A new guide released Thursday by the Center for Audit Quality (CAQ) is designed to educate investors and the general public on a process that reinforces reliable financial reporting at U.S. public companies. The CAQ’s Guide to Internal Control Over Financial Reporting describes how companies enhance the reliability of their
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PCAOB may propose reorganization of auditing standards
The PCAOB is considering proposing a reorganization of its auditing standards that would be designed to present them in a logical order that generally follows the flow of how an audit is conducted. An open meeting of the board has been scheduled for 9:30 a.m. Tuesday to consider issuing for
Taxpayers filing delayed forms get late-payment penalty relief
On Wednesday, the IRS announced that it will waive the penalty normally assessed for late payment of income tax, for taxpayers who have requested an extension of time to file their return and who are filing one of the 31 forms that were delayed until March because of the last-minute
Eagerly anticipated COSO framework set for May release
The wait for the eagerly anticipated update of a popular framework for internal control is almost over. The board of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) has approved its updated Internal Control—Integrated Framework and expects to issue it May 14, according to a news release distributed
Tax filing resources—Tax year 2012
This is the one-stop shop for all the updates you need to know for this year’s tax filing season. Find resources from the Journal of Accountancy, plus tax return checklists and tax savings tips from the AICPA, categorized by tax topic. INDIVIDUAL TAX All 2012 tax returns can now be
FASB among 12 participants in IASB advisory forum
FASB is one of 12 national and regional standard setters that will participate as an inaugural member of a group that has been formed to provide technical advice to the International Accounting Standards Board (IASB). The group, known as the Accounting Standards Advisory Forum (ASAF), was formed to improve cooperation
Tax reform prospects good, say veterans of 1986 reform
Developments since the 1986 Tax Reform Act was signed favor a successful outcome for the current reform effort, said two experts who worked for congressional committees producing the earlier legislation. But they also agreed that a tax reform bill probably won’t be enacted until next year. Don Longano and Mel
ASB corrects clarified auditing standard AU-C 920
The AICPA Auditing Standards Board (ASB) has made a correction to an auditing section in the AICPA Professional Standards to reinforce the board’s intentions not to change practice and to avoid unintended consequences. The auditing (AU) sections were redrafted as part of the clarity project to reflect the ASB’s established
Regs. issued on asset transfers to foreign corporations
The IRS on Monday issued final, temporary, and proposed regulations governing outbound asset transfers under Sec. 361. T.D. 9614 contains final regulations that apply to transfers of certain property (including stock and securities) by a domestic corporation to a foreign corporation in certain nonrecognition exchanges and to distributions of stock
Tax Court stops taxpayers from avoiding 40% penalty by conceding on alternative grounds
In a big win for the IRS, the Tax Court refused to grant partial summary judgment to a partner who had conceded his tax shelter case on grounds other than valuation in an attempt to avoid the 40% gross valuation misstatement penalty under Sec. 6662(a) (AHG Investments, LLC, 140 T.C.
Survey: Business development now tops FVS practitioners’ list of concerns
The top priorities of forensic and valuation services (FVS) accountants have changed drastically over the past few years, with business development concerns outpacing technical issues, according to a new AICPA study. The 2013 FVS Membership Top Issues Survey found that “bringing in new clients,” the classic business development imperative, ranked
Flight attendant cannot claim foreign earned income exclusion for wages earned in international airspace and U.S.
On Wednesday, the Tax Court held that a flight attendant who was a resident of Hong Kong and a U.S. citizen could not claim 100% of her wages were excludable under the Sec. 911 foreign earned income exclusion (Rogers, T.C. Memo. 2013-77). The court also upheld an accuracy-related penalty under
New AICPA not-for-profit guide available
A new, greatly enhanced AICPA audit and accounting guide, Not-for-Profit Entities, is available in ebook form. The AICPA Auditing Standards Board (ASB), Financial Reporting Executive Committee (FinREC) and Not-For-Profit Guide Task Force have revised the guide, making significant enhancements to improve user understanding and minimize diversity in practice. Enhancements include:
Employers have additional time to claim work opportunity tax credit
On Friday, the IRS announced that it was extending the time employers who want to claim the work opportunity tax credit (WOTC) have to file Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit (Notice 2013-14). Form 8850 is usually due no later than 28 days after
Sec. 6708 regs. permit material advisers to request extension
On Thursday, the IRS issued proposed regulations under Sec. 6708 governing the penalty for failure of material advisers to provide lists of advisees (i.e., investors) in reportable transactions (as required by Sec. 6112), which applies if the advisers do not supply the lists to the IRS within 20 business days
IASB’s financial instruments impairment proposal differs from FASB’s
In a convergence project that has experienced divergence, the International Accounting Standards Board (IASB) on Thursday published its proposed financial instrument impairment standard. Although the IASB and FASB agreed that it is time to move from an incurred loss model to a more forward-looking expected loss model, they could not
Economic optimism still neutral, but rising
Business executives are upbeat about their revenue and expansion plans in the next 12 months. But optimism about the U.S. economy remains lukewarm, according to the first-quarter AICPA Business & Industry Economic Outlook Survey. The CPA Outlook Index (CPAOI) rose seven points to 66—the second-highest CPAOI reading in the five
FASB amendments clarify derecognition of foreign asset guidance
FASB amended financial reporting standards to resolve diversity in practice related to financial reporting involving the narrow issue of a parent entity’s accounting for the cumulative translation adjustment of foreign currency into net income upon derecognition of foreign subsidiaries or assets. The amendments are contained in Accounting Standards Update (ASU)
FASB will review business segment reporting concerns
Although a post-implementation review of FASB’s standard on business segment reporting was mostly favorable, FASB announced Wednesday that it will consider whether additional review is needed and will meet with stakeholders and SEC staff to discuss concerns raised during the review. The Financial Accounting Foundation (FAF) post-implementation review released in
Private-investigator licensing emerges as potential threat to CPAs
The AICPA has made available to members an online guide detailing which states and cities require CPAs practicing forensic accounting to be licensed as a private investigator. More than 40 states have enacted laws requiring private investigators to buy a license to operate in their state. Most of those regulations
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