Former SEC Chief Accountant Jim Kroeker is joining FASB in a new vice chairman position designed to reduce the burden on board Chairman Russell Golden. Kroeker fills a vacancy on the board created by the June 30 retirement of Leslie Seidman, who was FASB’s chairman. FASB had a vice chairman
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Rules for deferral of income from gift card sales clarified
The IRS issued guidance clarifying that taxpayers that sell gift cards can defer recognizing income from the sale of gift cards redeemable by an unrelated third party until the year after the payment is received (Rev. Proc. 2013-29, clarifying and modifying Rev. Proc. 2011-18). With the rapid growth in the
Embrace uncertainty to develop more business acumen
A mere accounting professional is not the same as a full-fledged finance professional. At least that’s how consultant David Axson sees it. The more evolved finance professional, Axson says, considers the business environment, embracing its volatility, and then adapting to it. “Being comfortable with uncertainty is, to me, the difference
IASB seeks feedback on conceptual framework revision
The International Accounting Standards Board (IASB) has begun a consultation process with the objective of issuing a revised conceptual framework for financial reporting. The conceptual framework establishes the concepts that underlie the preparation and presentation of financial statements. The IASB follows the principles in the conceptual framework when developing and
U.K. proposal a second blow to mandatory audit firm rotation
Mandatory audit firm rotation was not among the measures the U.K. Competition Commission (CC) proposed Monday to promote competition in the statutory audit services market. But the CC did include mandatory tendering every five years for the United Kingdom’s largest companies in its proposal, a significant shift from the 10-year
Can you succeed in finance without international experience?
As commerce increasingly transcends borders, international experience is becoming a valuable asset for accounting and finance professionals. Almost seven in 10 (69%) of more than 2,100 CFOs in large U.S. metropolitan areas said international experience will be at least somewhat necessary for accounting and finance staff five years from now,
Identity theft protection process at IRS needs improvements, TIGTA says
Identity theft was the number one type of consumer complaint in 2011, according to the Federal Trade Commission, and some practitioners have asked if tax-related identity theft has become an epidemic. In light of the growing problem, the Treasury Inspector General for Tax Administration (TIGTA) recently audited the IRS’s Taxpayer
Increased cooperation builds momentum for integrated reporting
An agreement between the International Integrated Reporting Council (IIRC) and two organizations devoted to corporate environmental impact disclosures is the latest advancement in the growing momentum for integrated reporting worldwide. The IIRC on Thursday announced that it has reached a Memorandum of Understanding (MoU) for cooperation with CDP, an international
Half of Canadian businesses report IFRS, GAAP reporting costs in line
Transitioning to International Financial Reporting Standards (IFRS) was costly for Canadian businesses, but research showed nearly half found the cost of preparing and auditing financial statements under IFRS in line with costs under Canadian GAAP. Forty-seven percent of respondents polled online by the research arm of Financial Executives International Canada
GASB impairment of capital assets, insurance recoveries standard to be reviewed
GASB’s standard regarding the impairment of capital assets and insurance recoveries will be the subject of a Financial Accounting Foundation (FAF) post-implementation review. A FAF team will review GASB Statement No. 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries, according to a FAF news
July 22 IRS furlough day canceled
The IRS canceled its scheduled furlough day for Monday, July 22, acting IRS chief Danny Werfel announced on Tuesday. Instead of closing and sending IRS workers home for a day of unpaid leave, “[t]he IRS will be open for taxpayers that day as scheduled,” he said in a message to
PCC proposing VIE consolidation exception for private company leases
The Private Company Council (PCC) voted Tuesday to propose a GAAP alternative for private companies for applying consolidation guidance for leasing entities under common control. Private companies would be exempt from applying consolidation guidance for variable-interest entities (VIEs) under common control leasing arrangements under the proposal the PCC voted to
AICPA, NASBA to collaborate on decision-making tool for small business accounting framework
The AICPA plans to develop a decision-making tool to assist entities with determining whether the new small business accounting framework suits their needs. The National Association of State Boards of Accountancy (NASBA) will have input in the development of the tool, according to a joint statement released by the AICPA
New duties on horizon for internal auditors
Even as assurance and compliance responsibilities are expanding for internal auditors, a significant shift in their strategic duties is on the horizon, according to a new survey. More than half (54%) of respondents expect that in the next two years, internal audit’s primary mandate will be providing stakeholders with business
FATCA deadlines are postponed for six months
On Friday, the IRS said it was delaying for six months some of the deadlines for implementing the Foreign Account Tax Compliance Act (FATCA) originally set out in the final regulations issued in April in T.D. 9610 (Notice 2013-43). The regulations, which provide rules on information reporting by foreign financial
IRS provides details about postponed employer health care penalty and information reporting
On Tuesday, the IRS made official the postponement of the large-employer health care penalty and certain information reporting rules that had been informally announced July 2 on a Treasury Department blog. Notice 2013-45 postpones the information reporting rules under Secs. 6055 and 6056 and the Sec. 4980H shared responsibility penalty
SEC lifts ban on advertising for certain private securities
Issuers of certain private securities, including hedge funds, will be able to advertise to the general public under a rule the SEC adopted Wednesday. But only “accredited investors” will be permitted to invest in these private securities offerings as a result of rules adopted by the SEC on Wednesday. Accredited
Professional poker player goes bust in Tax Court
A professional poker player who was also a civil and geotechnical engineer and a laundromat owner lost in Tax Court on Monday (Hom, T.C. Memo. 2013-163). The court held that John Hom received unreported wages from his wholly owned C corporation, could not deduct unsubstantiated gambling losses or travel expenses,
Bill prohibiting mandatory audit firm rotation passes U.S. House
The U.S. House of Representatives on Monday approved a bipartisan bill that would prohibit the PCAOB from requiring mandatory audit firm rotation for public companies. The bill, sponsored by Reps. Robert Hurt, R-Va., and Gregory Meeks, D-N.Y., was introduced on April 15. It would amend the Sarbanes-Oxley Act of 2002
New TPAs address audits of group financial statements, signing and dating reports
The AICPA has issued implementation guidance for specific elements of two auditing standards in new Technical Questions and Answers (TPAs). Paragraphs .42 to .43 of TIS section 8800, “Audits of Group Financial Statements and Work of Others,” provide nonauthoritative guidance regarding implementation of AU-C section 600, Special Considerations—Audits of Group
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