The IRS on Tuesday issued further relief for nonqualified deferred compensation (NQDC) plans covered by IRC § 409A (Notice 2010-80). The notice expands the types of plans eligible for relief under Notice 2010-6, which was issued in January. It also provides an additional method of correction and transition relief under
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GASB Clarifies Presentation of Deferrals
GASB issued an exposure draft Wednesday that it said would improve financial reporting by reducing uncertainty regarding the financial statement presentation of deferrals and their effects on a government’s net position. GASB said the proposal would provide guidance where none previously existed. GASB said in a press release that the
Notice Gives Guidance on In-Plan Roth Rollovers
On Friday, the IRS issued guidance on how plan participants can make rollovers from a 401(k) or 403(b) plan to a designated Roth account in the same plan (Notice 2010-84). Such in-plan Roth rollovers are now permitted under IRC § 402A(c)(4), as amended by the Small Business Jobs Act of
PCAOB’s 11.5% Budget Hike Includes Dodd-Frank Costs
The PCAOB on Tuesday approved an 11.5% increase in its 2011 fiscal-year budget, a spending plan that the board says reflects its new responsibilities under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The board also approved its five-year strategic plan. The $204.4 million budget is $21.1 million more
SBA Supports Bill to Repeal “Burdensome” 1099 Filing Requirements
The head of the U.S. Small Business Administration called for the repeal of a vast expansion of 1099 filing requirements scheduled to begin in 2012. In an open letter to small business owners, SBA Administrator Karen Mills repeated President Barack Obama’s Nov, 3 statements that the expanded requirement for small
FASB, GASB Standards to Undergo New Review Process
Accounting and financial reporting standards issued by FASB and GASB will be subject to a post-implementation review under a process announced Thursday. The Board of Trustees of the Financial Accounting Foundation (FAF), the oversight body for the two standard setters, announced a review process it described as independent of the
Multiemployer Gap Drives Up Pension Insurer’s Deficit
The Pension Benefit Guaranty Corp. (PBGC) said its deficit increased to $23 billion at the end of fiscal 2010, a 5% increase over the $22 billion deficit recorded in 2009, and more than half of that increase was attributed to a growing gap in multiemployer plans, according to the 2010
AICPA Comments on SEC Proposed Rule for Family Offices
The definition of a family office’s “family clients” must be inclusive enough to encompass all of the clients and arrangements that are typically present in a single-family office, the AICPA said. The suggestion was among comments submitted by the Institute on Tuesday on a proposed SEC rule defining family offices, part of
FAF, FASB’s Parent Organization, Names Its First CEO
The Financial Accounting Foundation (FAF), FASB’s parent organization on Tuesday approved the election of its first CEO, Teresa S. (Terri) Polley, who will also continue in her role as president of the organization. FAF is the independent, private-sector organization responsible for the oversight, administration, and finances of FASB, the Governmental
ASB Issues Interpretation Regarding Insured Depository Institutions
The Auditing Standards Board has issued Interpretation no. 1, “Reporting Under Section 112 of the Federal Deposit Insurance Corporation Improvement Act,” of AT section 501, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements (AICPA, Professional Standards, vol. 1).
AICPA Urges Repeal of Expanded 1099 Reporting Requirements
In letters to members of the House of Representatives and the Senate, the AICPA on Nov. 16 expressed its concerns about the compliance burdens being placed on businesses (including rental property owners) by recently expanded Form 1099 information-reporting requirements. The letters, signed by Patricia Thompson, CPA, chair of the AICPA’s
SEC Proposes Whistleblower Rule Pursuant to Dodd-Frank Reform
The SEC proposed a rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act to create a whistleblower program that would reward individuals who provide the agency with high-quality tips that lead to successful enforcement actions. The SEC said in a press release that the proposal explains how would-be
New Rules Require Rental Property Owners to Issue 1099s
The recently enacted Small Business Jobs Act contained one provision that may have escaped the notice of taxpayers who own rental property, but will affect them starting in January. Under the provision, owners of property who receive rental income will be required to issue Forms 1099 to service providers for
Court Rules on Question of Wrongdoing Companies Seeking Damages From Auditors
Editor’s note: This is a report from AICPA General Counsel and Secretary Richard I. Miller, Esq. The New York Court of Appeals held recently that the in pari delicto (literally, “in equal fault”) defense is a complete bar to recovery of damages by a wrongdoing corporation against its outside auditors,
IFRS Foundation’s Future Strategy Open for Discussion
The trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board, on Friday published a first-stage consultation document to seek input on the foundation’s strategy as it enters its second decade. The trustees’ document, Status of Trustees’ Strategy Review, says the foundation has succeeded in establishing
FASB Proposes Changes to Accounting for Repos
FASB issued an exposure draft Wednesday that seeks to improve the accounting for repurchase agreements (“repos”) and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. The amendments address concerns raised during the global economic crisis regarding the necessity and usefulness
CPA Profession Wins With New Members; Important Changes to Committees
Editor’s note: This report was compiled by the AICPA Congressional and Political Affairs Team All five CPAs won their re-election bids and three additional CPAs were added to the House in Tuesday’s congressional elections. Republican Reps. John Campbell of California, Michael Conaway of Texas and Lynn Jenkins of Kansas and Democratic
Featured Online Content for November 2010
FEATURED VIDEO Performance-Based Compensation Accounting firms are increasingly using pay-for-performance to compensate their high performers. Compensation experts August Aquila and Coral Rice discuss key aspects of a pay-for-performance system, how it can benefit your firm and mistakes to avoid when implementing it. Also on journalofaccountancy.com, read ideas from the
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