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Treasury Outlines Terms of $250M Plan to Bolster Banks

The Treasury Department outlined details of its plan to purchase up to $250 billion of senior preferred shares in financial institutions. Under the Capital Purchase Program, the minimum subscription amount available to a participating institution is 1% of risk-weighted assets, while the maximum is the lesser of $25 billion or

IRS Commissioner: Tax Collections Must Be Fair Amid Tough Economic Times

The IRS and tax preparers can reach out to taxpayers hurt by the current economic downturn to help them meet their tax obligations, IRS Commissioner Douglas Shulman told the AICPA National Tax Conference on Oct. 27. (Watch the speech here.)   While the Service is mindful that many taxpayers are

AICPA Files Comment Letter on Review of IASCF Constitution

The AICPA filed a comment letter on the review of the IASC Foundation’s (IASCF) Constitution. While expressing strong support for the objectives of the IASCF and the IASB, the Institute:  Urged the IASCF to continue its efforts to secure permanent funding for the IASB’s activities. The Institute said the SEC

Auditing Advisory Committee Approves Recommendations

The Department of the Treasury’s Advisory Committee on the Auditing Profession voted to approve a slate of more than 30 recommendations for enhancing the profession’s sustainability. The committee’s work marked the first major study of the public company auditing profession since the passage of the Sarbanes-Oxley Act in 2002. AICPA

Alan R. Einhorn to Lead AICPA Tax Executive Committee

Alan R. Einhorn, national director of the Quality Assurance Group for Deloitte Tax LLP, is the new chair of the American Institute of Certified Public Accountant’s Tax Executive Committee. Einhorn will lead the AICPA’s senior tax committee for the next two years. The Tax Executive Committee establishes tax policy for

Building an Effective Whistleblower Program

One of the most effective and inexpensive methods of monitoring the pulse of a business is to create a confidential whistleblower hotline. According to the 2008 Association of Certified Fraud Examiners Report to the Nation on Occupational Fraud & Abuse, tips have historically been the most common means of fraud

AICPA Annual Report Available Online

The AICPA’s annual report for the fiscal year Aug. 1, 2007, through July 31, 2008, has been posted online in PDF format. “CPA: Commitment. Performance. Accountability.” tells how CPAs define and represent the profession’s messages and highlights some of the AICPA’s activities to support CPAs. Financial statements are included as well.

SEC Releases “Mark-to-Market” Accounting Study Details

The SEC released preliminary details on its study on “mark-to-market” accounting, as authorized in October by section 133 of the Emergency Economic Stabilization Act of 2008 (EESA). The study is to be completed by Jan. 2 in consultation with the Treasury secretary and the Board of Governors of the Federal

Auditing Clarity Projects Advancing

The International Auditing and Assurance Standards Board released an update on its work to improve the clarity of its standards. The seven-page Clarity Project Update details the status of the 18-month program, which is slated for completion in December. The report also provides an overview of the main changes to

FASB, IASB Publish Financial Statement Presentation Paper for Comment

FASB and the IASB published for public comment a discussion paper on financial statement presentation. The paper contains an analysis of issues in financial statement presentation and presents the boards’ initial thinking on addressing those issues. International Financial Reporting Standards and U.S. GAAP provide only limited presentation guidance. In addition, presentation

Tax Provisions of the Emergency Economic Stabilization Act

Among its many tax provisions, the Emergency Economic Stabilization Act equalized with that of taxpayers the understatement penalty standard tax preparers must observe for undisclosed items. The provision was originally introduced in the House late last year at the urging of the AICPA to fix the problems created by the

SEC to Study Fair Value Accounting’s Impact on Bank Failures

The $700 billion rescue package for the U.S. financial system approved by lawmakers in October calls on the SEC to study fair value accounting’s impact on recent bank failures and the quality of financial information available to investors. The study will be conducted in consultation with the Treasury secretary and

FASB Seeks to Clarify Rules for Assessing Future Viability

FASB issued exposure drafts of proposed statements on going concern and subsequent events. The proposals converge U.S. GAAP and IFRS and incorporate accounting guidance related to determining the viability of entities. The proposed statement on Going Concern would require management to consider all available information about the future when assessing

Court of Appeals Upholds PCAOB, SOX Constitutionality

The U.S. Court of Appeals for the District of Columbia upheld a lower court decision on the constitutionality of the PCAOB and Sarbanes-Oxley Act, which spawned the regulator. The plaintiffs in Free Enterprise Fund v. PCAOB argued that SOX and the PCAOB violate the appointments clause, separation of powers and

SBA Creates Online Recovery Assistance Application

The Small Business Administration created an online application for disaster victims to apply for recovery assistance. The application is available to homeowners and renters whose home or personal property is damaged by an event declared a disaster by the president or the SBA administrator. Businesses and nonprofits can apply for

IPSASB Proposes Changes to Borrowing Costs Standard

The International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting board within the International Federation of Accountants (IFAC), is seeking comments on its proposed changes to IPSAS 5, Borrowing Costs, set forth in Exposure Draft 35, Borrowing Costs (Revised 200X). Most notably, ED 35 proposes amendments to reflect that

IRS Appeals Jelke to Supreme Court

The government asked the U.S. Supreme Court to review the Eleventh Circuit’s decision in Estate of Frazier Jelke III v. Commissioner (100 AFTR2d 2007-6694, “Tax Matters: Dunn Does It Again,” JofA, March 08, page 70). The Eleventh Circuit previously declined to rehear en banc its decision overruling the Tax Court

FASB Adds “Business Combinations” to Accounting Standards Codification

FASB added the topic “business combinations” to the FASB Accounting Standards Codification. The addition integrates various standards, including FASB Statement no. 141(R), Business Combinations; FASB Statement no. 109, Accounting for Income Taxes; FASB Interpretation no. 48, Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109; and various

IASB, FASB Update MOU

The International Accounting Standards Board (IASB) and FASB published an update to their 2006 memorandum of understanding (MOU). The update reports the progress they have made since 2006 and sets the goal of completing their major joint projects by 2011. “This update outlines a plan and projected timeline for completing

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AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.

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