Internal auditors have a strong desire to know more about emerging technologies and improve the way they use technology to perform their duties, a new survey shows. Mobile applications and social media are among the top areas of technical knowledge that internal auditors most need to improve, according to a
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Boards remain split on lease expense recognition
FASB and the International Accounting Standards Board (IASB) failed to reach a consensus for new lease accounting guidance Wednesday but vowed to continue working together in pursuit of consistency. During two days of meetings at FASB’s headquarters in Norwalk, Conn., the boards failed to reach common answers on key areas
No easy answers in key leases standard debate
FASB and the International Accounting Standards Board (IASB) are struggling to find common ground in their efforts to create a converged standard for financial reporting on leases. While meeting together Tuesday at FASB’s headquarters in Norwalk, Conn., the two boards came to different conclusions in preliminary votes on financial reporting
11 issues that could flare up at the next shareholder meeting
U.S. public companies are operating in an environment full of both risk and opportunity as they prepare for their annual shareholder meetings. Cyberthreats, disaster planning, and political and economic unrest are among many factors that make the current climate hazardous for many companies. Although high values in the stock market
IRS expands use of electronic signatures
With the updated version of IRS Publication 1345, Handbook for Authorized IRS e-File Providers of Individual Income Tax Returns (rev. 3/11/14), the IRS provides new methods for taxpayers to electronically sign Form 8878, IRS e-file Signature Authorization for Form 4868 and Form 2350, the e-file signature authorization form. Taxpayers can
Regulatory issues requiring more attention from some CFOs
Managing regulatory compliance has become a more arduous task in the past 12 months for one-fifth of U.S. CFOs, a new survey shows. In the aftermath of the financial crisis, new regulations have been added through legislation such as the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203,
New procedure permits automatic recognition of consolidated return filing status
The IRS announced that it will permit an affiliated group of corporations that did not file the required Form 1122, Authorization and Consent of Subsidiary Corporation to Be Included in a Consolidated Income Tax Return, for all of its subsidiaries, to be treated as if its subsidiaries had filed Form
FASB to research fair value standard’s relevance for certain investors
FASB plans to research concerns about the usefulness of its fair value measurements standard for users of financial statements of employee benefit plans, not-for-profits, and private companies. The concerns arose during a post-implementation review conducted for the board’s parent body, the Financial Accounting Foundation (FAF). The review was completed last
Spending and sentiment on the rise for U.S. finance professionals
Businesses show a sustained desire to spend on technology and employee training while expecting profits to increase—signs that economic sentiment among U.S. finance professionals is improving. Respondents in the AICPA Business and Industry Economic Outlook Survey previously have projected rising profits. Until now, that expectation hasn’t been mixed with much
Simplified employer health care coverage reporting announced
On Wednesday, the IRS released final regulations to implement simplified reporting requirements under the Patient Protection and Affordable Care Act, P.L. 111-148, which requires employers to report health care coverage information under Secs. 6055 and 6056 starting in 2015 (T.D. 9660 and T.D. 9661). Also Wednesday, the Department of Health
Use data privacy to gain a competitive advantage
Data privacy doesn’t have to be an issue that keeps executives awake at night. Instead, companies that approach data privacy the right way can use it to differentiate themselves, said Carolyn Holcomb, CPA, the leader of PwC’s data protection and privacy practice in the United States. “We see companies that
FASB takes step forward in streamlining of disclosures
FASB took a step forward Tuesday in its effort to make disclosures in notes to financial statements more useful to investors. The board is building a framework that is intended to reduce unnecessary disclosures and highlight information that investors need most. On Tuesday, FASB issued a proposed concepts statement that
GASB proposes new GAAP hierarchy for state and local governments
A new GASB proposal is designed to help state and local governments clearly identify the appropriate guidance to apply to their financial reporting. GASB on Thursday issued the proposal, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments, as an exposure draft. The proposed statement would change
Guidance on repair regs. updates accounting method change procedures
The IRS issued the second part of the guidance on accounting method changes under the so-called repair regulations, which govern the treatment of expenditures incurred in acquiring, producing, or improving tangible assets (Rev. Proc. 2014-17, modifying and superseding Rev. Proc. 2012-20). The first part of the updated procedures on accounting
PCAOB to hold round table on auditor’s reporting model
The PCAOB will seek feedback on its auditor’s reporting model proposal during a public meeting to be held April 2–3 in Washington. Panelists will be invited to share their views with the board on the proposal, which would include a requirement for auditors to identify and describe “critical audit matters”
Plans bear responsibilities in multiple-employer pension reporting
Transparency is increasing in state and local government employee pension reporting, and financial statement preparers and auditors need to be ready for the changes new GASB pension standards will bring. GASB Statement No. 67, Financial Reporting for Pension Plans, and GASB Statement No. 68, Accounting and Financial Reporting for Pensions,
IRS issues final instructions for net investment income tax form
The IRS finally released its eagerly awaited final instructions for Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, on Thursday. The instructions, which are 20 pages (for a one-page form), were released in draft form in the beginning of January. Practitioners and taxpayers have waited almost a month after
2014 car, truck depreciation limits issued
On Tuesday, the IRS issued the 2014 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F (Rev. Proc. 2014-21). Prior-year versions of this annual guidance had included figures for first-year bonus depreciation, but because bonus depreciation is not in effect for 2014, the
Final substantial-risk-of-forfeiture rules are released
The IRS on Tuesday finalized regulations that clarify when a substantial risk of forfeiture exists on the transfer of stock to an employee that is treated as compensation under Sec. 83 (T.D. 9659). If a substantial risk of forfeiture exists, the employee does not have to recognize the income at
Report reveals breadth of criminal tax activities
From shady tax preparation businesses to identity theft gangs to corrupt IRS agents, the IRS Criminal Investigation division’s annual report reviewing its accomplishments in 2013 reveals the wide range of criminal tax activities it investigated in the past year. And, the report points out, despite a continued significant decline in
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