A targeted, step-by-step approach is the best way for the SEC to review and overhaul its financial disclosure requirements under securities laws, SEC Commissioner Daniel Gallagher said Monday. In a speech at the Forum for Corporate Directors in California, Gallagher said he hopes the SEC can “make real headway” in
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New IDR procedures postponed until March 3
The IRS announced in an email to practitioners that it is pushing back the effective date for its new information document request (IDR) procedures to March 3 (e-News for Tax Professionals 2014-6 (Feb. 7, 2014)). The new procedures had been scheduled to start Jan. 2. The new IDR procedures were
IRS announces additional one-year delay in health coverage penalty for midsize employers
The IRS announced on Monday that it is delaying the so-called shared-responsibility requirement under Sec. 4980H for employers who have 50 to 99 full-time equivalent employees in 2014 (T.D. 9655). These employers will now have until 2016 to offer health care coverage to their employees or be subject to the
Crowdfunding poses benefits, risks
Financial return crowdfunding does not pose systemic risks to the world economy yet, according to a report issued Wednesday by staff researchers working for the International Organization of Securities Commissions (IOSCO). But in the marketplace, crowdfunding—which is growing in popularity—poses both benefits and risks, according to the report. Crowdfunding involves
New proposed rules determine UBTI of certain exempt employee benefit organizations
The IRS on Wednesday issued proposed regulations to implement Sec. 512(a)(3)(E), which limits the amount of exempt function income that can be set aside when calculating the unrelated business taxable income (UBTI) of Sec. 501(c)(9) voluntary employee beneficiary associations (VEBA) and Sec. 501(c)(17) supplemental unemployment benefit trusts (SUBs) (REG-143874-10). This
How the lease accounting proposal may change
Acknowledging that the converged leases project poses difficulties for standard setters, International Accounting Standards Board (IASB) Chairman Hans Hoogervorst described some possible solutions Wednesday during a speech in Tokyo. The IASB and FASB are involved in new deliberations on their converged leases project after receiving feedback from financial statement preparers
Regulation leads list of top 10 risks for 2014
Regulatory changes and scrutiny are the risks business leaders are most concerned about for 2014, according to a new survey conducted by N.C. State University’s Enterprise Risk Management Initiative and consultant Protiviti. “It’s a message for policymakers,” said Jim DeLoach, CPA, a Protiviti managing director. “… The bottom line is,
Seven ways for small businesses to rein in health care costs
Editor’s note: On Feb. 10, the IRS delayed the penalty for employers with 50 to 99 full-time equivalent employees. Click here for details. New health care regulations in the United States have small business leaders bracing for increased costs and eager to save where they can. Although it was delayed
SEC plans to consider whether global standards are achievable
The SEC plans to consider whether a single set of high-quality global accounting standards is achievable, according to one initiative described in a draft of the commission’s strategic plan for 2014 to 2018. An initiative described on page 8 of the 39-page document, which was released Monday, says the SEC
PCAOB extends comment period on engagement partner ID proposal
The PCAOB has extended the comment period on its reproposed standard that would require the engagement partner and certain other participants in the audit to be identified in the audit report. The new deadline is March 17; the original deadline was Feb. 3. The board reproposed the amendments in December.
IASB gives rate-regulated activities guidance, reviews business combinations rules
The International Accounting Standards Board (IASB) on Thursday issued an interim standard on rate-regulated activities for use by first-time IFRS adopters while the board works to develop a permanent standard. Previously, IFRS did not contain any guidance for rate-regulated activities. The IASB has a plan to consider the broad issue
Why employers may consider public health care exchanges
New public health care insurance exchanges may provide more affordable coverage than plans employers currently use, according to a new report. An analysis by PwC’s Health Research Institute showed that the median 2014 premium on 51 public exchanges nationally is $5,844 for a plan with coverage similar to that of
Details of new myRA retirement savings vehicle revealed
Following up on announcement made by President Barack Obama in his annual State of the Union speech on Tuesday, the White House released details of a new retirement savings account to be made available to employees through their employers. These accounts, myRAs (presumably an abbreviation for “my retirement account”), which
GASB publishes guide for pension standards implementation
GASB on Thursday published a guide to help state and local government financial statement preparers and auditors as they implement its new standards for accounting and reporting for pensions. The guide for GASB Statement No. 68, Accounting and Financial Reporting for Pensions, provides authoritative guidance that has been prepared by
Proposed rules address disguised sales and partnership liabilities
On Wednesday, the IRS issued proposed regulations on disguised sales of property to or by a partnership under Sec. 707 and the treatment of partnership liabilities under Sec. 752 (REG-119305-11). The IRS says the proposed regulations are designed to address “deficiencies and technical ambiguities” in the current regulations. Disguised sales
FASB to consider disclosure requirements for government assistance
Businesses may one day have specific requirements under GAAP for making disclosures in their financial statements about the government assistance they receive, because of a new project that FASB added Wednesday to its technical agenda. Board members said the lack of guidance on disclosure of government assistance leads to a
Lessors, lessees see difficulties in proposed changes
Businesses expect difficulties in implementing proposed changes to lease accounting rules, according to a new Deloitte survey. FASB and the International Accounting Standards Board (IASB) have resumed deliberations in the difficult convergence project, which inspired significant opposition after the release of a second exposure draft in May. Final rules could
How to protect investors’ assets
The recent financial crisis magnified the importance of investor protection. Regulators can play a vital role in ensuring that securities firms protect client assets. The International Organization of Securities Commissions (IOSCO) on Wednesday published eight principles to guide regulators as they supervise securities firms on the protection of client assets.
ASB exposes additional clarified standards as part of attestation clarity project
Changes proposed Tuesday by the AICPA Auditing Standards Board (ASB) would restructure the content of several important attestation standards. The ASB has issued a second exposure draft as a result of the attestation clarity project. The exposure draft contains three proposed clarified subject-matter-specific standards. Proposed Statement on Standards for Attestation
PCC modifies prerequisites for private-company VIE exception
The Private Company Council (PCC) on Tuesday modified the criteria for private companies to be eligible for a GAAP exception it had forwarded last year to FASB—a move that could provide relief to more small businesses. The PCC in November forwarded a GAAP exception that would exempt private companies from
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