The first questioner SEC Chief Accountant Paul Beswick faced Thursday said the Egyptians built the pyramids more quickly than the SEC has decided on IFRS. Beswick, speaking at the 12th annual Baruch College financial reporting conference in New York City, did not seem amused. “I’ll be waiting for your comment
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Goal for PCAOB’s Hanson: Best practices list for auditors
PCAOB member Jay Hanson wants to talk to auditors who produce audits with no deficiencies. He’s pushing to develop a “best practices” list that will help and inform the entire profession. “I know that this view isn’t shared universally among the board members of the PCAOB as to whether we
PCAOB to consider related-parties re-proposal
The PCAOB will meet Tuesday to consider re-proposing an auditing standard on related parties. PCAOB member Jay Hanson said Thursday that the board is making the second proposal in response to comments it received on the first proposal, which was made Feb. 28, 2012. More comments will be sought on
Tokyo, Hong Kong again top IRS high-cost housing list
Tokyo and Hong Kong have the highest allowable housing costs for 2013 for purposes of the foreign housing exclusion under Sec. 911(c). The limitation for Tokyo is $320.82 per day, or $117,100 for the entire year. For Hong Kong, it is $313.15 a day, or $114,300 for the year. The
HSA inflation adjustments issued for 2014
On Thursday, the IRS issued the inflation-adjusted figures for the annual contribution limitation for health savings accounts (HSAs) and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans for calendar year 2014 (Rev. Proc. 2013-25). Under Sec. 223, individuals who participate in a health plan with
Proposed rules address minimum value of health coverage for premium tax credits
The IRS issued proposed regulations for determining whether an eligible employer-sponsored health plan provides minimum value for purposes of the Sec. 36B health insurance premium tax credit (REG-125398-12). Individuals do not receive the credit if they are eligible for affordable coverage under an eligible employer-sponsored plan that provides minimum value.
Data, security take top two spots in AICPA technology priorities survey
On the surface, the results of the 2013 North America Top Technology Initiatives survey, released Wednesday by the AICPA and CPA Canada, show that “managing and retaining data” nudged past “securing the IT environment” to become the top technology priority cited by the nearly 2,000 accounting professionals polled. Dig a
SOP 13-1 released to update and supersede SOP 03-2
A new Statement of Position (SOP) released under the authority of the Auditing Standards Board establishes guidance for attest engagements on entities’ greenhouse gas emissions statements. SOP 13-1, Attest Engagements on Greenhouse Gas Emissions Information, supersedes SOP 03-02, which had the same title. The SOP guides practitioners performing an examination
FASB proposal would guard private companies’ proprietary information
Stakeholders have expressed concerns to FASB that certain disclosure requirements for nonpublic employee benefit plans would reveal sensitive proprietary information of private companies. FASB is addressing that concern by proposing an indefinite deferral of the effective date for certain disclosures about investments held by a nonpublic employee benefit plan in
AICPA makes tax reform recommendations to Ways and Means Committee working groups
In response to concerns that “[t]he proliferation of new income tax provisions since the 1986 tax reform effort has led to complex compliance hurdles for taxpayers, administrative complexity and enforcement challenges for the Internal Revenue Service,” the AICPA submitted recommendations for tax reform to five of the 11 working groups
New TPAs provide guidance for auditors
The AICPA has issued nonauthoritative guidance in five Technical Question and Answer (TPA) releases, which are available on the AICPA website. TPA 9110.22 provides guidance for auditors when an entity’s financial statements are audited in accordance with generally accepted auditing standards and Government Auditing Standards. When both standards are used,
Widow avoids jail time and probation in sentencing for offshore account tax evasion
Wealthy Palm Beach resident Mary Estelle Curran was sentenced to one year of probation in federal district court Thursday, following her guilty plea to charges of tax evasion. However, Judge Kenneth Ryskamp almost immediately revoked that sentence, reportedly telling the prosecutors that he thought the prosecution had been unnecessary and
IASB proposes interim standard on rate-regulated activities
The International Accounting Standards Board (IASB) proposed an interim standard Thursday that would allow entities to preserve their existing accounting policies for rate-regulated activities—with some modifications to enhance comparability—while the board considers whether it should develop specific guidance. Feedback from the IASB’s agenda consultation led the board to launch a
Europe takes step toward mandatory audit firm rotation
The European Union took a step toward requiring mandatory audit firm rotation Thursday when the European Parliament’s Legal Affairs Committee voted 15–10 in favor of a draft law that would require public-interest entities such as banks, insurance firms, and listed companies to rotate audit firms every 14 years. That period
New PCAOB policy describes rewards for extraordinary cooperation
Registered public accounting firms and auditors whose cooperation with PCAOB investigations is deemed “extraordinary” may be rewarded with reduced penalties in disciplinary proceedings. The PCAOB issued a formal policy statement Wednesday that defines extraordinary cooperation and describes incentives for firms and individuals that make voluntary, extra efforts to aid the
Baker Tilly to merge with New York firm Holtz Rubenstein Reminick
Baker Tilly Virchow Krause LLP, one of the 20 largest U.S. accounting firms, is merging with Holtz Rubenstein Reminick LLP in a deal that will give Chicago-based Baker Tilly a significant foothold in New York City. The merger announced Wednesday is scheduled to take effect June 1. It will create
Golden to succeed Seidman as FASB chairman
Russell Golden, whose technical expertise as a FASB staff member led him to a spot on the standard-setting board in 2010, will succeed Leslie Seidman as FASB’s chairman on July 1. The Financial Accounting Foundation (FAF) announced Golden’s appointment Tuesday. FAF Chairman Jeffrey Diermeier said in a news release that
New FASB chairman Golden describes priorities
Russell Golden, who was named Tuesday to be Leslie Seidman’s successor as FASB chairman, said the board’s immediate priorities will include completing international convergence projects and ensuring that accounting standards for private companies are relevant. Golden, 42, a FASB board member who will become chairman on July 1 after Seidman’s
GASB provides guidance for nonexchange guarantees
GASB on Monday approved a new standard designed to help state and local governments report on nonexchange financial guarantees they have offered, and to help governments properly report on guarantees they have received on their obligations. GASB Statement No. 70, Accounting and Financial Reporting for Nonexchange Financial Guarantees, spells out
New FASB rules standardize liquidation reporting
A new FASB standard released Monday provides guidance for organizations on when and how to prepare financial statements using the liquidation basis of accounting. Accounting Standards Update (ASU) 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting, describes how financial statements must be prepared by a company that
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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.
From The Tax Adviser
July 31, 2026
Current developments in S corporations
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