Former AICPA President Phil Chenok died Tuesday at the age of 77. Chenok, who was one of the most influential executives in the AICPA’s history, served as president of the Institute from 1980 to 1995. He led the organization during an eventful period that included the implementation of a plan
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Android, Apple extend smartphone lead on Windows, BlackBerry
Google’s Android and Apple’s iOS strengthened their positions in the global smartphone operating system market in the fourth quarter of 2012 as the number of shipments grew 42% year over year, International Data Corporation (IDC) reported Thursday with the release of its Worldwide Quarterly Mobile Phone Tracker. Android smartphone vendors
IRS issues annual whistleblower report to Congress
On Wednesday, the IRS issued its annual report on the whistleblower program, reporting the program’s results for the 2012 fiscal year (FY) and legislative and administrative recommendations for improving the program. Under Sec. 7623(b), which was amended in 2006, the IRS is required to pay awards of specified percentages of
Three issues take next step in PCC’s private company modification process
The Private Company Council (PCC) is forging ahead with more in-depth analysis of three of the four issues it initially identified as candidates for possible GAAP exceptions or modifications for private companies. On Tuesday, during the newly created PCC’s second meeting, the council added the three items to its agenda
Eight principles designed to protect assets of securities firms’ clients
Events that contributed to the global financial crisis have led to careful examination of the way securities firms protect their clients’ assets. To help regulators improve supervision of such firms, the International Organization of Securities Commissions (IOSCO) last week published a consultation report, Recommendations Regarding the Protection of Client Assets.
Integrated reporting gains steam with IIRC, IASB agreement
The movement advocating integrated financial reporting appears to be gaining steam. The International Integrated Reporting Council (IIRC) and the International Accounting Standards Board (IASB) announced Thursday an agreement that will deepen their cooperation on the IIRC’s mission to develop an integrated corporate reporting framework. The heads of the two organizations
Depreciation and education credit forms can soon be filed with the IRS
The IRS announced on Friday that it will soon be able to accept tax returns that include Form 4562, Depreciation and Amortization, and/or Form 8863, Education Credits (IR-2013-18). The IRS will start processing returns with Form 4562 on Sunday, Feb. 10, and will start processing returns with Form 8863 on
The talent drain: Good news for skilled workers, bad news for CFOs
CFOs are still concerned about talent, and that’s potentially good news for workers with specialized skills. Nearly 60% of U.S. CFOs consider it a challenge to find skilled financial professionals, according to a Robert Half International survey. Fifty-four percent said it was “somewhat challenging” to find skilled workers in finance,
FASB works quickly to clarify nonpublic disclosure exemption
Private companies and nonpublic not-for-profits are exempted from a particular fair value disclosure as a result of a FASB amendment that underwent a speedy review process and was released Thursday. The amendment clarifies that the requirement to disclose the level of the fair value hierarchy within which the fair value
IRS postpones effective date of new procedures for consents to disclose
Rev. Proc. 2013-19, issued Wednesday, delays the date that taxpayer consents to disclose and consents to use tax return information must contain the mandatory language recently issued in Rev. Proc. 2013-14. The original effective date of Jan. 14, 2013, has been moved back to Jan. 1, 2014. Taxpayer consents to
Proposed federal grant reforms would raise single-audit threshold
Proposed reforms designed to streamline and improve the way the federal government administers more than $600 billion in grants annually were published Friday by the Office of Management and Budget (OMB). The OMB is proposing broad reforms to compliance audits performed under OMB Circular A-133, Audits of States, Local Governments,
FASB changes format for OCI reclassification reporting
FASB changed the format for reporting amounts reclassified out of other comprehensive income (OCI) in a move designed to increase transparency at minimal cost. Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, does not change current requirements for
Cloud adoption brings unexpected costs, KPMG survey says
Companies moving IT systems to the cloud are encountering higher costs and more implementation problems than they expected, KPMG International reports in a new survey scheduled to be released on Tuesday. About one-third of the more than 650 business and IT leaders in the global survey experienced higher-than-anticipated expenses adopting
Long-awaited final regs. issued on noncompensatory partnership options
On Monday, the IRS issued regulations (T.D. 9612) finalizing proposed regulations (REG-103580-02), which were issued in January 2003, on the treatment of certain call options, warrants, convertible debt, and convertible equity that are not issued in connection with the performance of services, i.e., noncompensatory partnership options. The final regulations apply
FAF to review standard on accounting for income taxes
The Financial Accounting Foundation (FAF) has chosen a 1992 standard focusing on accounting for income taxes as the subject of its next post-implementation review. FASB Statement No. 109, Accounting for Income Taxes, establishes standards for reporting the effects of income taxes in an organization’s financial statements. The standard is mostly
PCAOB reaches agreement with French, Finnish audit regulators
The PCAOB has reached agreements with audit regulators in France and Finland that provide a framework for joint inspections of audit firms subject to the regulatory jurisdictions of the PCAOB and regulators in those countries. The agreements with the French High Council for Statutory Auditors (H3C) and the Auditing Board
Court upholds injunction; IRS reopens PTIN system
The IRS announced on its Return Preparer Office Facebook page on Saturday that it has reopened its preparer tax identification number (PTIN) system for new applications and renewals. The announcement follows a clarification from the district court that struck down the IRS’s return preparer registration program, saying that the injunction
Internal audit reporting line to CEO gains steam as Fed weighs in
The idea of having the internal audit function report administratively to the CEO may be gaining steam. The Federal Reserve has issued guidance to encourage U.S. banks with more than $10 billion in total assets to have their internal audit functions report to the chief executive—a move that could influence
IFRS Foundation eases way for FASB to join global forum
The IFRS Foundation’s departure from requirements initially proposed in November could clear the way for FASB membership in a new global forum of national and regional standard setters. Promoting the adoption of IFRS will not be a prerequisite for standard setters to participate in a new forum the IFRS Foundation
Individual health care mandate rules under Sec. 5000A proposed
The IRS released proposed rules for the Sec. 5000A shared-responsibility payment—the penalty or tax imposed on individual taxpayers who do not obtain minimum essential health care coverage beginning in 2014 (the controversial “individual mandate”) (REG-148500-12). The individual mandate was upheld by the Supreme Court last summer as a permissible exercise
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