The U.S. Supreme Court on May 28 declined to hear an appeal of the Third Circuit’s decision denying historic rehabilitation credits for a state authority’s partnership with Pitney Bowes Inc. to redevelop the Atlantic City, N.J., historic Boardwalk Hall (Historic Boardwalk Hall, LLC, No. 11-1832 (3d Cir. 8/27/12), cert. denied,
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Switzerland proposes allowing banks to resolve U.S. tax evasion cases
The government of Switzerland would allow its banks to disclose data about account holders to the U.S. Department of Justice, circumventing its own bank secrecy law, under a bill that will be introduced in the Swiss parliament. The bill aims to create a legal basis under Swiss law to resolve
Revenue recognition’s effect on gift card accounting: Are you prepared?
Prepaid cards and several other payable-based consumer products are popular retail items and marketing tools. Portions of the proposed revenue recognition standard that FASB is working on will affect gift card programs. Companies with gift card programs need to be prepared as the proposed standard will require the recognition of
IASB: 3 steps to more relevant disclosures
Accounting bodies and regulators across the globe are wrestling with the task of how to improve the usefulness and clarity of disclosures in financial statements. Following a public forum on the topic, the International Accounting Standards Board (IASB) has decided to facilitate more relevant disclosures with three main courses of
Pact enables PCAOB, Chinese regulators to cooperate on enforcement
The PCAOB has entered into a much-sought enforcement cooperation agreement with Chinese regulators. A memorandum of understanding announced Friday creates a cooperative framework between the PCAOB and the China Securities Regulatory Commission (CSRC) and the Ministry of Finance (MOF). The agreement does not allow for cross-border inspections, but it establishes
Boot the budget? Why rolling forecasts might make more sense
When it comes to budgeting, accountants should stop presenting the numbers and letting others analyze what those numbers mean. If accountants don’t change, warns consultant Steve Player, CPA, CGMA, they’ll lose relevance and possibly lose jobs. “It’s our process that’s broken,” Player said. “We’ve got smart people in finance doing
New members named by FAF trustees, IASB
Two prominent standard-setting positions were filled when the International Accounting Standards Board (IASB) and Financial Accounting Foundation (FAF) announced additions Thursday. Terry Warfield, Ph.D., chair of the University of Wisconsin-Madison’s Accounting & Information Systems department, was named to the Financial Accounting Foundation (FAF) board of trustees. Warfield served as the
Six key components of analytics-based performance management
As companies face a thinning margin for decision error, the ability to use business analytics effectively—everything from correlation, segmentation, clustering, regression analysis, as well as forecasting and predicting outcomes—is becoming mission-critical. There is now a strong need to gain insights, foresight, and inferences from the treasure chest of raw transactional
A nontraditional approach to finance management
Tom Steiner would like to get CFOs to stop thinking so logically all the time. He contends that the world is emotional, not logical, and that “linear, logical people that concern themselves with numbers” are too focused on tasks instead of the people performing those tasks. Steiner, nicknamed “Dr. Tom”
Seven ways to address IT vulnerability
When Mike Foster hears from CFOs about IT security issues, he gets the sense they’re focusing on a single hacking event here or there, instead of viewing IT security as a project that needs constant management and attention. What Foster tells the CFOs is this: “We don’t want to fight
PCAOB systems unavailable Memorial Day weekend
Many of the PCAOB’s systems will be unavailable over the Memorial Day weekend while the board’s data center undergoes extensive maintenance. Systems that will be unavailable beginning at 8 p.m. Friday include: The public website. The registration, annual, and special reporting system. The payments system. The system will come back
Supreme Court resolves circuit split on creditability of U.K. tax
In a unanimous decision, the U.S. Supreme Court held that the United Kingdom’s windfall profits tax imposed on newly privatized businesses was creditable against U.S. taxes under Sec. 901 (PPL Corp., No.12-43 (U.S. 5/20/13)). In doing so, the Court reversed the Third Circuit’s decision (665 F.3d 60 (3d Cir. 2011))
Mixed results in FAF review of FASB business combinations standard
A Financial Accounting Foundation (FAF) team gave FASB’s standard on business combinations a mixed review, according to information provided by FAF on Wednesday. The FAF post-implementation review team performed an in-depth analysis of FASB Statement No. 141 (revised 2007), Business Combinations (Statement 141R), which is codified in ASC Topic 805,
Oklahoma tornado victims get tax filing and payment extensions
On Tuesday, the IRS announced relief from filing and payment deadlines for victims of Monday’s destructive tornadoes in Oklahoma (IR-2013-53). Because the tornado damage was so widespread, the relief has been granted for individuals and businesses in Cleveland, Lincoln, McClain, Oklahoma, and Pottawatomie counties in Oklahoma, and the IRS may add
How can diversity be improved in the CPA profession?
Even as members of the recently created National Commission on Diversity & Inclusion work to improve opportunities for under-represented minorities in the CPA profession, they are reminded of just how much work needs to be done. During a panel discussion of commission members held Monday at the AICPA Council meeting,
AICPA Council votes to offer specialized credentials globally
Members of certain qualified accounting bodies outside the United States will be eligible to earn AICPA specialized credentials as a result of a resolution approved by the AICPA governing Council on Monday in Washington. As a result of the vote at the annual spring Council meeting, the AICPA will be
Change in definition of attest clears hurdle
The AICPA governing Council on Sunday approved a resolution to change the definition of attest—a key step in an effort to promote the quality of services for both clients and the greater public. Although the exact legislative language has yet to be determined, the AICPA in partnership with the National
IRS sends letters to taxpayers as it tries to close out inventory of Form 3520 processing issues
The IRS has recently notified the AICPA’s Foreign Trust Task Force that the IRS plans over the next few months to send out letters to taxpayers who filed Form 3520, Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, or Form 3520-A, Annual Information Return
IASB chair: Lease changes unpopular, but necessary
International Accounting Standards Board (IASB) Chairman Hans Hoogervorst on Thursday acknowledged the converged lease accounting proposal is bound to be unpopular with many companies. Indeed, less than four hours after FASB and the IASB formally announced the revised proposal, the U.S. trade organization ELFA (the Equipment Leasing and Finance Association)
President names new acting IRS commissioner
President Barack Obama on Thursday named Daniel Werfel acting commissioner of the IRS. Werfel is currently the controller and acting deputy director of the Office of Management and Budget, a job that has included overseeing federal spending cuts mandated by the sequester. Werfel’s appointment as acting commissioner will take effect
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