GASB on Monday altered the transition provisions of a new pension standard in order to eliminate a potential source of understatement. The board determined that the transition requirements of GASB Statement No. 68, Accounting and Financial Reporting for Pensions, contained a potential source of understatement of restated beginning net position
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Private company GAAP exceptions get thumbs up from FASB
FASB endorsed two GAAP exceptions for private companies Monday, marking a milestone in the work to provide simpler, less costly rules for private companies while producing financial statements that reflect economic reality. The endorsement by FASB of exceptions crafted by the Private Company Council (PCC) means exceptions for private companies
TIGTA report says IRS should do a better job protecting taxpayer data
The IRS does not do a good job of correcting security weaknesses, thereby failing to protect taxpayer data, the Treasury Inspector General for Tax Administration (TIGTA) concluded in a report released Thursday. TIGTA’s audit found that the IRS does not always correct known security problems and the corrective action process
IASB makes change to defined benefit contribution accounting
Small-scale changes to financial reporting rules for employee benefit plans were published Thursday by the International Accounting Standards Board (IASB). Contributions from employees or third parties to defined benefit plans are affected by the amendments to IAS No. 19, Employee Benefits. The changes were made to simplify the accounting for
More transparency sought from audit committees
A consortium of U.S. governance organizations is calling on public company audit committees to enhance reporting about their activities. Increasing transparency about the audit committee’s roles and responsibilities could increase investor confidence, according to the organizations’ new Enhancing the Audit Committee Report: A Call to Action. The Center for Audit
Survey: Data security concerns soar as more CPA firms access cloud
Concerns about data security are surging as the percentage of CPA firms tapping cloud computing continues to increase, according to a survey from CPA2Biz, the AICPA’s for-profit technology subsidiary. CPA2Biz’s second annual cloud survey found that nearly half of the CPA firms polled said that they are using business-grade cloud technology
Final IASB approval of rev rec standard imminent
Progress toward a converged financial reporting standard for revenue recognition continued Wednesday when the International Accounting Standards Board (IASB) indicated its intention to approve the standard. The board’s staff now will prepare a ballot draft for a final vote. FASB also voted earlier this month to proceed to a ballot
Whistleblower tips to SEC rise 8%
Tips to the SEC by whistleblowers rose 8% in fiscal year 2013 over the previous fiscal year, according to an SEC report to Congress. The SEC received 3,238 tips in FY 2013, compared with 3,001 tips in FY 2012, the first full year of the program. The SEC’s fiscal year
IASB releases new rules to better reflect hedge accounting
New rules released Tuesday by the International Accounting Standards Board (IASB) are designed to improve how hedge accounting activities are reflected in financial statements. The IASB changed the rules to address preparers’ concerns about the challenges of appropriately representing their risk management activities in financial statements. The most significant changes
Accounting for income taxes standard achieves purpose, panel finds
A review panel has concluded that a 1992 financial reporting standard addressing accounting for income taxes generally achieves its purpose but may not have reduced complexity. The Financial Accounting Foundation (FAF) post-implementation review team received input for its report from financial statement users, preparers, auditors, and academics on FASB Statement
For penalty calculation, amount of tax shown on return reduced by credits, Tax Court holds
The Tax Court held that the amount of tax shown on the taxpayers’ return was reduced by refundable credits, but not below zero, for purposes of calculating the Sec. 6662(a) accuracy-related penalty (Rand, 141 T.C. No. 12 (2013)). The court reached that conclusion even though the taxpayers were not entitled
Five things the PCAOB considers in assessing firms’ remediation
The PCAOB on Monday posted to its website the criteria its inspectors consider when evaluating an audit firm’s efforts to address inspection report findings. If remediation efforts fail to satisfy the board within 12 months, the report that contains the criticism may be made public. While assessing firms’ remediation efforts,
Costs often derail qualitative goodwill impairment assessment
Many companies are not making use of an optional, qualitative goodwill impairment test FASB recently introduced to enable less burdensome financial reporting, a new survey report shows. Just 29% of public companies and 22% of private companies participating in financial advisory and investment banking firm Duff & Phelps’s 2013 U.S.
Fed change won’t improve economy, U.S. finance execs say
Although U.S. CFOs and finance chiefs say a Federal Reserve chairman has the ability to significantly affect the world’s economy, they are not optimistic that the coming change in Fed leadership will hasten the economic recovery. Nearly six in 10 (59%) of 688 U.S. CGMA designation holders surveyed in October
Regs. permit midyear changes to employer contributions to 401(k) plans
The IRS issued final regulations that permit employers to make midyear reductions or suspensions of safe-harbor matching or nonelective contributions to retirement plans in certain situations (T.D. 9641). To qualify for salary deferral, Sec. 401(k) plans must meet certain nondiscrimination rules that require non-highly compensated employees to participate in the
United States and France sign FATCA agreement
The Treasury Department announced on Thursday that the United States and France have signed a bilateral agreement requiring French banks to report to the French government information about their U.S. account holders. The government of France will forward that information to the IRS, and in return the IRS will provide
Significant changes to compilation included in 3 proposed standards
From Staff Reports Three standards proposed by the AICPA Accounting and Review Services Committee (ARSC) as part of its clarity project include a proposal that would significantly change compilation literature. An exposure draft (ED) invites public comment on the proposals. The ED includes: A proposed, revised compilation standard that would
Private company VIE exception approved by PCC
A GAAP exception approved Tuesday by the Private Company Council (PCC) would exempt private companies from applying consolidation guidance for variable-interest entities (VIEs) under common-control leasing arrangements. Some changes were made from the original proposal, as the PCC struggled with concerns over the definition of “common control” and other issues.
Tax return preparers suspected of filing inaccurate EITC claims to be targeted by IRS
The IRS announced in an email to tax practitioners that it will send letters in November and December to return preparers “suspected of filing inaccurate EITC [earned income tax credit] claims” (Quick Alerts for Tax Professionals, Nov. 6, 2013). According to the IRS, the letters will explain “critical issues identified
GASB’s five things to watch in pension standards implementation
New financial reporting standards for pensions of U.S. state and local governments are among the most significant rules GASB has ever approved. The standards will place unfunded pension liabilities on the balance sheets of state and local governments that provide defined benefit pensions and call for immediate recognition of more
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