Wednesday is the deadline for comments on the AICPA’s proposed Financial Reporting Framework for Small- and Medium-Sized Entities (SMEs). The proposed framework was designed to provide streamlined financial reporting options that meet users’ needs without being unnecessarily complicated or costly for SMEs that are not required to file U.S. GAAP financial
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IRS further delays acceptance of returns claiming Form 8863 education credits
On Monday, two days before the delayed Jan. 30 start of the 2013 filing season, the IRS announced a further delay in processing returns that contain Form 8863, Education Credits, which must be filed by people claiming the American opportunity and the lifetime learning tax credits (IR-2013-10). During testing, the
Study by UK researchers shows inconsistency in IFRS application
A new report by U.K. researchers found inconsistencies in compliance with certain impairment disclosure requirements across jurisdictions in Europe, which suggested that IFRS are not being evenly applied across jurisdictions. International Accounting Standards Board Chairman Hans Hoogervorst said more consistent application remains a worthwhile goal that requires the attention of
Preparers tell IASB: Disclosure requirements too extensive
Financial statement preparers’ concerns about disclosure overload came through loud and clear in a survey recently conducted by the International Accounting Standards Board (IASB). Most preparers participating in the survey said the primary problem with the way financial information is disclosed is that disclosure requirements are too extensive, and more
Proposed regs. would govern employment tax liability of third-party agents
On Friday, the IRS released proposed regulations under Sec. 3504 (acts to be performed by agents) that would govern the liability for employment taxes when an employer designates an agent under a “service agreement” to pay its employees and to satisfy all employment tax obligations (REG-102966-10). Such agents include payroll
Anti-Fraud Collaboration launches website
A new website, AntiFraudCollaboration.org, is providing resources to help audit committees, financial executives, internal auditors, and external auditors deter and detect financial reporting fraud. The site is a product of the Anti-Fraud Collaboration, a partnership between the Center for Audit Quality (CAQ), Financial Executives International, The Institute of Internal Auditors,
IRS files motion to suspend injunction in return preparer regulation case
The IRS on Wednesday filed a motion in federal court to suspend an injunction that forbids it from continuing with its registered tax return preparer program, pending appeal of the case (Motion to Suspend Injunction Pending Appeal, D.D.C. 1/23/13). The IRS also indicated that it intends to file a Notice of
Updated forms, procedures issued for plan sponsors in IRS’s Voluntary Correction Program
On Thursday, the IRS announced that it was issuing updated procedures and forms for sponsors of retirement plans that intended to qualify under Secs. 401(a), 403(a), 403(b), 408(k), or 408(p), but that have not met these requirements for a period of time. The procedures govern the Employee Plans Compliance Resolution
Former prosecutor White nominated to head SEC
President Barack Obama announced Thursday his nomination of former U.S. Attorney Mary Jo White to be the chairman of the SEC. If her nomination is approved by the Senate, White will replace Elisse Walter, who took leadership of the agency on a short-term basis after Mary Schapiro stepped down as
IAASB, PCAOB, CAQ seek ways to measure audit quality
Without concrete, objective ways to measure audit quality, it is difficult to assess whether efforts to improve audits have been successful. The International Auditing and Assurance Standards Board (IAASB), one of many organizations attempting to tackle this challenge, has issued a consultation paper, A Framework for Audit Quality, that it
Sec. 6038D reporting of specified foreign financial assets postponed for one year
The IRS on Wednesday announced that it is postponing for at least one year the requirement that domestic entities report interests in specified foreign financial assets. In Notice 2013-10, the IRS says that when it issues final regulations, they will apply no earlier than to tax years beginning after Dec.
Finance executives worldwide on alert about U.S. debt issues
Global finance executives are keeping a close eye on Congress and its strategy for handling the nation’s debt ceiling and spending. A possible short-term solution could create long-term uncertainty for their businesses, a new survey of 1,300 CGMA designation holders shows. Nearly seven in 10 (69.7%) believe that the most
Federal court strikes down IRS tax return preparer registration program
The United States District Court for the District of Columbia on Friday struck down the IRS’s registered tax return preparer program and enjoined it from enforcing the regulations (Loving, No. 12-385 (D.D.C. 1/18/13)). Background The IRS in 2011 began regulating all tax return preparers who prepare and file tax returns
AICPA committee withdraws compilation, association ED
The AICPA Accounting and Review Services Committee (ARSC) has voted to withdraw its compilation and association exposure draft in response to comment letters from stakeholders. The compilation proposal would have revised the applicability of the compilation standard but would have retained the compilation service as an attest service. The association
IRS provides penalty relief for farmers hit by delayed start of tax season
The IRS on Friday announced that it will provide estimated tax penalty relief for farmers and fishermen who are not able to file and pay their 2012 taxes by the March 1 deadline due to the delayed start for filing tax returns. Earlier this month, the IRS announced that it
FATCA final regulations cover all the bases
On Thursday, the IRS issued final regulations providing rules on information reporting by foreign financial institutions (FFIs) and withholding on certain payments to FFIs and other foreign entities (T.D. 9610). Under the Foreign Account Tax Compliance Act of 2009 (FATCA), enacted as part of the Hiring Incentives to Restore Employment
CAQ, AAA team to give researchers access to audit firm personnel
A new program announced Thursday by the Center for Audit Quality (CAQ) and the Auditing Section of the American Accounting Association (AAA) will help accounting and auditing academics gain access to audit firm personnel to participate in academic research projects. The joint venture between the CAQ and AAA Auditing Section
Retroactive procedures implement qualified transportation fringe benefits parity for 2012
The IRS has provided procedures for employers to use to handle the retroactive application of the increased amount of the 2012 income exclusion for monthly transit benefits. The American Taxpayer Relief Act of 2012, P.L. 112-240 (the Act), retroactively reinstated parity between the benefits for parking and the benefit for
International public-sector framework IDs primary financial statement users
The International Public Sector Accounting Standards Board (IPSASB) released the first four chapters of its conceptual framework for public-sector general-purpose financial reporting. The chapters describe the objective of financial reporting by public-sector entities as providing information to users for accountability and decision-making purposes. The partial release identifies service recipients and
IRS corrects 2013 tax tables in revenue procedure
On Tuesday, the IRS announced corrections to two of the 2013 tax tables it issued on Jan. 11 in Rev. Proc. 2013-15. The corrections, as incorporated into the revised revenue procedure, are to Tables 1 and 2 of the tax rate tables in Rev. Proc. 2013-15, Section 2.01. In Table
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