The U.S. Government Accountability Office (GAO) is recommending that the SEC consider requiring public companies to disclose whether they obtained an auditor attestation of their internal controls over financial reporting (ICFR). In a report to congressional committees, the GAO said attestation reports increase investor confidence. Requiring disclosure of whether a
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Fraud in financial reporting, auditing among targets of new SEC initiatives
Fraudulent financial reporting and auditing are among the targets of three new Division of Enforcement initiatives the SEC announced Tuesday in its efforts to detect and investigate fraud and misconduct that harm investors. The new Financial Reporting and Audit Task Force will be dedicated to detecting fraudulent or improper financial
FASB proposes GAAP changes for private companies on 3 issues
FASB on Monday formally proposed changes to GAAP for private companies that are designed to make financial reporting less burdensome for private companies on three issues. The proposals were crafted by the Private Company Council (PCC), which was created last year to propose alternatives for private companies within U.S. GAAP.
Final rules on acceleration of COD income deferral are issued
The IRS on Tuesday issued final regulations on the rules to accelerate cancellation of debt (COD) income that taxpayers elected to defer over a five-year period when an applicable debt instrument was reacquired by the issuer or a related party in 2009 or 2010 (T.D. 9622 and T.D. 9623). An
GASB proposal addresses transition concern in pension standards
GASB issued a proposal Tuesday that is designed to eliminate a potential source of understatement during a state or local government’s transition to the board’s new pension standard. Under the current transition provisions, a GASB news release states, there is potential for understatement of restated beginning net position and expense
Treasury postpones employer health care penalty, information reporting for one year
Large employers that fail to provide minimum health coverage for employees will not be subject to the shared-responsibility penalty until 2015 after Treasury announced on Tuesday that it would delay certain provisions of 2010’s health care legislation. In a Treasury blog post titled, “Continuing to Implement the ACA in a Careful,
Ernst & Young becomes EY as new leader takes helm
Ernst & Young has a new brand name, EY, and a new leader, Mark Weinberger. Weinberger, 51, officially became EY’s global chairman and CEO on Monday, the firm said in a news release. He replaced Jim Turley, who retired after 12 years as the firm’s chair and CEO. Weinberger’s previous leadership
The paper predicament
Sponsored by SurePayroll, CCH, Doc.It and CCH Small Firm Services Click here to download. From sole practitioners and small business owners to leaders at Big Four accounting firms and global financial executives, CPAs are taking every available measure to boost efficiency, build the bottom line, safeguard information, and, increasingly, become
North American CFOs feeling good, but not about hiring
CFO optimism is on the rise overall, but finance chiefs remain skeptical about hiring, according to a quarterly Deloitte survey. Meanwhile, expectations for earnings and sales growth are moderating. Nearly 60% of North American CFOs expressed rising economic optimism in the second-quarter CFO Signals survey, compared with 13% expressing a
FASB proposes updated GAAP standard for insurance contracts
In an effort to improve guidance, FASB on Thursday proposed an updated standard for the financial reporting of all insurance contracts, not just those written by insurance companies, and asked stakeholders to comment on it by Oct. 25. The proposal aims to bring consistency to the existing standards under U.S.
IRS issues guidance on minimum essential health coverage, shared-responsibility penalty
In anticipation of the full implementation of health care reform next year, on Wednesday the IRS issued two notices. The first notice defines minimum essential coverage under certain government health plans and other coverage designated as minimum essential coverage for purposes of the Sec. 36B premium tax credit (Notice 2013-41).
FASB issues proposal on going-concern disclosures
FASB on Wednesday issued a proposal designed to improve disclosures of uncertainties related to an organization’s ability to continue as a going concern. Under U.S. GAAP, financial statements are prepared under the inherent presumption that the reporting organization will be able to continue as a going concern. FASB explained in
Supreme Court strikes down Defense of Marriage Act in estate tax case
The Supreme Court on Wednesday, in a 5–4 decision written by Justice Anthony Kennedy, ruled that the Defense of Marriage Act (DOMA), P.L. 104-199, is unconstitutional because it violates the Fifth Amendment’s Due Process Clause by denying equal protection to same-sex couples who are lawfully married in their states (Windsor,
How not-for-profits can combat fraud
The nature of not-for-profit organizations can make them vulnerable to fraud. Not-for-profits often have religious affiliations, and their missions often are to do good for less fortunate people. This do-good culture can make not-for-profits susceptible to placing a greater trust in their employees than for-profit businesses. “Trust is not an
Interim IRS chief issues initial report on Sec. 501(c)(4) controversy
On Monday, acting IRS commissioner Daniel Werfel issued his report, Charting a Path Forward at the IRS: Initial Assessment and Plan of Action, on the plans to reform the IRS to avoid inappropriate targeting of taxpayers applying for Sec. 501(c)(4) social welfare organization status. In the first section of the
15 policies for sound not-for-profit governance
CPAs nodded their heads in sympathy as stories of governance mistakes were told during a session at the AICPA Not-for-Profit Industry Conference in Washington on Thursday. One organization accepted a gift of a cattle ranch that had nothing to do with its mission, creating huge administrative headaches. Another organization did
GASB proposes measurement, fair value approaches
GASB on Thursday proposed a two-approach system to guide standard setting for measuring assets and liabilities of state and local governments. The board also issued its preliminary views regarding the measurement of fair value and the application of fair value, including note disclosures. The two-approach system is described in the
IASB’s revisions to insurance contract standard exposed for comments
The International Accounting Standards Board on Thursday published a revised exposure draft of proposals meant to improve the accounting for insurance contracts. The draft released Thursday builds on proposals published in 2010. The revisions address issues raised during a public comment period and introduce enhancements to the presentation and measurement
IRS controversy could cause tax-exempt processing slowdown
CPAs need to be prepared for a slowdown in certain work handled by the IRS Exempt Organizations Division in the wake of the recent controversy involving the processing of certain applications for tax exemption under Sec. 501(c)(4), the division’s former head said Thursday. “Probably the whole system is frozen in
Demand for accounting grads reaches all-time high
A new study examining supply and demand trends in accounting found that the profession is thriving—with college enrollments, degrees awarded, and demand for new accounting graduates all reaching all-time highs. CPA firms hired 40,350 new accounting graduates last year, including 23,793 graduates with bachelor’s degrees and 16,557 with master’s degrees,
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