Accounting

January 1, 2003

Please note: This item is from our archives and was published in 2003. It is provided for historical reference. The content may be out of date and links may no longer function.

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AcSEC, the AICPA accounting standards executive committee, in agreement with FASB and the SEC, rescinds SOP 92-3, Accounting for Foreclosed Assets. FASB statement no. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, effectively superseded the SOP, the scope of which did not include non-long-lived assets such as inventories and marketable equity securities.

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Accounting

IRS warns taxpayers: Social media advice can lead to costly penalties

Global tax deal could hurt US companies, says letter requesting OECD guidance

Treasury posts preliminary list of jobs eligible for no tax on tips

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