Fraud continues to take huge bites from organizational coffers, but the implementation of antifraud controls can significantly reduce the damage done, a new report shows. The Association of Certified Fraud Examiners (ACFE) on Tuesday released its biennial Report to the Nations on Occupational Fraud and Abuse. The more than 1,400
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Tax lawyer: Code reform stymied by dysfunctional Congress
Passage of major tax reform legislation appears unlikely soon, partly because of partisan gridlock in Congress as bad as any in the past century and a half, a noted tax lawyer told the AICPA spring Council on Tuesday in Scottsdale, Ariz. “Now, the members aren’t even acting in their own
Proposed IAASB standard seeks to clarify expectations for auditing disclosures
Changes to international auditing standards proposed last week by the International Auditing and Assurance Standards Board (IAASB) are designed to clarify expectations of auditors when auditing financial statement disclosures. One of the key areas addressed in the proposals is attention earlier in the audit process to disclosures, including those where
AICPA task force advocates for new strategies in professional development
A task force convened to spark innovation in professional development for CPAs unveiled recommendations Monday in four areas. The AICPA Task Force on the Future of Learning, a broad group of public accounting firm leaders, industry CPAs, leaders from the Chartered Institute of Management Accountants, regulators, association leaders, and educators, spent
Five key trends worth watching
Demand for the services of CPAs is likely to intensify in the coming years. But in attempting to meet that demand, CPAs and the businesses they serve appear destined to face challenges in recruiting and retaining talent. These were some of the developments in a forecast for the accounting profession
AICPA subsidiary CPA2Biz changes name to CPA.com
CPA2Biz, the commercial subsidiary of the AICPA, is changing its corporate name to CPA.com. Erik Asgeirsson, president and CEO of CPA.com, announced the change at the AICPA Council meeting in Scottsdale, Ariz. The CPA.com brand is not new to CPA2Biz. The company has used the brand in marketing its digital
New two-phased approach designed to reinforce audit quality
In a time of technological innovation, business complexity, and regulatory scrutiny, auditors face a multitude of challenges. Auditors are expanding services at the same time that regulators are considering ways to make the information in the auditor’s report even more relevant for investors. To serve the public in this time
Notice clarifies midyear amendment of certain retirement plans post-Windsor
The IRS clarified that a qualified retirement plan will continue to be a qualified 401(k) or 401(m) safe-harbor plan if it adopts a midyear amendment to its plan to comply with the rules in Notice 2014-19 requiring qualified plans to conform to the Windsor decision (Notice 2014-37). A safe-harbor 401(k)
Beswick leaving SEC chief accountant post
The SEC finds itself looking for a chief accountant for the second time in less than two years. Paul Beswick is leaving the commission to enter the private sector, the commission said Thursday. Beswick was named chief accountant in December 2012 after James Kroeker left the commission in July of
GASB proposal would define fair value
A GASB proposal released Thursday describes how fair value should be defined and measured in state and local government financial reporting. GASB is proposing in its Fair Value Measurement and Application exposure draft that fair value be defined as the price that would be received to sell an asset or
TIGTA finds $2.3 billion alimony tax gap
The discrepancies between alimony income reported by taxpayers and alimony deductions claimed resulted in $2.3 billion in excess deductions in 2010, the Treasury Inspector General for Tax Administration (TIGTA) reported on Thursday (TIGTA Rep’t No. 2014-40-022 (3/31/14)). Taxpayers who pay alimony to a former spouse under a divorce or separation
Payroll, tax top choices for outsourcing in finance
Payroll and tax remain the most often outsourced functions for accounting and finance departments in the United States and Canada, according to a new survey. Outsourcing of payroll occurs at nearly half of U.S. and Canadian companies participating in the fifth annual benchmarking survey released jointly Tuesday by staffing services
IASB clarifies appropriate methods of depreciation, amortization
New amendments to two international accounting standards published Monday clarify acceptable methods of depreciation and amortization. To clarify appropriate methods, the International Accounting Standards Board (IASB) changed IAS 16, Property, Plant and Equipment, and IAS 38, Intangible Assets. Both standards explain that the expected pattern of consumption of an asset’s
Commissioner calls for greater IRS funding
The IRS needs more money to effectively do its job, especially with its added responsibilities under the Patient Protection and Affordable Care Act. That was the message IRS Commissioner John Koskinen delivered to attendees at the American Bar Association Tax Section’s spring meeting in Washington on Friday. It was standing
New regulations mean big changes for brokers and dealers—and their auditors
New regulations that take effect June 1 will lead to significant changes for brokers and dealers, futures commission merchants, and their auditors, the AICPA and the Center for Audit Quality (CAQ) said Monday. Auditors should discuss the changes with their broker and dealer and futures commission merchant clients as soon
Final rules govern tax treatment of distributions to pay accident or health insurance premiums
On Friday, the IRS finalized regulations that provide that distributions from qualified retirement plans to pay accident or health insurance premiums are taxable unless a statutory exclusion applies (T.D. 9665). However, arrangements where amounts are used to pay premiums for disability insurance to replace retirement plan contributions in the event
Canadian financial executives getting more HR oversight duties
Senior financial executives in Canada are increasing their oversight of human resources, but many rate their knowledge of HR functions as moderate or average, according to a new survey. Sixty-one percent of Canadian financial executives reported that they have taken on more accountability for HR functions such as payroll, recruitment,
Businesses lagging in preparation for new health care laws
Many U.S. employers are lacking in preparation for—and awareness of—new health care laws, according to a survey. More than one-third (36%) of more than 800 corporate decision-makers said they are not very familiar with the requirements of the Patient Protection and Affordable Care Act, P.L. 111-148, according to a survey
Four factors that will influence the L.A. Clippers’ sale price
Three quantifiable factors will influence the sale price of the Los Angeles Clippers—and one more will trump them all, business valuation (BV) experts say. The Clippers have been the talk of the sports world for the past couple of weeks after media outlets began airing a tape of racist comments
FAF, FASB, GASB path includes overarching projects
Global standard setting is taking a new path and U.S. accounting standard setters are preparing to consider foundational projects, according to forward-looking information published Thursday in the annual report of the Financial Accounting Foundation (FAF). Board chairmen Russell Golden of FASB and David Vaudt of GASB, whose organizations are overseen
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