U.S. representation on the International Accounting Standards Board (IASB) won’t decrease with the end of Paul Pacter’s term, as another U.S. representative, Mary Tokar, has been appointed to the board. Tokar, a CPA, has served more than 10 years as the global leader for KPMG’s international financial reporting group, helping
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IAASB proposes that auditors expand review of “other information”
A new International Auditing and Assurance Standards Board (IAASB) proposal would require auditors to read and consider information in certain documents that accompany audited financial statements. If this additional information leads the auditor to identify a material inconsistency, or a misstatement in the audited financial statements, the auditor would be
ARSC seeks comment on SSARS proposals
The AICPA Accounting and Review Services Committee (ARSC) has exposed for public comment proposed Statements on Standards for Accounting and Review Services (SSARS) as part of its clarity project. ARSC has separated the proposals in an attempt to make the clarified standards easier to use, understand, and implement. The proposed
Hurricane Sandy victims can take hardship distributions, loans from retirement plans
The IRS on Friday announced that it will allow taxpayers who have been adversely affected by Hurricane Sandy to take hardship distributions or loans from their retirement plans (Announcement 2012-44). To qualify under the announcement, hardship distributions made on account of a hardship resulting from Hurricane Sandy must be made
FASB to draft ASU on presenting items reclassified out of accumulated OCI
FASB has directed its staff to prepare an exposure draft of an Accounting Standards Update (ASU) on presentation of items reclassified out of accumulated other comprehensive income (OCI), according to the board’s website. During a meeting Wednesday, the board discussed feedback from stakeholders on the exposure draft issued in August,
Hot tips: SEC fields 3,000 whistleblower complaints in 12 months
Roughly 3,000 tips on alleged wrongdoing were passed on to the SEC in the first full fiscal year of a new whistleblower program. Tips came from all 50 states and 49 countries, according to an annual report on the program for the fiscal year that ended in September. The program
Modernized e-File is improving, but IRS can’t retire legacy system yet
The Treasury Inspector General for Tax Administration (TIGTA) on Wednesday reported on the IRS’s progress in retiring its Legacy e-File system and moving to the Modernized e-File (MeF) system (TIGTA Rep’t No. 2012-20-121). The IRS started to phase out the legacy system in 2004 with the introduction of an internet-based
SEC provides regulatory relief for Hurricane Sandy interruptions
The SEC on Wednesday issued a conditional exemption from certain federal securities law requirements for accountants, publicly traded companies, investment companies, and others affected by Hurricane Sandy. A regulatory relief order issued by the SEC says the storm and flooding have displaced individuals and businesses, and disrupted communications and transportation
Brush up on your anticorruption controls with FCPA guidance
The Department of Justice (DOJ) and SEC released a 120-page guide Wednesday providing a detailed analysis of the agencies’ approach to enforcement of the Foreign Corrupt Practices Act (FCPA), which is designed to prevent bribery and corruption of foreign officials by companies seeking to gain a competitive business advantage. The
How can the nonpayment testing period for COD income be improved?
In Notice 2012-65, the IRS asked for public comments on whether it should amend existing Regs. Secs. 1.6050P-1(b)(2)(i)(H) and (iv), which require applicable financial entities to issue Forms 1099-C reporting cancellation of debt (COD) income when a 36-month nonpayment testing period has expired. Under Sec. 6050P and its regulations, COD
FASB’s developing model “totally” changes impairment concept
The new concept of recognizing impairment of financial instruments based on expected credit losses, which FASB is developing, will represent a substantial change in industry philosophy and practice, according to board member Lawrence Smith. “I think we’ve changed the concept totally,” Smith said Friday during a webcast devoted to explaining
Organizations fighting U.S. debt get support of AICPA board
A continuing devotion to fiscal responsibility has led to a resolution by the AICPA board of directors supporting two nonpartisan organizations devoted to combating the U.S. federal debt. In the resolution, the AICPA expresses support for the Campaign to Fix the Debt and the Comeback America Initiative, which express concern
To ascend to CFO role, controllers must take a broader look at business
Controllers hoping to make the move to CFO must be willing to add new words to their vocabulary. The focus on numbers, while important, has to change from lookback mode to look-ahead. Concerns about month-end close should not be forgotten, but they should be accompanied by thoughts such as, “How
New financial reporting proposal for going concern gaining steam
Going-concern financial reporting in the United States appears headed for new requirements after FASB decided to adopt a new model this week in a project that still has several issues to be decided before the scheduled release of an exposure draft in the first half of next year. The model
CPA representation grows in Congress with reelections, likely House newcomers
The number of CPAs in Congress is growing as a result of Tuesday’s elections. Rep. Brad Sherman held off Rep. Howard Berman in an unusual and hotly contested race between two congressional Democrats in California’s 30th District as all eight CPAs serving in the House of Representatives won reelection. In
Obama can’t expect a “fiscal honeymoon” in second term, Fitch says
Newly reelected President Barack Obama and Congress need to quickly come to an agreement on how to avoid the so-called “fiscal cliff” and raise the government’s debt ceiling, if the nation wants to avoid another recession, Fitch Ratings said Wednesday. “The economic policy challenge facing the president is to put
Leave-based donation programs allowed for Hurricane Sandy relief
In response to the extraordinary damage caused by Hurricane Sandy and the extreme need for relief, the IRS has released guidance for employers who are considering adopting leave-based donation programs to aid the storm’s victims (Notice 2012-69). A leave-based donation program allows employees to forgo vacation, sick, or personal leave
Gartner: Android, Apple to spark surge in smart device sales
Worldwide sales of smartphones and tablets will soar past the 1 billion-unit threshold in 2013, while the Android, Apple iOS, and Windows 8 operating systems will spark a multiyear surge in mobile device purchases by businesses, the information technology research and consulting company Gartner forecast Tuesday. In a news release
PCAOB inspection process explained in CAQ guide
PCAOB inspections are inevitable for firms that audit public companies. Firms that audit more than 100 public companies are inspected yearly. Firms that audit fewer than 100 public companies are inspected at least once every three years. A high-level overview of that process is provided by the Center for Audit
Sandy’s sobering reminder: Prepare for the worst
As business owners affected by Hurricane Sandy attempt to pick up the pieces and get back to work, their plight serves as a reminder to others that it makes sense to prepare for the worst in business. Jim Hardy, CPA/ABV/CFF, said it’s a mistake for business owners to think that
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