An auditor of an SEC issuer’s financial statements is not precluded from performing an independent private-sector audit of that client’s conflict minerals report, according to nonauthoritative guidance prepared by an AICPA task force. Seven new questions and answers the AICPA has issued on its Conflict Minerals Resources webpage provide nonauthoritative
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Staffing, succession emerge as top CPA firm concerns
Succession planning and staffing joined new client acquisition and dealing with the complexities of rapidly changing tax regulations as the top issues facing U.S. accounting firms, according to an AICPA survey released Tuesday. The 2013 Private Companies Practice Section (PCPS) CPA Firm Top Issues survey found evidence that CPA firms
Indoor tanning tax final regulations issued
On Monday, the IRS issued final regulations on the 10% excise tax that has been in effect for amounts paid for indoor tanning services since July 1, 2010 (T.D. 9621). The regulations, which apply to amounts paid on or after June 11, 2013, finalize proposed rules issued in 2010 when
AICPA unveils framework designed for streamlined reporting
The AICPA on Monday launched the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs), a new option for small business financial reporting. Designed to help smaller, privately held, owner-managed businesses, the FRF for SMEs accounting option is intended for businesses that do not need to prepare GAAP-compliant
FASB agrees to advance three private company alternatives for public comment
The march toward possible exceptions and modifications to U.S. GAAP for private companies continued Monday when FASB voted to issue three Private Company Council (PCC) initiatives for public exposure. FASB expects to issue the exposure drafts later this month. After the exposure period, the PCC will review comments of stakeholders
FASB clarifies characteristics of investment companies
A FASB standard released Friday identifies characteristics a company must assess to determine whether it is considered an investment company for financial reporting purposes. Accounting Standards Update No. 2013-08, Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements, takes effect for fiscal years beginning after Dec.
CPAs expect modest difficulty applying revenue recognition standard
Finance executives in the United States expect modest difficulty implementing the sweeping, global changes in revenue recognition that are coming their way, according to a new survey. In the second-quarter AICPA Business and Industry Economic Outlook Survey, released Thursday, CPA executives explained their expectations for the assimilation of the new
How have CPAs responded to regulatory overload?
Andrew Barbe, CPA, CGMA, wishes he had more time to devote to strategic planning and development as vice president for accounting and senior controller of NorTex Midstream Partners LLC, a natural gas midstream service company. But as the senior manager in charge of finance, accounting, treasury, tax, human resources, information
U.S. finance execs upbeat about their businesses, economy
For much of the past year, U.S. finance executives have been optimistic about their companies’ prospects, but they’ve been somewhat lukewarm on the prospects of the overall economy. That dichotomous view is changing, according to results of the second-quarter AICPA Business & Industry Economic Outlook Survey, which was released Thursday. The
TIGTA criticizes the IRS on conference overspending
In the latest in a series of bad news days for the IRS, the Treasury Inspector General for Tax Administration (TIGTA) issued a report Tuesday on the IRS’s wasteful spending on conferences (TIGTA, Review of the August 2010 Small Business/Self-Employed Division’s Conference in Anaheim, California, Rep’t No. 2013-10-037). TIGTA focused
Protiviti exec Hirth named COSO chairman
Robert Hirth, CPA, a founding managing director of global consulting firm Protiviti, has been named chairman of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). COSO is a joint initiative of five private-sector organizations, including the AICPA, that provides thought leadership by developing frameworks and guidance on enterprise
Taxpayer can contest trust fund penalty where son tossed Letter 1153 into basement
A taxpayer successfully challenged the IRS’s filing of a notice of federal tax lien against him for a trust fund recovery penalty on the basis that he did not have an opportunity to contest the liability on which the assessment underlying the lien was based. The taxpayer argued he had
FASB to consider business combination concerns
FASB has promised to give consideration to various stakeholder concerns that arose during a recent post-implementation review (PIR) of its business combinations standard. The review report, released last week, described concerns about FASB Statement No. 141 (revised 2007), Business Combinations, also known as Statement 141(R). In a response released Thursday,
Supreme Court declines to hear Historic Boardwalk rehabilitation credit case
The U.S. Supreme Court on May 28 declined to hear an appeal of the Third Circuit’s decision denying historic rehabilitation credits for a state authority’s partnership with Pitney Bowes Inc. to redevelop the Atlantic City, N.J., historic Boardwalk Hall (Historic Boardwalk Hall, LLC, No. 11-1832 (3d Cir. 8/27/12), cert. denied,
Switzerland proposes allowing banks to resolve U.S. tax evasion cases
The government of Switzerland would allow its banks to disclose data about account holders to the U.S. Department of Justice, circumventing its own bank secrecy law, under a bill that will be introduced in the Swiss parliament. The bill aims to create a legal basis under Swiss law to resolve
Revenue recognition’s effect on gift card accounting: Are you prepared?
Prepaid cards and several other payable-based consumer products are popular retail items and marketing tools. Portions of the proposed revenue recognition standard that FASB is working on will affect gift card programs. Companies with gift card programs need to be prepared as the proposed standard will require the recognition of
IASB: 3 steps to more relevant disclosures
Accounting bodies and regulators across the globe are wrestling with the task of how to improve the usefulness and clarity of disclosures in financial statements. Following a public forum on the topic, the International Accounting Standards Board (IASB) has decided to facilitate more relevant disclosures with three main courses of
Pact enables PCAOB, Chinese regulators to cooperate on enforcement
The PCAOB has entered into a much-sought enforcement cooperation agreement with Chinese regulators. A memorandum of understanding announced Friday creates a cooperative framework between the PCAOB and the China Securities Regulatory Commission (CSRC) and the Ministry of Finance (MOF). The agreement does not allow for cross-border inspections, but it establishes
Boot the budget? Why rolling forecasts might make more sense
When it comes to budgeting, accountants should stop presenting the numbers and letting others analyze what those numbers mean. If accountants don’t change, warns consultant Steve Player, CPA, CGMA, they’ll lose relevance and possibly lose jobs. “It’s our process that’s broken,” Player said. “We’ve got smart people in finance doing
New members named by FAF trustees, IASB
Two prominent standard-setting positions were filled when the International Accounting Standards Board (IASB) and Financial Accounting Foundation (FAF) announced additions Thursday. Terry Warfield, Ph.D., chair of the University of Wisconsin-Madison’s Accounting & Information Systems department, was named to the Financial Accounting Foundation (FAF) board of trustees. Warfield served as the
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Clean data faster using Excel’s REGEX functions
Excel’s REGEX functions provide a simpler, flexible solution to text-cleaning tasks, reducing the need to combine multiple functions when cleaning imported data. This JofA Technology Q&A article shows the way with step-by-step instructions and a video walkthrough.
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