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”
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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
Fair value standard fulfills purpose, review finds
A Financial Accounting Foundation review team’s positive feedback on FASB’s fair value measurements standard was tempered by one finding: Some investors question its usefulness for financial statements of employee benefit plans, not-for-profits, and private companies. According to the review team, FASB Statement No. 157, Fair Value Measurements, generally provides investors
How real work experience can help students, businesses
Getting work experience while in college can give accounting and finance students an edge in their post-graduation job search, according to a new survey. Meanwhile, businesses that provide work opportunities for students can build a network of promising talent that will pay big dividends in the future, experts say. Eighty-three
AICPA, CPA Canada to collaborate in forensics, technology advisory services
Members of the Chartered Professional Accountants of Canada (CPA Canada) will have access to a broad portfolio of specialized information through the AICPA Information Management and Technology Assurance Section and its Forensic and Valuation Services Section. Under an agreement announced Friday, CPA Canada members can join those sections and will
Final FATCA rules are issued
On Thursday, the IRS released a large package of regulations needed to implement the Foreign Account Tax Compliance Act (FATCA). FATCA, enacted as part of the Hiring Incentives to Restore Employment Act of 2010, P.L. 111-147, requires U.S. withholding agents to withhold tax on certain payments to foreign financial institutions
FASB endorses private company VIE alternative for lease arrangements
FASB voted on Wednesday to endorse a GAAP alternative initiated by the Private Company Council (PCC) that will exempt private company lessees from a requirement to consolidate variable-interest entities (VIEs) in common-control leasing arrangements. The exemption will be allowed only if: The private company lessee and the lessor entity are
New international framework takes broad look at audit quality
A new international framework for audit quality takes a broad look at how the stakeholders in the audit process can work to make audits better. The International Auditing and Assurance Standards Board (IAASB) released Tuesday a framework that is designed to encourage auditors, audit clients, audit firms, regulators, and others
FASB to focus on targeted GAAP improvements for insurance
FASB will consider targeted changes rather than a significant overhaul of U.S. GAAP’s financial reporting requirements for insurance contracts. The board voted Wednesday to consider potential targeted improvements to long-duration insurance contracts. For short-duration contracts, the board will consider targeted improvements that will be focused solely on disclosures. Board members
“Dirty Dozen” tax scam list now includes telephone scams
Identity theft and telephone scams top this year’s list of the “Dirty Dozen” fraudulent tax schemes released by the IRS on Wednesday. The annual list contains various common scams that taxpayers may be subjected to at any time, but the IRS says many of them reach a peak during tax
The scoop on group audits: You may have them, even though you think you don’t
As Vince Lombardi said, “Individual commitment to a group effort—that is what makes a team work, a company work, a society work, a civilization work.” I would add to this that an individual firm’s commitment to group audit considerations makes audit planning work. Simply stated, group audits are audits of
Can you draw a perfect score in the accounting game?
More than 1,000 questions inspired by content in accounting textbooks are featured in a new online game created for high school students. The AICPA helped develop the game, called “Bank On It,” which is available at startheregoplaces.com. The game is intended to be a fun, engaging way for educators to
ASB proposes amendments to clarified auditing standard on letters for underwriters
The AICPA Auditing Standards Board (ASB) proposed amendments Thursday to AU-C Section 920, Letters for Underwriters and Certain Other Requesting Parties. AU-C Section 920 was issued as part of the ASB’s clarity project and is a redrafting of AU Section 634 of the same title. When the clarified standard was
ASB issues clarified auditing standard on using the work of internal auditors
With the release of a new auditing standard addressing the external auditor’s responsibilities if using the work of internal auditors, the AICPA Auditing Standards Board has completed the clarity redrafting of its final AU section in AICPA Professional Standards. Developed using International Standard on Auditing 610 (Revised 2013), Using the
Five key defenses against risk
When does a company pull the trigger on an acquisition or investment? When is expanding into a new market a prudent choice? And when is the right time to hire additional personnel or change employee benefits? These are among the many questions organizations consider through a lens of strategic opportunities
D.C. Circuit affirms decision striking down tax return preparer regs.
The IRS’s attempt to regulate unenrolled tax return preparers was dealt another blow on Tuesday as the D.C. Circuit Court of Appeals held that the agency exceeded its statutory authority when it issued regulations imposing various requirements on tax return preparers (Loving, No. 13-5061 (D.C. Cir. 2/11/14), aff’g No. 1:12-cv-00385
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