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Panel May Recommend Alternative Models for Private Company GAAP Friday

A blue-ribbon panel will meet Friday at the AICPA’s New York office to possibly recommend alternative models and structures related to GAAP standard setting for private companies. The panel will receive a brief overview of the more than 140 public comments FASB received in response to a series of questions

CAQ Outlines Plan to Mitigate Fraud, Announces Partnerships

The Center for Audit Quality (CAQ) on Wednesday published a report that outlines the organization’s long-term agenda to combat financial reporting fraud. The report, Deterring and Detecting Financial Reporting Fraud—A Platform for Action, identifies three areas of focus: a strong, highly ethical tone at the top that permeates the corporate

PTIN Registration Site Offline This Weekend

The IRS announced that its new online preparer tax identification number (PTIN) registration site will undergo system maintenance this weekend and be unavailable for use. The Service estimates that the site will be taken down at approximately 8 a.m. EDT Saturday, Oct. 9, and will remain unavailable until approximately 8

Executive Roundtable: Emerging Issues and Opportunities in Payroll and Employee Benefits

Driven by massive regulatory and technological changes, finance and accounting professionals are grappling with a tidal wave of change and complexity in payroll and employee benefits. To gain some insight into the issues and opportunities, the Journal of Accountancy gathered several leading executives to join a virtual roundtable discussion. Here,

AICPA Expresses Concerns on FASB Financial Instruments Proposal

The AICPA’s Financial Reporting Executive Committee (FinREC) on Thursday said it was concerned about the fair value measurement and impairment models along with other provisions of FASB’s comprehensive proposal to revamp financial instruments accounting.             FinREC (formerly the Accounting Standards Executive Committee) said that while it shares the board’s desire

Featured Online Content for October 2010

FEATURED VIDEO Tech Tips From Clarke Price Clarke Price, president and CEO of the Ohio Society of CPAs, is something of a techie. He has made it a habit to reach out to CPAs and other professionals for feedback on their favorite apps for everything from smartphones to the iPad.

Per Diem Travel Rates Updated

The IRS issued updated federal per diem rates and procedures Thursday (Revenue Procedure 2010-39) for substantiating deductible expenses or employer-paid allowances for lodging, meals and incidental expenses incurred in business-related travel away from home. The revenue procedure supersedes Revenue Procedure 2009-47, issued Sept. 30, 2009, and is generally effective for

AICPA Urges Lawmakers to Ban Tax Patents

The AICPA joined a group of national consumer and taxpayer organizations to urge Congress to ban tax strategy patents before adjourning for the year. In a letter to lawmakers, the groups said that tax strategy patents effectively create a monopoly for patent holders on certain parts of the U.S. tax

Report Examines Downturn’s Impact on Audits of Financial Institutions

The PCAOB on Wednesday released a report that looks at risks and challenges the economic downturn created for audits of financial institutions and other companies.  “This report provides illustrative examples of the kinds of issues our inspection program has uncovered during the past three years as a result of the

Adoption Tax Credit Guidance Released

The IRS issued interim guidance Wednesday on the child adoption credit and income exclusion for employer reimbursements of adoption expenses, as expanded by the Patient Protection and Affordable Care Act (PL 111-148). For tax years beginning in 2010 and 2011, the act made the credit for qualified adoption expenses (QAEs)

IRS Activates New PTIN System

The IRS deployed a new preparer tax identification number (PTIN) registration system Tuesday as a component of its initiative to register and regulate paid tax return preparers. All paid tax return preparers (including CPAs, attorneys and enrolled agents) must apply for and obtain a PTIN—even if they already have one—before

President Signs Small Business Jobs and Tax Relief Bill

On Monday, President Barack Obama signed into law the Small Business Jobs Act of 2010 (HR 5297). The bill, which Congress passed last week, expands loan programs through the U.S. Small Business Administration (SBA), strengthens small business preference programs for federal government projects, provides incentives for exporters, offers a variety

IRS Releases Final Schedule UTP, Incorporates Changes

In two announcements on Friday, the IRS unveiled a number of significant changes to its plan to require certain business taxpayers to report uncertain tax positions on their tax returns (Announcements 2010-75 and 2010-76). The changes come in response to numerous comments received on the proposal and on the draft

Small Business Stimulus Passes Congress

The House on Thursday passed the Small Business Jobs Act of 2010 (HR 5297) by a vote of 237–187, and sent it to the President, who is expected to sign the bill into law. The bill, which passed the Senate last week, expands loan programs through the Small Business Administration

Obama Taps Dodaro for Comptroller General

President Barack Obama on Wednesday announced his intent to nominate Gene L. Dodaro for the job of U.S. comptroller general. As such, Dodaro would lead the Government Accountability Office (GAO), which reviews how the federal government spends taxpayer dollars. Dodaro has served as acting U.S. comptroller general and head of

FASB Expands Discussion on Insurance Contracts

FASB issued a Discussion Paper on Friday to solicit broad-based input on how to improve, simplify and converge the financial reporting requirements for insurance contracts. The Discussion Paper, Preliminary Views of Insurance Contracts, is part of FASB’s joint project with the International Accounting Standards Board (IASB), which issued an exposure

FASB Restructuring Results in Board Seat for Golden

FASB’s technical director, Russell Golden, will take a seat on the standard-setting board this fall when current Chairman Bob Herz steps down. Golden’s appointment comes less than a month after the Financial Accounting Foundation (FAF) Board of Trustees announced Herz’s retirement and a restructuring that will expand FASB’s board from

Senate Passes Small Business Tax Relief

The Senate on Thursday passed the Creating Small Business Jobs Act of 2010 (part of the Small Business Jobs and Credit Act, HR 5297) by a vote of 61–38, and sent it back to the House of Representatives. The bill as passed by the Senate differs from the version the

US Bank Regulators Support Basel III

The U.S. federal banking agencies issued a statement supporting the Basel III accord reached on Sunday. The regulators said they “actively supported” the efforts of the G-10 Governors and Heads of Supervision (GHOS) and the Basel Committee on Banking Supervision to increase the quality, quantity and international consistency of capital,

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