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CAQ, AAA team to give researchers access to audit firm personnel

A new program announced Thursday by the Center for Audit Quality (CAQ) and the Auditing Section of the American Accounting Association (AAA) will help accounting and auditing academics gain access to audit firm personnel to participate in academic research projects. The joint venture between the CAQ and AAA Auditing Section

IRS corrects 2013 tax tables in revenue procedure

On Tuesday, the IRS announced corrections to two of the 2013 tax tables it issued on Jan. 11 in Rev. Proc. 2013-15. The corrections, as incorporated into the revised revenue procedure, are to Tables 1 and 2 of the tax rate tables in Rev. Proc. 2013-15, Section 2.01. In Table

Simplified home-office deduction safe harbor announced

On Tuesday, the IRS released Rev. Proc. 2013-13, which gives taxpayers an optional safe-harbor method to calculate the amount of the deduction for expenses for business use of a residence during the tax year under Sec. 280A, beginning with the current tax year. Individual taxpayers who elect this method can

FASB repurchase agreement proposal aims to adequately reflect risks

FASB issued proposed revisions Tuesday to financial reporting standards for repurchase agreements, in part to address investors’ concerns that some current practices do not adequately reflect the transferor’s obligations and risks. The Proposed Accounting Standards Update, Transfers and Servicing (Topic 860)—Effective Control for Transfers With Forward Agreements to Repurchase Assets

International public-sector framework IDs primary financial statement users

The International Public Sector Accounting Standards Board (IPSASB) released the first four chapters of its conceptual framework for public-sector general-purpose financial reporting. The chapters describe the objective of financial reporting by public-sector entities as providing information to users for accountability and decision-making purposes. The partial release identifies service recipients and

Effective date of AU-C Section 905 in compliance audit a matter of judgment

Auditors should use professional judgment of the circumstances to determine which effective date of AU-C Section 905 applies in a compliance audit performed pursuant to AU-C Section 935, Compliance Audits, and Office of Management and Budget Circular A-133, Audits of States, Local Governments and Non-Profit Organizations, according to a new

Amendment enables audits of statements prepared under new framework

A new statement issued by the Auditing Standards Board (ASB) clears the way for audits of financial statements prepared in accordance with the Financial Reporting Framework for Small- and Medium-Sized Entities (SMEs) that the AICPA is developing. Statement on Auditing Standards (SAS) No. 127, Omnibus Statement on Auditing Standards—2013, defines

Segment disclosure standard affirmed by FAF review team

A Financial Accounting Foundation (FAF) review released Monday has affirmed the general effectiveness of a FASB statement that establishes standards for the way public companies report information about operating segments in annual and interim financial statements. But the report on the post-implementation review also revealed room for improvement in Statement

“Exciting and challenging times” coming for auditors

International auditing standards appear set for a period of substantial change as investors seek more information, new forms of reporting emerge, and companies look to provide assurance on additional items. The International Auditing and Assurance Standards Board (IAASB) plans to release an exposure draft in June in its ongoing project

Tax tables, other inflation adjustments, issued for 2013

On Friday, the IRS issued Rev. Proc. 2013-15, which contains inflation-adjusted items for 2013, as well as the new income tax rate tables now in effect as a result of the American Taxpayer Relief Act of 2012, P.L. 112-240 (the Act). In October 2012, when the IRS issued its usual

New mechanisms eyed by FASB, IASB in long march toward global comparability

The mechanisms for continuing to facilitate global comparability in accounting standards will change over the next few years. But the leaders of two major standard-setting boards said Thursday during a meeting in New York City that the commitment to global comparability remains. With their joint board meetings and convergence projects

Appeals Court reverses Claims Court, disallows LILO deductions

In an opinion that appears to close the door on lease-in, lease out (LILO) tax shelters once and for all, the Federal Circuit Court of Appeals issued a decision Wednesday reversing and remanding a case to the Court of Federal Claims, which had upheld the transaction (Consolidated Edison Co. of

More North American companies rewarding internal auditors with pay raises, perks

Internal auditors—whose roles have increased in importance in recent years due to increased regulatory demands—were more likely to receive pay raises in 2012, and those with specialized skills and certifications received larger pay increases, according to new research. The analysis, conducted by the Institute of Internal Auditors (IIA), also revealed

Enforcement director Khuzami leaves SEC

Turnover in key staff roles at the SEC continued Wednesday with the announcement that the commission’s enforcement director, Robert Khuzami, is departing. Khuzami was named enforcement director in February 2009. The SEC brought a record 735 enforcement actions in fiscal year 2011, and brought almost as many – 734 –

CPAs: Fixing deficit should be government’s top economic priority

CPAs have serious concerns about the U.S. federal budget deficit. Fifty-four percent of the more than 1,700 AICPA members surveyed Dec. 4 through Dec. 24 said deficit reduction should be the top economic priority for the U.S. government. Lagging far behind fixing the deficit were other priorities: Creating jobs (23%),

New GASB standard addresses government combinations and disposals

GASB on Tuesday approved a standard geared toward the specific needs of state and local governments’ financial reporting of mergers, acquisitions, transfers of operations, and disposals of government operations. “Historically, governments have accounted for their mergers and acquisitions by analogizing to guidance intended for the private-sector business environment, which proved

Start of tax season delayed until Jan. 30; later for some taxpayers

The IRS announced on Tuesday that it plans to open the 2013 filing season and begin processing many individual income tax returns on Jan. 30 (IR-2013-2). However, not all taxpayers will be able to start filing tax returns on that date. The IRS says it will be able to begin

“Cliff” law reconfigures tax preparation and planning

With its scores of new and extended provisions, the American Taxpayer Relief Act of 2012 offers something for nearly all taxpayers and their preparers to assess and implement as they begin preparing 2012 returns and plan for the future. Less than two hours into 2013 and the “fiscal cliff” expiration

Regulations issued on Treasury Inflation-Protected Securities issued at a premium

The IRS has issued final regulations on the tax treatment of Treasury Inflation-Protected Securities (TIPS) that have more than a de minimis amount of premium, and temporary and proposed regulations on debt instruments with bond premium carryforward in the holder’s final accrual period (T.D. 9609; REG-140437-12). The final regulations adopt

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