantalum, tin, and tungsten in their supply chains and preparing to file their disclosures. The SEC’s conflict minerals rule was mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L.

9. Taxpayers must reveal tax shelter opinion letters despite attorney-client privilege   WebExclusive

BY Alistair M. Nevius, J.D.
By attempting to establish good-faith and state-of-mind defenses, taxpayers put their legal knowledge and understanding into contention, and therefore they waived attorney-client privilege, the Tax Court held on Wednesday (Ad Investment 2000 Fund LLC, 142 T.C. No. 13 (2014)). As a result, the court will order the taxpayers to produce letters that expressed their attorneys’ opinions as to whether anticipated tax benefits of a son-of-boss tax shelter would be upheld.

10. GASB establishes approaches for measurement   WebExclusive

BY Ken Tysiac
Newly defined approaches for measuring assets and liabilities issued Monday by GASB will guide the board as it sets accounting standards for U.S. state and local governments.Concepts Statement No. 6, Measurement of Elements of Financial Statements, establishes two approaches for measuring assets and liabilities:Initial amounts: These are determined at the time an asset is acquired or a liability is incurred.Remeasured amounts: These are determined as of the date of each year’s financial statements.Previously, GASB has relied on approaches for measurement that were established by other standard setters and analogous examples from practice or previous standards.
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