Former U.S. Sen. Paul Sarbanes and former U.S. Rep. Michael Oxley say the regulations they sponsored and saw signed into law a decade ago are not perfect, but led to changes in the corporate culture in the United States and abroad. Sarbanes, a Maryland Democrat, and Oxley, an Ohio Republican,
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IFRS constitution change formally splits IASB chair, foundation CEO roles
The IFRS Foundation is changing its constitution to reflect the separation of the roles of the foundation’s CEO and the chairman of the International Accounting Standards Board (IASB). This move formalizes a separation that previously was implemented following an internal structure reorganization at the end of 2011. The chair of
Treasury releases model intergovernmental agreement for FATCA
The Treasury Department on Thursday released a model intergovernmental agreement designed to implement the information-reporting and withholding-tax provisions in the Foreign Account Tax Compliance Act (FATCA), which was enacted by Congress in 2010 to require foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by
SOX’s anniversary marked with congressional debate on benefits and costs
A U.S. House of Representatives subcommittee on Thursday debated the benefits and costs of the Sarbanes-Oxley Act of 2002 (SOX)—and a bill that would decrease its scope—as the corporate governance law approached its 10th anniversary. The House Subcommittee on Capital Markets and Government Sponsored Enterprises heard sharply divided opinions from
Employers hiring managers from outside more often than promoting from within
Management job seekers in accounting and finance may need to get away from their current employers to get ahead in their careers. CFOs are filling management roles in their departments with candidates from outside the company far more often than they are promoting internal candidates, according to a new survey
Taxpayers who did not establish insolvency must recognize COD income
Taxpayers who settled a credit card debt for $4,412 less than they owed in 2008 had to include that amount in income because they did not prove they were insolvent under Sec. 108(a)(1)(B) at the time of the debt discharge (Shepherd, T.C. Memo. 2012-212). Sec. 108(a)(1)(B) excludes cancellation of debt
Health Care Guide and Emerging GAAP Issues webinar to be rebroadcast on July 30
A rebroadcast of the webinar, “An Up Close Look at the Health Care Guide Including Emerging GAAP Issues,” will take place on July 30. The original broadcast, hosted by select members of the Health Care Expert Panel on June 7, delves into the revised AICPA Audit and Accounting Guide—Health Care
New FASAB mission statement emphasizes service to public interest
The Federal Accounting Standards Advisory Board (FASAB) has adopted a new mission statement that notes its service to the public interest. “The FASAB serves the public interest by improving federal financial reporting through issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users
“More than insignificant” is key judgment in leases proposal
CPAs may have difficulty at times determining what constitutes “more than insignificant” consumption of a leased asset by a lessee under a proposed standard being jointly developed by FASB and the International Accounting Standards Board (IASB), according to a webcast conducted by the boards on Thursday. On rare occasions, a
Tax Court upholds regulation requiring dependents be citizens in year tax benefits are claimed
On Thursday, the Tax Court upheld Regs. Sec. 1.152(a)(1), which requires that children be U.S. citizens at some time during the calendar year for which the children are claimed as dependents, as a valid interpretation of Sec. 152(b)(3)(A) (Carlebach, 139 T.C. No. 1 (2012)). The taxpayers and their six children
PCAOB to conduct joint audit inspections with Spain’s regulator
The PCAOB, which has been working to establish international partnerships for the purposes of conducting joint audit inspections, has entered a cooperative arrangement with the Accounting and Auditing Institute of Spain. The partnership will allow joint inspections in the oversight of audit firms subject to the jurisdictions of both regulators.
Eight questions for a holistic risk assessment
Internal control has emerged from isolation. In recent years, according to an International Federation of Accountants (IFAC) report, internal control has come to be viewed as an integral part of risk management and governance rather than a separate concept unto itself. This integration demands that individual risks be assessed holistically
American Institute of CPAs recommends changes to tangible property guidance
On July 16, 2012, the AICPA submitted a comment letter to the IRS recommending various changes and simplifications to the voluminous and complex regulations regarding the treatment of expenditures incurred in selling, acquiring, producing, or improving tangible assets (T.D. 9564 and REG-168745-03) and the revenue procedures governing the accounting method
SEC names Beswick acting chief accountant
Paul Beswick, who has worked at the SEC since 2007, was named acting chief accountant. He succeeds James Kroeker, whose last major task as chief accountant was completed Friday, his last day at the SEC. Kroeker’s staff issued its report on IFRS for U.S. public companies, capping a project that
Lack of SEC decision on IFRS turns CPAs’ focus to convergence projects
As the wait for an SEC decision on IFRS continues indefinitely, CPAs can turn their international standards focus to the convergence projects on leases, revenue recognition and financial instruments, some experts say. An SEC report released Friday did not contain a recommendation on whether U.S. public companies should be allowed
Self-employed can deduct Medicare premiums, IRS Chief Counsel advises
Explaining a recent reversal of a long-held IRS stance, the Office of Chief Counsel advised IRS attorneys on Friday that self-employed individuals may deduct Medicare premiums from their self-employment income. Chief Counsel Advice (CCA) 201228037 clarifies an IRS position that previously has appeared only in instructions to Form 1040, U.S.
New rules aim to shut down certain outbound asset reorganizations
In Notice 2012-39, the IRS issued rules to govern certain outbound asset reorganizations involving the transfer of intangibles under Sec. 367(d) occurring on or after July 13, 2012, and that will apply instead of existing regulations (Temp. Regs. Secs. 1.367(d)-1T(c), (d), (e), and (g)). The IRS intends to issue regulations
SEC report offers detailed look at IFRS
As expected, an SEC report released Friday did not contain a recommendation on whether U.S. public companies should be allowed or required to adopt IFRS for their financial reporting. Although the long-awaited, 127-page report provides a thorough discussion of the issues regarding IFRS in the United States, the timing of
With SEC report looming, uncertainty over IFRS expected to linger
Although the release of a long-awaited SEC staff report discussing IFRS adoption is imminent, uncertainty over the issue appears certain to linger. Commission spokesman John Nester said early this week that the report on IFRS adoption for U.S. public companies is expected “soon,” but it will provide an analysis of
FASB seeks advice on improving financial statement disclosures
FASB released a discussion paper for its disclosure framework project Thursday, a significant step in the effort intended to improve the effectiveness of disclosures in financial statements. The 81-page document, which FASB calls an invitation to comment, came the same day the European Financial Reporting Advisory Group (EFRAG) released a
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