SEC Chief Accountant James Kroeker on Friday reconfirmed the SEC’s commitment to provide clarity this fall on its proposed road map for the adoption of IFRS by U.S. public companies. In response to a question following his speech at an AICPA/International Accounting Standards Committee Foundation conference in New York about
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Final Regulations Issued on S Corporation COD Income Exclusion and Tax Attributes
The IRS and Treasury Department issued final regulations (TD 9469) this week governing how an S corporation reduces its tax attributes under IRC § 108(b) when the S corporation has discharge of indebtedness (COD) income that is excluded from gross income under section 108(a). The regulations address situations in which
FASB, IASB Leaders Boost Collaboration Efforts to Meet 2011 Convergence Goal
FASB and the International Accounting Standards Board will begin meeting monthly to try to speed up efforts to develop a common set of accounting standards by the target date of 2011, the heads of both boards said Thursday during a general session at a conference on IFRS held in New
FASAB Proposes Making AICPA’s Subsequent Events Guidance Authoritative
The Federal Accounting Standards Advisory Board released an exposure draft, Subsequent Events: Codification of Accounting and Financial Reporting Standards Contained in the AICPA Statements on Auditing Standards. The proposal would incorporate the guidance in the AICPA’s Statements on Auditing Standards (SAS) AU section 560, Subsequent Events, into the authoritative FASAB
Shulman: ‘Big Shift’ Possible in Preparer Standards, But No Details Yet
IRS Commissioner Douglas Shulman discussed return preparer standards, enforcement in a globalized economy and a new IRS initiative focused on high-wealth individuals’ tax compliance during a speech to the AICPA’s National Tax Conference in Washington on Monday. Return Preparer Oversight In June, Shulman announced during a hearing of the House
Building a System of “Sound Securitization”
Editor’s note: Click here or see instructions below to share your thoughts on the new off balance sheet accounting rules The problems and abuses associated with the use of “off balance sheet” vehicles to finance mortgages and a variety of other consumer and commercial debt emerged as one of many serious
Off Balance Sheet Accounting Rule Change
Are the new off balance sheet rules, effective January 2010, needed? Is the timing right? Or could the change complicate the economic recovery by damaging bank balance sheets? Send us your thoughts. Selected submissions will be published. To be considered for publication, submissions should include your name, title, affiliation and
Government Loses LILO Case
In a rare setback for the IRS in its litigation against lease-in, lease-out (LILO) tax shelters, the Court of Federal Claims held that an arrangement Consolidated Edison Co. of New York (Con Ed) had with an electric utility in the Netherlands should be respected for federal tax purposes because it
Coalition Urges Congress to Ban Tax Strategy Patents
A coalition of various organizations, including the AICPA, has written to members of Congress to ask for a ban on the patenting of tax strategies. The letter says tax strategy patents “pose a significant threat to taxpayers and their advisers,” and urges Congress to prohibit them. In the past few
Melancon: Issues Facing CPAs Include Globalization, Economic Recovery
AICPA President and CEO Barry Melancon, speaking at the fall meeting of the Institute’s governing Council in Las Vegas on Monday, gave an update on the impact of globalization on the profession, the AICPA’s ongoing efforts to support members and the public during the economic downturn and recovery, and on
New AICPA Chairman Outlines Goals, Council Releases GAAP Survey at Fall Meeting
CPAs must embrace change if they are to succeed in the future, newly elected AICPA Chairman Robert R. Harris said Tuesday during his inaugural speech at the Institute’s fall Council meeting in Las Vegas, where he began a one-year term. Harris has served the Institute in many capacities, most recently
IRS Releases Annual Inflation Adjustments, Many Unchanged for 2010
The IRS has released its annual revenue procedure updating the tax bracket amounts and making inflation adjustments for various credits and other tax items (Revenue Procedure 2009-50). Because inflation has been minimal, many of the numbers are unchanged from 2009 or have only been adjusted slightly. The Social Security Administration
Mortgage Loan Fraud Reports Slow Dramatically
The Financial Crimes Enforcement Network’s semiannual SAR Activity Review: Trends, Tips & Issues says mortgage loan fraud suspicious activity reports (MLF SARs) increased less than 1% for the six-month period ended June 30, 2009, compared with the prior-year period. This is a sharp decline in the rate of increase after
AICPA Invites Feedback on Updated Oil and Gas Industry Guide
The AICPA on Friday published a working draft of the AICPA Audit and Accounting Guide, Entities With Oil and Gas Producing Activities. The draft, which was developed by the Accounting Standards Executive Committee and the Entities with Oil and Gas Producing Activities Task Force, addresses many new accounting issues that
SEC Crafts Strategic Goals for 2010–2015
The SEC on Thursday released its draft Strategic Plan for Fiscal Years 2010–2015, which includes, among other goals, a continued commitment “to promote the establishment of high-quality accounting standards by independent standard setters” and support for “a single set of high-quality global accounting standards.” The draft Strategic Plan is a
IRS Memo Allows Taxpayer to Deduct Interest on $1.1 Million Mortgage
The IRS Office of Chief Counsel has issued a memorandum in which it reinterprets the definition of “acquisition indebtedness” under IRC § 163(h)(3) to allow a taxpayer to deduct interest on the first $1.1 million of his or her mortgage instead of the usual $1 million limit (CCA 200940030). This
Accounting Leaders Recommend Changes to IASB’s Constitution
To be most effective, international financial reporting standards should be field-tested prior to adoption, and the international standard setter needs to more clearly communicate its processes while gathering stakeholders’ opinions, a group of global accounting leaders including AICPA President and CEO Barry Melancon told the representatives of the International Accounting
XBRL Functionality Added to FASB Codification
FASB on Monday announced that it has added new XBRL functionality to its Accounting Standards Codification Web site. “The new XBRL functionality provided by the Codification Web site will help entities as they prepare or plan to prepare XBRL financial statements using the U.S. Financial Reporting Taxonomy,” said FASB Chairman
Small Public Companies Have Six More Months to Meet SOX Internal Controls Requirement
The SEC on Friday announced that the smallest public companies have six more months to provide audited assessments on the effectiveness of their internal control over financial reporting. Under section 404 of the Sarbanes-Oxley Act, public companies and their independent auditors are each required to report to the public on
Excerpts From the Personal Financial Planning Round Table
Editor’s note: These are Web-exclusive excerpts from the JofA‘s round table discussion with members of the AICPA’s Personal Financial Planning Section. Also read “Lessons Learned From the Financial Crisis,” Oct. 09. PARTICIPANTS’ PERSPECTIVES ON GETTING INTO PERSONAL FINANCIAL PLANNING Lyle Benson: We’re all living examples of CPAs who made the
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