The Uniform CPA Examination will be transformed beginning in 2011, with a new structure, format and content and supported by enhanced technology, the AICPA said in a letter Friday to state boards of accountancy. The improvements, designated CBT-e for Computer-Based Testing evolution, will be launched Jan. 1, 2011, simultaneously with
Advertisement
IRS Updates Travel Expense Per Diem Rates
On Wednesday, the IRS released Revenue Procedure 2009-47, which is its annual update to the substantiation rules for business travel expenses when an employer provides a per diem reimbursement allowance. It sets the per diem rate for travel to high-cost localities and for travel to other localities in the continental
CAQ Survey: Individual Investor Confidence Rises to 73%
Individual investors’ confidence in U.S. capital markets increased slightly from 2008, with 73% of investors indicating they have at least some confidence compared with 70% last year, according to a telephone survey of 1,000 investors conducted by the Center for Audit Quality and The Glover Park Group released Wednesday. This
FASAB Issues Fiscal Sustainability Disclosure Requirements
The Federal Accounting Standards Advisory Board (FASAB) issued a standard that furthers one of the standard setter’s federal financial reporting objectives—the stewardship objective—by enabling readers to determine whether future budgetary resources will sufficiently sustain public services and meet obligations as they come due. Statement of Federal Financial Accounting Standards (SFFAS)
New Exam Options Offer Pathways to PFS Credential
An examination leading to the AICPA’s Personal Financial Specialist (PFS) credential is now available in hundreds of cities nationwide, along with a live, interactive online offering of the exam’s case-study component. Together, these features of the new PFS Pathway program are intended to allow CPAs anywhere to obtain the PFS
G-20: Achieve Single Set of Global Accounting Standards by June 2011
In an agreement reached Friday to make dozens of changes to the regulation of financial markets, systems and institutions, the leaders of the G-20 called on “international accounting bodies to redouble their efforts to achieve a single set of high quality, global accounting standards within the context of their independent
IRS Issues Regs on Six-Year Limitations on Basis Overstatement
The IRS issued proposed and temporary regulations (TD 9466, REG-108045-08) Thursday to clarify that an overstatement of basis can create a substantial omission of gross income under IRC §§ 6229(c)(2) and 6501(e) for purposes of the six-year extended period for assessments and collections of tax attributable to partnership items. In
CPAs Can Benefit From Flu Preparation
Several federal agencies have jointly developed a “Preparedness Guide for Small Business” to help small businesses plan for the H1N1 flu (swine flu). “Small businesses play an essential role in our national effort to prepare for all disasters and emergencies—including the H1N1 flu,” Homeland Security Secretary Janet Napolitano said in
IRS Provides 2009 RMD Rollover Relief for IRA, 401(k) Distributions
The IRS on Thursday issued Notice 2009-82 to provide relief for taxpayers who have received required minimum distributions in 2009 from an IRA or similar account. Such taxpayers have until Nov. 30, 2009, (or within 60 days of the distribution, whichever is later) to roll over the distribution into another
FASB Allows Early Adoption of Key Provisions of New Revenue Recognition Approach
FASB on Wednesday brought U.S. GAAP closer to the approach FASB and the International Accounting Standards Board (IASB) have outlined in their preliminary views documents for their joint revenue recognition project that is scheduled for completion in 2011. At its board meeting, FASB ratified the consensus approach reached at the
Accounting Educators Say U.S. at Disadvantage Without IFRS
Nearly half of accounting faculty at U.S. universities believe the United States should transition to IFRS to remain competitive, and three-quarters think IFRS needs to be immediately incorporated into their school’s curricula, according to a survey conducted by the American Accounting Association (AAA) and KPMG LLP. The second annual KPMG-AAA
Offshore Account Voluntary Disclosure Deadline Extended to Oct. 15
The IRS today extended the deadline for voluntary disclosures by taxpayers with unreported income from hidden offshore accounts from this Wednesday, Sept. 23, to Oct. 15. The IRS cautioned that there would be no further extensions. The IRS said that tax practitioners had requested an extension because some are having
IRS Finalizes Rules on COD Reporting
The IRS on Thursday issued final regulations regarding information returns for cancellation of indebtedness by certain entities (T.D. 9461). The regulations are designed to avoid premature reporting by certain entities that are currently required to file information returns and to reduce the number of returns required to be filed. They
IRS Expands, Updates Appeals Mediation Process
The IRS on Friday expanded the number of cases that are eligible to go through mediation in Appeals and updated the mediation procedures (Revenue Procedure 2009-44). The IRS’ Appeals mediation program was authorized in 1998. The IRS Appeals function is designed to resolve tax controversies without litigation. The mediation program
IRS Boosts Tax Incentives for Retirement Savings
The IRS released several pieces of guidance Tuesday designed to boost tax incentives for retirement savings. The initiatives include expanded opportunities for automatic enrollment in 401(k) plans, vehicles for taxpayers to save their tax refunds and convert accrued vacation time into savings, and better explanations of the available options for
FASAB Committee’s Proposals Intended to Clarify Accounting for Asbestos Cleanup Costs
The Accounting and Auditing Policy Committee (AAPC), a permanent committee of the Federal Accounting Standards Advisory Board (FASAB), on Friday released two exposure drafts of new Federal Financial Accounting Technical Releases, Implementation Guidance on Asbestos Cleanup Costs Associated with Facilities and Installed Equipment and Implementation Guidance on Cleanup Costs Associated
FASB Drops Some FIN 48 Disclosure Requirements for Private Companies
FASB on Wednesday issued Accounting Standards Update (ASU) 2009-06 to provide additional implementation guidance on accounting for uncertainty in income taxes and to eliminate the disclosures required by FASB Accounting Standards Codification (ASC) Paragraphs 740-10-50-15(a) through (b) for nonpublic entities, including pass-through and not-for-profit entities. The new guidance involves requirements
IRS Provides Guidance on Late Entity Classification Elections
The IRS on Thursday released Revenue Procedure 2009-41, giving eligible entities guidance on how to obtain relief when they make a late entity classification election. The relief is available for three years and 75 days after the requested effective date of the eligible entity’s classification election. Under the check-the-box regulations,
PCAOB Publishes Q&A on References to Authoritative Accounting Guidance
The PCAOB on Wednesday published staff questions and answers about references to authoritative accounting guidance in PCAOB standards. The series of Q&As serves as a reminder that auditors should look to the FASB Accounting Standards Codification and SEC rules for authoritative U.S. GAAP guidance for SEC registrants, even though PCAOB
AICPA 2009 Leadership Academy Participants
Editor’s note: Also see “Inaugural Leadership Academy Helps Participants Hone Skills for the Future,” Sept. 09. Noel Abdur Rahim, PricewaterhouseCoopers LLP, Mich. Chad Becnel, Postlethwaite & Netterville, La. Gregory Bedard, Prudential Financial, N.J. Doshan Coilton, Macias Gini & O’Connell, Calif. Daniel Dehner, Durkin Forensic Inc., Calif. Andrew Dumich, William Dumich,
Features
FROM THIS MONTH'S ISSUE
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.
From The Tax Adviser
January 31, 2026
Trust distributions in kind and the Sec. 643(e)(3) election
January 31, 2026
Effects of the OBBBA on higher education
December 31, 2025
