GASB on Tuesday approved a standard geared toward the specific needs of state and local governments’ financial reporting of mergers, acquisitions, transfers of operations, and disposals of government operations. “Historically, governments have accounted for their mergers and acquisitions by analogizing to guidance intended for the private-sector business environment, which proved
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FASB working on fair value disclosure exemption for nonpublic entities
FASB is moving quickly to clarify the applicability of a certain fair value disclosure requirement to nonpublic entities. In a Proposed Accounting Standards Update (ASU), FASB asks for public comment on a clarification that is intended to reduce confusion among stakeholders. The proposal would amend Accounting Standards Update No. 2011-04,
IRS issues withholding tables for American Taxpayer Relief Act
On Friday, the IRS issued newly revised percentage withholding tables to implement the rates that will be in effect this year now that the American Taxpayer Relief Act, H.R. 8, has been enacted (Notice 1036, Rev. Jan. 2013, IR-2013-1). The tax rates in the tables are 10%, 15%, 25%, 28%,
FASAB issues standards for federal entities’ asset impairment
U.S. federal government entities will be required to report the effects of general property, plant, and equipment impairments under new standards issued Thursday by the Federal Accounting Standards Advisory Board (FASAB). Statement of Federal Financial Accounting Standards (SFFAS) 44, Accounting for Impairment of General Property, Plant, and Equipment Remaining in
To fight identity theft, IRS proposes rules for truncating identifying numbers
On Thursday, the IRS issued proposed regulations (REG-148873-09) that permit filers of information returns to use truncated taxpayer identification numbers (TTINs) when issuing payee statements in the Form 1099, 1098, and 5498 series (with the exception of Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes, because that form is
Proposed regs. issued on large employer health coverage shared responsibility provisions
The IRS has issued proposed regulations providing guidance on the large employer “shared responsibility” provisions in Sec. 4980H (REG-138006-12). Taxpayers can rely on the proposed regulations until the IRS issues final regulations or other applicable guidance. The IRS also posted FAQs on its website, explaining how the shared responsibility provisions
Tax and fiscal cliff resources
The Journal of Accountancy is dedicated to ensuring CPAs stay well informed about the tax issues. This page gathers together news stories and articles from AICPA magazines and newsletters discussing the many aspects of the fiscal cliff that loomed at the end of 2012. The fiscal cliff had many different
Congress passes fiscal cliff act
Pulling back from the “fiscal cliff” at the 13th hour, Congress on Tuesday preserved most of the George W. Bush-era tax cuts and extended many other lapsed tax provisions. Shortly before 2 a.m. Tuesday, the Senate passed a bill that had been heralded and, in some quarters, groused about throughout
Were you in tune with accounting news in 2012?
Here are the answers to the 2012 Journal of Accountancy news quiz: 1. Question: What is the name of the new body the Financial Accounting Foundation (FAF) created to debate and vote on possible GAAP exceptions and modifications for private companies? Answer: (b) The new Private Company Council (PCC) held its
Were you in tune with accounting news in 2012? Take this quiz to find out
High-profile developments with regard to IFRS, private company financial reporting, regulation, and corporate governance made for a newsy 2012 in the accounting profession. Take the following quiz to see how well you kept track of the latest developments, and read the answers for a look ahead at some of the
The 20 most popular stories of 2012
We tallied the traffic on journalofaccountancy.com to determine 2012’s most popular JofA articles and news coverage. Use the lists below to catch up on important news and professional developments you may have missed in the past year, and to get practical tips from print articles. Here are the most popular
FAF wants U.S. represented in IASB standards advisory group
The Financial Accounting Foundation trustees are advocating for broad membership, including a possible U.S. role, in a forum of national and regional standard setters that is being formed to advise the International Accounting Standards Board. In a letter dated Dec. 27, Financial Accounting Foundation (FAF) Chairman Jeffrey Diermeier encouraged the
Three IT challenges to watch for in 2013
The global information systems organization ISACA is urging businesses to prepare for tough decisions in the year ahead in three areas: data privacy, cloud computing, and increasingly complex cyber-threats. Interest in private or hybrid (public/private) cloud solutions is expected to grow because of information security concerns, according to ISACA. Meanwhile,
Mandatory language for consents to disclose, use taxpayer information modified
In Rev. Proc. 2013-14, the IRS has provided guidance to tax return preparers about the format and content of taxpayer consents to disclose and consents to use tax return information and modified the mandatory language required on each taxpayer consent. The guidance applies to individuals filing a return in the
Rules on use, disclosure of taxpayer information finalized
The IRS on Wednesday issued final regulations under Sec. 7216 that govern the circumstances in which tax return preparers can disclose or use certain limited tax return information (T.D. 9608). The regulations finalize with minor changes rules that were issued in 2010 as temporary and proposed regulations (T.D. 9478 and
Final regs. remove de minimis partner rule
The IRS issued final regulations that remove the de minimis partner rule from Regs. Sec. 1.704-1(b)(2)(iii)(e) (T.D. 9607). This means that when determining whether special allocations have substantial economic effect, partnerships will no longer be permitted to ignore the tax attributes of de minimis partners. The IRS received many suggestions
Sec. 304 anti-abuse, anti-avoidance rules finalized
In T.D. 9606, the IRS finalized regulations that apply to transactions subject to Sec. 304 but that are structured with the principal purpose of avoiding the statute’s application. The regulations target transactions designed to avoid Sec. 304 treatment of a corporation that controls an acquiring corporation or a deemed acquiring
SEC names Beswick to chief accountant post
Paul Beswick recently confessed that he enjoys reading about the evolution of accounting standards throughout history. Now Beswick has a chance to make his own historical mark as chief accountant of the SEC. On Friday, the SEC announced that Beswick, who had been serving as acting chief accountant since James
FAF names 3 new trustees
Charles Cox, John Dugan, and Teri List-Stoll have been appointed to the Financial Accounting Foundation (FAF) Board of Trustees, the foundation announced Friday. Their five-year terms begin Jan. 1. The three new trustees replace Frank Brod, Edward Harrington and John Perrell, whose terms end Dec. 31. Another trustee, Mary Stone,
Emerging markets, service-line growth boost Grant Thornton revenue to record high
Global acquisitions, growth in emerging markets, and key service lines helped Grant Thornton report combined global revenues of $4.2 billion during the year ending Sept. 30, a record high for the company. “It was a very good year and something we will build upon,” Ed Nusbaum, Grant Thornton’s CEO, said
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