Risk management oversight is one of the most challenging areas for audit committees across the globe, according to a new report issued Tuesday by the Center for Audit Quality (CAQ), the Federation of European Accountants (FEE), and the Institute of Chartered Accountants in Australia (ICAA). The report summarizes the results
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PCC makes progress toward 3 key private company exceptions
The Private Company Council (PCC) made progress Tuesday toward creating its first GAAP exceptions and modifications for private companies. PCC members voted to issue an exposure draft seeking public comment on proposed alternatives to GAAP designed to improve financial reporting for private companies. A simple majority of FASB members must
PCAOB reproposes related-parties auditing standard
The PCAOB on Tuesday reproposed an auditing standard and amendments designed to improve the quality of auditing of related-party transactions and significant unusual transactions. The reproposed standard is designed to increase the auditor’s focus on the evaluation of how a company identifies, accounts for, and discloses its relationships and transactions
CFOs most crave these 2 nonaccounting skills
General business knowledge and IT expertise are the nonaccounting skills CFOs in the United States are seeking most from finance and accounting job candidates, according to a new survey. One-third of 2,100 CFOs surveyed by specialized staffing service Accountemps said general business knowledge is the attribute or area of expertise
Final regulations permanently extend period to receive disclosure authorization
The IRS on Monday issued final regulations extending from 60 days to 120 days the permitted period for submission of taxpayer authorizations allowing disclosure of returns and return information to third-party designees (T.D. 9618). The regulations, which were adopted without change from the proposed rule issued in March 2011 (REG-153338-09),
Final rules require EIN updates
On Friday, the IRS issued final regulations requiring taxpayers that obtain employer identification numbers (EINs) to update their information with the IRS (T.D. 9617). The regulations, which will apply beginning Jan. 1, 2014, to give the IRS time to publish the relevant form and instructions, adopt without change proposed regulations
How can theft prevention, reporting, and return filing be improved?
Changing the April 15 due date, moving taxpayer information to the cloud, and allowing personal identification numbers (PINs) for taxpayers who want them were all on the table at a Thursday hearing held by the IRS Oversight Board to explore ways to combat fraud and improve tax administration. The board,
Converged leases project struggles to maintain momentum
Moody’s Investors Service Managing Director Mark LaMonte offered a blunt assessment of the converged lease accounting proposal that is expected to be issued soon. “My personal view, I wouldn’t mind seeing this go away,” LaMonte said Thursday at the 12th annual Baruch College financial reporting conference in New York City.
GAO: “Quiet disclosures” of foreign accounts potentially much higher than IRS detected
More than 10,000 taxpayers showed signs of having avoided offshore penalties by making “quiet disclosures” of foreign bank accounts for tax years 2003 through 2008, the U.S. Government Accountability Office (GAO) reported, a period for which the IRS has detected several hundred quiet disclosures. Filing data also suggest many more
HSA inflation adjustments issued for 2014
On Thursday, the IRS issued the inflation-adjusted figures for the annual contribution limitation for health savings accounts (HSAs) and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans for calendar year 2014 (Rev. Proc. 2013-25). Under Sec. 223, individuals who participate in a health plan with
Tokyo, Hong Kong again top IRS high-cost housing list
Tokyo and Hong Kong have the highest allowable housing costs for 2013 for purposes of the foreign housing exclusion under Sec. 911(c). The limitation for Tokyo is $320.82 per day, or $117,100 for the entire year. For Hong Kong, it is $313.15 a day, or $114,300 for the year. The
PCAOB to consider related-parties re-proposal
The PCAOB will meet Tuesday to consider re-proposing an auditing standard on related parties. PCAOB member Jay Hanson said Thursday that the board is making the second proposal in response to comments it received on the first proposal, which was made Feb. 28, 2012. More comments will be sought on
Goal for PCAOB’s Hanson: Best practices list for auditors
PCAOB member Jay Hanson wants to talk to auditors who produce audits with no deficiencies. He’s pushing to develop a “best practices” list that will help and inform the entire profession. “I know that this view isn’t shared universally among the board members of the PCAOB as to whether we
Beswick: “Change fatigue” a barrier to IFRS in U.S.
The first questioner SEC Chief Accountant Paul Beswick faced Thursday said the Egyptians built the pyramids more quickly than the SEC has decided on IFRS. Beswick, speaking at the 12th annual Baruch College financial reporting conference in New York City, did not seem amused. “I’ll be waiting for your comment
Proposed rules address minimum value of health coverage for premium tax credits
The IRS issued proposed regulations for determining whether an eligible employer-sponsored health plan provides minimum value for purposes of the Sec. 36B health insurance premium tax credit (REG-125398-12). Individuals do not receive the credit if they are eligible for affordable coverage under an eligible employer-sponsored plan that provides minimum value.
FASB proposal would guard private companies’ proprietary information
Stakeholders have expressed concerns to FASB that certain disclosure requirements for nonpublic employee benefit plans would reveal sensitive proprietary information of private companies. FASB is addressing that concern by proposing an indefinite deferral of the effective date for certain disclosures about investments held by a nonpublic employee benefit plan in
SOP 13-1 released to update and supersede SOP 03-2
A new Statement of Position (SOP) released under the authority of the Auditing Standards Board establishes guidance for attest engagements on entities’ greenhouse gas emissions statements. SOP 13-1, Attest Engagements on Greenhouse Gas Emissions Information, supersedes SOP 03-02, which had the same title. The SOP guides practitioners performing an examination
Data, security take top two spots in AICPA technology priorities survey
On the surface, the results of the 2013 North America Top Technology Initiatives survey, released Wednesday by the AICPA and CPA Canada, show that “managing and retaining data” nudged past “securing the IT environment” to become the top technology priority cited by the nearly 2,000 accounting professionals polled. Dig a
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