April is the forecasted date for a vote of the full European Parliament on European Union audit market reforms, which took another step in the legislative process this week. The EU Legal Affairs Committee voted 13–8, with one abstention, on Tuesday to approve a draft agreement between Parliament and the
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AICPA issues personal financial planning standards
The AICPA on Tuesday issued additional authoritative guidance for CPAs who offer personal financial planning services. The AICPA Statement on Standards in Personal Financial Planning Services covers all aspects of the planning process—from obtaining information to communicating and implementing recommendations. The standards, which will take effect July 1, require complete
Private-company GAAP alternatives could unlock savings
The first two GAAP alternatives created by the Private Company Council (PCC) were released by FASB on Thursday, giving private companies new options for possible cost savings in their financial reporting. FASB released Accounting Standards Updates describing the alternatives. They are: An exemption for private companies from the requirement to
District court says premium tax credits are available in federal health care exchanges
In a decision that aids the implementation of a key provision of 2010’s health care reform legislation, the federal district court for the District of Columbia held that the Sec. 36B premium tax credit is available to taxpayers who purchase health insurance through the 34 state health care exchanges that
Partnership basis rules proposed
The IRS on Wednesday issued proposed regulations providing guidance on the application of Sec. 704(c)(1)(C) added by the American Jobs Creation Act of 2004, P.L. 108-357 (AJCA), and the amendments to the mandatory basis adjustment rules of Sec. 743 in the AJCA. The proposed regulations would also conform the regulations
Final regs. prescribe treatment of bond premium carryforward
The IRS issued final regulations on the tax treatment of debt instruments with bond premium carryforward in the holder’s final accrual period (T.D. 9653). The regulations adopt, without substantive change, regulations proposed last January (REG-140437-12) and withdraw the temporary regulations issued at the same time (T.D. 9609). Last January’s proposed
SEC delays municipal adviser rule compliance date
Compliance with the SEC’s final municipal adviser registration rules will not be required until July 1, 2014, the commission announced Monday. The SEC extended the date for compliance to give market participants additional time to analyze, implement, and comply with the final rules. The rules had been scheduled to go
Swiss court stops handover of tax information to U.S.
A Swiss court has prevented the handover of information on U.S. account holders to the IRS by the Julius Baer Group Ltd., a Swiss bank (A v. Federal Tax Administration, A-5390/2013 (Fed. Admin. Ct. 1/6/14)). The IRS requested information from the bank on its customers who are U.S. citizens based
IRS issues final rules on sales-based royalties and vendor allowances
On Friday, the IRS issued final regulations on sales-based royalties and vendor allowance rules under Sec. 263A and Sec. 471 (T.D. 9652). The rules, which adopt the proposed regulations (REG-149335-08) issued in 2011 with some changes in response to comments, apply to tax years ending on or after Jan. 13,
New regulations among SEC’s 2014 examination priorities
Issues posed by new rules and regulations will be among the issues the SEC scrutinizes most closely in 2014 in its examination of issues at financial institutions reviewed under the Office of Compliance Inspections and Examinations’ National Examination Program. The SEC on Thursday announced its examination priorities for 2014, which
Preparers oppose PCAOB’s plan for more auditor disclosures
The message from financial statement preparers to the PCAOB about the content of audit reports is clear. Preparers don’t want their responsibilities usurped by auditors. “While some investors may desire improvements in disclosures, the proper source of this information is management and not the auditor,” Fedex Corp. told the PCAOB
TPA addresses use of current auditing standards for audits of prior periods
The AICPA has issued nonauthoritative guidance addressing the use of current auditing standards for audits of prior periods. According to Technical Question and Answer (TPA) 8100.03, when an auditor is engaged to perform an audit of financial statements that are as of or for a period that ended prior to
New procedures for reinstatement of tax-exempt status are introduced
Tax-exempt organizations that have had their tax-exempt status automatically revoked because they failed to file required annual returns for three consecutive years have new procedures for getting their exempt status reinstated, under guidance issued by the IRS on Thursday (Rev. Proc. 2014-11). Earlier guidance providing methods for reinstating exempt status
Six developments for CPAs to watch in 2014
If you enjoy change, 2014 should be a good year. The months ahead will see the accounting profession gearing up for new regulations and handling significant financial reporting developments, including preparing to implement changes in accounting for revenue. Here are a few of the likely financial reporting and regulatory developments
Procedures for IRS rulings, technical advice, etc., updated for 2014
As 2013 drew to a close, the IRS was busy issuing annual updates to the revenue procedures that govern its operations and interactions with taxpayers. In particular, the IRS issued Rev. Procs. 2014-1 through 2014-6, all on Dec. 30, 2013. These include the list of “no ruling” areas in which
Top tax news developments in 2013
The past year featured a large number of tax developments, some of which got extensive coverage in the media, and many of which got less coverage but affect almost all taxpayers and practitioners. As we get ready to welcome a new year, here’s a look back at the most important
Seven changes new revenue standard may bring
The prospect of preparing for a historic, game-changing revenue recognition standard at a huge, global public company is a bit daunting for GE Technical Controller Russell Hodge, CPA. “I’ll admit to it being a little bit overwhelming to us,” Hodge said. “We have $150 billion of revenue and so many
2013 accounting news quiz answers
Here are the answers to the 2013 JofA news quiz. 1. Question: What did the PCAOB propose that public company auditor’s reports should include? Answer: (b) The engagement partner’s name. Full story: “PCAOB Proposal Could Result in Public Tracking of Auditors” 2. Question: Which converged standard did members of FASB and the
Take the 2013 accounting news quiz
Technology and globalization have created a business environment of nearly constant change, and accounting trendsetters have worked hard to keep up with the pace. Take this 12-question quiz and see how well you kept up with the news in the accounting profession in 2013. If you find yourself struggling with
FASB, PCC issue rules for private-company GAAP alternatives
The rules for providing alternative financial reporting guidance for private companies were formally established Monday when FASB and the Private Company Council (PCC) issued their Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies. FASB also issued its definition of a public business entity,
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