FASB and IASB to meet in London Discussions on insurance contracts and financial instruments lead the agenda for four days of joint meetings between FASB and the International Accounting Standards Board (IASB), which are taking place through Thursday in London. Webcasts of each day’s discussions and a full agenda are
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SEC study probes issue of private extraterritorial securities fraud claims
A study the SEC prepared for Congress describes options for lawmakers to consider but makes no specific recommendations regarding whether private causes of action should be allowed to be extended to extraterritorial securities fraud claims. The U.S. Supreme Court held in Morrison v. National Australia Bank, Ltd., 130 S. Ct.
PCAOB teams with German audit regulator
The PCAOB has added an audit regulator from a prominent member of the European Union to its cooperative arrangement list. On Friday, the PCAOB announced that it has entered an arrangement with the German Auditor Oversight Commission (AOC) to oversee audit firms subject to the regulatory jurisdictions of both regulators.
FASB makes decision on qualitative going-concern disclosures
FASB decided Wednesday that it will not require qualitative disclosures about an entity’s ability to remain a going concern that would supplement the proposed quantitative disclosures about liquidity risks, according to a summary of board decisions posted on its website. Earlier in the week, FASB also issued proposals on three
FASB to issue proposals on three EITF issues
FASB decided Monday to expose for public comment three proposed Accounting Standards Updates (ASUs) based on consensuses reached at the March 15 meeting of the Emerging Issues Task Force (EITF), according to its summary of board decisions. The proposed ASUs deal with sales of donated securities by not-for-profits; accounting for
Americans dedicated to long-term financial well-being, survey shows
Americans are devoted to preserving their long-term financial well-being and would rather give up eating at restaurants and using technology than stop saving for retirement, a new survey shows. Just 2% of the 1,005 U.S. adults participating in a telephone survey said the one action they most likely would take
IRS creates priority phone service for correspondence audits
The IRS on April 2 launched a new toll-free phone service for tax professionals to use when responding to correspondence examination telephone calls or letters. The IRS calls the new service the Practitioner Priority Service (PPS). Practitioners can call a toll-free number (866-860-4259) and select the correspondence examination option (option
Colorado’s “Amazon” law requiring out-of-state retailers to report sales held to be unconstitutional
The U.S. District Court for the District of Colorado has held that the Colorado law requiring out-of state retailers to report information about customers’ purchases to each customer and to the Colorado Department of Revenue (DOR) violated the Commerce Clause of the United States Constitution (Direct Marketing Ass’n v. Huber,
The look ahead: Sessions on accounting for financial instruments; U.S. and Brazil leaders hold economic talks
In the week ahead: FASB will meet with the Emerging Issues Task Force and hold several education sessions. The IFRS Foundation trustees will meet in London. And President Barack Obama and Brazilian President Dilma Rousseff will meet in Washington to continue dialogue on energy and economic issues. FASB education sessions
AICPA seeks some changes to COSO’s updated framework proposal
The AICPA is suggesting changes to the proposed, updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In a comment letter, the AICPA wrote that the framework will be a valuable resource for practitioners. But the AICPA also described concerns, some of which are
TIGTA recommends improvements to IRS cybersecurity system
The Treasury Inspector General for Tax Administration (TIGTA) reports that the IRS’s computer security response center is performing effectively, but further improvement is needed (TIGTA Rep’t No. 2012-20-019 (3/12/12)). Part of TIGTA’s mandate is to review the adequacy and security of IRS technology. From March through September 2011, TIGTA performed
CAQ seeks more transition guidance in updated internal control framework
The Center for Audit Quality (CAQ) would like the Committee of Sponsoring Organizations of the Treadway Commission (COSO) to provide more transition guidance for users implementing COSO’s updated internal control framework. COSO is updating its 20-year-old internal control framework to provide a fresh, modern approach with explicit advice and implementation
Medical Center’s FICA refund claim dismissed as untimely
The First Circuit Court of Appeals dismissed a suit for refund of Federal Insurance Contributions Act (FICA) taxes Maine Medical Center mistakenly paid for its medical residents in the 2001 tax year, upholding a lower court determination that Maine Medical’s discovery requests were not warranted and that the information it
GASB issues guidance on deferred outflows and deferred inflows, plus technical corrections
In separate statements of standards for state and local governments issued Monday, GASB clarified the appropriate reporting of deferred outflows and deferred inflows of resources, and issued technical corrections to resolve conflicting accounting and financial reporting guidance. GASB issued Statement No. 65, Items Previously Reported as Assets and Liabilities, and
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