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SEC warns investors, advisers of funds custody issues

After identifying numerous issues with custody of investors’ funds, the SEC on Monday issued a risk alert underscoring existing rules. An SEC review of recent examinations of investment advisers where significant deficiencies were detected showed custody-related issues in about one-third of the firms examined, resulting in the alert by the

All 2012 tax returns can now be filed with IRS

The IRS on Monday announced that it finished updating its processing systems and is now accepting all returns that include the 29 forms that were delayed by the late passage of the American Taxpayer Relief Act of 2012, P.L. 112-240. On Sunday, the IRS began accepting from e-file transmitters returns

FASAB proposes property, plant, equipment implementation guidance

A Federal Accounting Standards Advisory Board (FASAB) committee is seeking comments on its proposed implementation guidance for financial reporting on general property, plant, and equipment cost accumulation, assignment, and allocation. The release of the exposure draft was announced Friday by Wendy Payne, who chairs FASAB’s Accounting and Auditing Policy Committee

Stockpiled delayed returns to be accepted on Sunday, online filing to start next week

Late Wednesday, the IRS announced that it will begin accepting from e-file transmitters stockpiled returns containing the 29 forms for which acceptance was delayed beginning on Sunday, March 3, at 7 a.m. ET (Quick Alerts for Tax Professionals (2/27/13)). E-file transmitters have been holding returns submitted with the delayed forms

Acting commissioner outlines IRS plans for sequestration

With mandatory government spending cuts looming, Acting IRS Commissioner Steven Miller sent a memo to all IRS employees on Thursday, outlining the agency’s plans in the event sequestration occurs as planned on Friday. He outlined spending cuts the IRS plans to make, including employee furloughs, but emphasized that the furloughs

FAF review affirms GASB deposit and investment risk standards

A Financial Accounting Foundation (FAF) review has affirmed the effectiveness of GASB standards established to improve state and local government financial reporting for deposit and investment risk, and repurchase and reverse repurchase agreements. FAF announced Thursday the results of the post-implementation review of two GASB statements. The FAF team reviewed:

New agenda process seeks transparency for FASB, GASB

A more collaborative agenda-setting process for FASB and GASB was approved Tuesday by the Financial Accounting Foundation (FAF) board of trustees. Decisions regarding project plans, agenda setting, and priority of projects at FASB and GASB now will be approved by a majority vote of the respective boards instead of by

Report shows decrease in audit deficiencies among certain U.S. firms

A new PCAOB report appears to signal improvement in audit quality among U.S. firms that audited 100 or fewer public companies. The rate of significant audit performance deficiencies identified in audits conducted by such firms declined from 2007 to 2010 compared with the 2004–2006 period tracked in a previous PCAOB

U.K. regulator considering mandatory audit firm rotation

A much awaited summary of provisional findings of the U.K. Competition Commission (CC) stated that companies are reluctant to change auditors because they have difficulty comparing alternatives with their existing auditor, prefer continuity, and face significant costs in switching auditors. In addition, the provisional findings, released Friday, stated that instead

Cloud Security Alliance endorses AICPA SOC report

The AICPA’s framework for assessing the reliability of a cloud provider’s technology and systems controls has won the endorsement of the Cloud Security Alliance (CSA), a not-for-profit coalition with members including Google, Microsoft, Ernst & Young, Deloitte, and PwC. The AICPA is a CSA affiliate member. In a position paper released

Revenue recognition effective date gives time for systems changes

Businesses will have a longer-than-usual transition period between the issuance and the effective date of a new, converged revenue recognition standard. Entities will be required to apply the new standard for reporting periods beginning on or after Jan. 1, 2017, according to a summary of board decisions posted on FASB’s

2013 automobile depreciation limits released

The IRS on Monday issued the 2013 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F (Rev. Proc. 2013-21). For passenger automobiles (other than trucks or vans) placed in service during calendar year 2013 to which 50% first-year bonus depreciation applies, the depreciation

IRS appeals decision striking down tax return preparer registration program

The IRS on Wednesday filed a Notice of Appeal to the United States Court of Appeals for the District of Columbia Circuit of the Jan. 18 district court decision that struck down the IRS’s registered tax return preparer program and enjoined it from enforcing the regulations (Loving, No. 1:12-cv-00385-JEB (D.D.C)

Xerox’s Kabureck appointed to IASB, adds to U.S. representation

Gary Kabureck, CPA, the chief accounting officer of Xerox, has been appointed to the International Accounting Standards Board (IASB) and will increase U.S. representation on the board. Kabureck will join the IASB in April and serve an initial term that ends June 30, 2017, and is renewable for three additional

Cybersecurity: 2013 is already “the year of the hack”

Many organizations are unprepared to protect themselves against an emerging, relentless cybersecurity danger that threatens national security and economic stability, according to a new global survey. Advanced persistent threats (APTs) are not easily deterred, which makes them different from traditional threats, according to global IT association ISACA. But an ISACA

Accountants’ caucus back in business in Congress

A bipartisan caucus of accountants is up and running again in the U.S. Congress, with greater numbers. Members of Congress who also belong to the accounting profession announced Friday the organization of the Congressional Caucus on CPAs and Accountants for the 113th Congress. Caucuses must be reformed and reapproved for

AICPA raises concerns about delayed, compressed tax season

Jeffrey Porter, chair of the AICPA’s Tax Executive Committee, sent a letter to Steven Miller, acting commissioner of the IRS, on Friday raising concerns about the “very compressed and difficult filing season” AICPA members and their clients are facing, due to the ongoing delays in the IRS’s acceptance of certain

FASB proposal aims to simplify financial instruments accounting

FASB on Thursday issued a revised proposal that would provide a comprehensive framework for classifying and measuring financial instruments. The Proposed Accounting Standards Update (ASU), Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, would require financial assets to be classified and measured based on the

U.S. and Switzerland sign FATCA agreement

The Treasury Department announced on Thursday that the United States and Switzerland have signed a bilateral agreement to implement provisions of the Foreign Account Tax Compliance Act (FATCA). FATCA was enacted by Congress in 2010 as part of the Hiring Incentives to Restore Employment Act of 2010, P.L. 111-147. It

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