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1. Restatements dropped after initial post-SOX surge, study shows   WebExclusive

BY Ken Tysiac
The number of restatements announced per year by SEC-registered companies has fallen significantly since the early era of post-Sarbanes-Oxley implementation, according to research released Thursday by the Center for Audit Quality (CAQ).Restatements, which surged in 2005 and 2006, fell to a 10-year low in 2009 and remained relatively low through 2012, according to the research report authored by Susan Scholz, a professor at the University of Kansas.

2. Convergence unachieved after IASB publishes financial instruments standard   WebExclusive

BY Ken Tysiac
The International Accounting Standards Board (IASB) on Thursday issued a new financial instruments standard that introduces an expected-loss impairment model. But the standard falls short of the goal of convergence with financial instruments guidance being developed by FASB.IFRS 9, Financial Instruments, is the final element of the IASB’s response to the global financial crisis.

3. New IRS rules simplify compliance for money market fund shares   WebExclusive

BY Sally P. Schreiber, J.D.
In response to new SEC pricing rules for shares in certain money market funds (MMFs), the IRS on Wednesday issued guidance that allows a simplified method for calculating gain or loss on shares in MMFs subject to the new rules and exempts redemptions of shares in these MMFs from the wash sale rules.As the Treasury explained in its announcement on the new rules, “These particular MMFs will no longer be able to utilize the special exemptions that currently allow them to maintain a stable net asset value (NAV), and instead the share price will float, so the

4. Technology plays a role in board members’ top two concerns   WebExclusive

BY Ken Tysiac
In a business environment where a damaging Twitter post can have disastrous effects on a company’s financials, reputational risk remains the top nonfinancial concern for corporate directors, according to a new survey report.Another risk rooted in technology—cybersecurity and information technology risk—is rising quickly among directors’ concerns, according to the fifth annual Board of Directors Survey report by accounting, tax, and consulting firm EisnerAmper.The more than 250 directors participating in the survey were asked which areas of risk—aside from financial risk—were most important to their board.

5. Final rules issued on bona fide indebtedness and terminating partnership’s startup expenses   WebExclusive

BY Sally P. Schreiber, J.D.
On Tuesday, the IRS issued T.D. 9682, which finalized proposed regulations relating to basis of indebtedness of S corporations to their shareholders that provide that S corporation shareholders increase their basis of indebtedness of the S corporation to the shareholder only if the indebtedness is bona fide, which is determined under general Federal tax principles and depends upon all of the facts and circumstances.

6. What the PCAOB’s new related-party standard means for auditors   WebExclusive

BY Maria L. Murphy, CPA
A new PCAOB related-party auditing standard may cause audit firms to revise their audit plans and methodologies to ensure that newly required procedures are fully incorporated into all phases of the audit.The PCAOB issued Auditing Standard (AS) No. 18, Related Parties, on June 10 along with amendments to auditing standards in the areas of significant unusual transactions and financial relationships, and transactions with executive officers.

7. Federal courts disagree on health care credits for federal exchanges   WebExclusive

BY Sally P. Schreiber, J.D.
The appellate courts for the D. C. Circuit and the Fourth Circuit issued conflicting decisions on Tuesday regarding the availability of the Sec. 36B premium tax credit for taxpayers who purchase health insurance on exchanges set up by the federal government. The D.C Circuit held that the regulation permitting taxpayer’s to get premium tax credits under Sec.

8. Big Data tops issues facing forensic and valuation accountants   WebExclusive

BY Chris Baysden
Electronic data analysis, also known as “Big Data,” is the most pressing issue that forensic and valuation services (FVS) accountants expect to face in the near future, according to survey results released Tuesday by the AICPA.A quarter of respondents to the 2014 AICPA Survey on International Trends in Forensic and Valuation Services identified electronic data analysis as one of the top five issues they will face over the next two to five years.

9. PCAOB reaches agreement with audit regulator in Denmark   WebExclusive

BY Ken Tysiac
The PCAOB and Denmark’s audit regulator have entered into a cooperative arrangement for oversight of audit firms in their respective jurisdictions, the PCAOB announced Friday.A framework for joint inspections is provided in the agreement with the Danish Business Authority. The agreement allows for the exchange of confidential information and includes data protection provisions.“This is another step forward in our pursuit of robust international cooperation to help improve audit quality and protect investors,” PCAOB Chairman James Doty said in a news release.The PCAOB has similar agreements with Sweden, Finland, France, Germany, the Netherlands, Spain, and the United Kingdom.

10. New rules on covered asset acquisitions will shut down transactions to avoid Sec. 901(m)   WebExclusive

BY Sally P. Schreiber, J.D.
In Notice 2014-44, the IRS announced that it would issue regulations to prevent taxpayers from misapplying the statutory disposition rule in cases where the gain or loss from the disposition of the relevant foreign asset (RFA) is recognized for U.S. income tax purposes but not for foreign income tax purposes.
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