The International Accounting Standards Board (IASB) plans to complete a new conceptual framework by September 2015. In addition, the board plans to have its technical program focus on implementation and maintenance, including post-implementation reviews and a small number of IFRS projects. The IASB announced that it has mapped its future
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KPMG revenue tops $23B on gains in advisory, tax
Fiscal 2012 financial results released by KPMG International suggest that strong demand for advisory and tax services and rapid revenue gains in emerging markets helped the Big Four accounting firm shrug off the effects of the eurozone crisis. The global network of firms that make up KPMG International reported $23.03
Voluntary Classification Settlement Program expanded, liberalized
On Tuesday, the IRS made significant changes to its Voluntary Classification Settlement Program (VCSP). In Announcement 2012-46, in effect until June 30, 2013, the IRS is temporarily permitting employers who have not filed Forms 1099 for their workers to participate in the program by paying a larger amount of past
Proposed regs. provide rules for whistleblower awards
The IRS issued proposed regulations for whistleblower awards under Secs. 7623(a) and (b), as well as rules governing the disclosure of return information under Sec. 6103(h) to pursue these claims (REG-141066-09). The proposed regulations provide general rules for submitting information to the IRS, definitions of key terms, rules for administrative
Google, Apple, Samsung surge to top of market for smartphones, tablets, PCs
Google, Apple, and Samsung are leading a sales surge in the worldwide smart connected device market—a category consisting of personal computers, tablets, and smartphones—that should continue for at least the next five years, according to new research from International Data Corp. (IDC). The IDC’s Worldwide Quarterly Smart Connected Device Tracker
Tangible property regs. amended to implement delayed effective date
On Friday, the IRS released technical amendments to T.D. 9564 that, in response to numerous comments from taxpayers, delay the effective date of the temporary regulations it issued in December 2011 governing whether tangible property expenses could be deducted or had to be capitalized. Those regulations were supposed to apply
Twenty-three tips provide implementation guidance about audits of group financial statements
Auditors looking for guidance on the new clarified auditing standard about audits of group financial statements can turn to a new resource. The new standard, AU-C Section 600, Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors) (AICPA, Professional Standards), took effect for audits of group financial
Rules distinguishing tips from service charges delayed until 2014
In Announcement 2012-50, the IRS announced that businesses have additional time to make the changes needed to comply with the proper treatment of tips and service charges under Q&A-1 of Rev. Rul. 2012-18. Announcement 2012-25 previously delayed implementation to amounts paid on or after Jan. 1, 2013, and requested comments
Build a strong team to comply with conflict minerals rule
There is no mistaking the effect that a new regulation regarding conflict minerals will have on manufacturers and their suppliers. Tracing the commonly used minerals of tin, tungsten, tantalum, and gold through intricate global supply chain networks will be no easy task. “This is one of the most complex compliance
Streamlining disclosures a tricky job for FASB
There is considerable agreement that more disclosures often do not lead to more useful financial statements. The question FASB faces now is: How to decide the best way to instruct preparers on which footnote disclosures to omit? Stakeholders at round-table discussions held this fall by FASB and the Center for
IFRS Foundation Trustee: Don’t wave white flag on cooperation
The remaining convergence projects facing FASB and the International Accounting Standards Board (IASB) need to be wrapped up soon – even if the boards fall short of completely harmonizing their standards, an IFRS Foundation trustee and a U.K. accountancy body said separately this week. The Institute of Chartered Accountants in
Technology guidance abundant in COSO internal control proposal
While scanning the Committee of Sponsoring Organizations of the Treadway Commission’s proposed internal control framework, Kenneth Vander Wal counted more than 200 mentions of technology. “That’s probably about 199 more times than the ’92 framework,” said Vander Wal, a member of COSO’s Advisory Council and past president of the Information
Finance professionals: Fiscal cliff could sap U.S. economic growth
Finance professionals warn that U.S. economic growth is in jeopardy if budget issues cannot be resolved quickly, a survey released Monday by the Association for Financial Professionals (AFP) indicates. Respondents to the AFP Business Outlook Survey predict that U.S. GDP will grow 1.7% in 2013, creating an additional 1.3 million
PCAOB finds common threads in ICFR audit deficiencies
Insufficient testing of controls and failure to properly evaluate control deficiencies were among the common findings that led the PCAOB to issue a summary of observations from 2010 inspections of audits of internal control over financial reporting. The PCAOB on Monday released a 31-page report on deficiencies in firms’ audits
Reportable transaction rules updated for certain losses
Rev. Proc. 2013-11, issued on Thursday, provides that certain losses are not taken into account in determining whether a transaction is a reportable transaction. Regs. Sec. 1.6011-4 requires taxpayers that participate in reportable transactions to disclose those transactions. One category of reportable transaction is a loss transaction, which is defined
Struggling European nations seen as more corrupt, report shows
In most parts of the world, perceived corruption of countries has remained the same during the past year. That’s good news in New Zealand, Denmark, and Finland, viewed in general as the most transparent. It’s more of the same for Somalia, North Korea, and Afghanistan, viewed as having the highest
VIEs among first issues PCC identifies for discussion
Variable-interest entities (VIEs), which have long been identified as one of the most frustrating concepts in accounting for private companies, were among the four issues the new Private Company Council (PCC) identified for further study in its initial meeting Thursday in Norwalk, Conn. The PCC was created by FASB’s parent
CPAs continue to forecast storms ahead for U.S. economy
Economic optimism, which started the year on an upswing, has fallen to a 12-month low, according to the latest AICPA Business & Industry U.S. Economic Outlook Survey, which was released Thursday. A big reason for the gloomier mood: Washington. “The overwhelming majority of comments this quarter focused on the fiscal
Most CPAs see role in helping clients adopt technology, AICPA survey finds
Nearly 40% of CPAs see themselves as catalysts for their clients’ adopting innovative technologies such as cloud computing and mobile devices, according to survey results released Wednesday by the AICPA. The survey of 624 AICPA members in public accounting found that an additional 43% of CPAs will respond to clients’
PCAOB will issue report on problems with audits of ICFR
Persistent problems related to audits of internal control over financial reporting (ICFR) have led the PCAOB to issue a report describing the four problems. The PCAOB will issue a Rule 4010 report to describe the results of recent inspections with regard to audits of ICFR, PCAOB Director of Registration and
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