FASB and the International Accounting Standards Board (IASB) reached tentative decisions on reinsurance and issues related to policy loans and contract modifications, including riders, in their ongoing, joint convergence project on insurance. The progress on insurance during last week’s joint board meeting was reported on FASB’s website, where the full
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Tweedie: U.S. decision is key to future of international standards
Three former standard setters – who served the accounting profession through the early days of the financial crisis – talked at length Tuesday during a two-hour panel discussion in New York about the U.S. adoption of IFRS, integrated reporting, and the political pressure that standard setters can face. “Shaping the
Taxpayers can deduct certain local lodging expenses under proposed rules
The IRS issued proposed regulations on Tuesday that permit employees to treat certain expenses paid or incurred for local lodging as deductible business expenses (REG-137589-07). Under Sec. 262(a), living expenses paid or incurred when not traveling away from home are considered nondeductible personal expenses. However, in certain circumstances, the proposed
Final standards in convergence projects expected by mid-2013
FASB and the International Accounting Standards Board (IASB) expect to issue final, joint standards in their major convergence projects by mid-2013, according to a report to the Financial Stability Board (FSB) Plenary on Accounting Convergence posted Monday on the IASB website. The boards expect to begin redeliberations on their joint
Tweedie, Herz, Cherry to discuss financial reporting
Last spring, when he was chairman of the International Accounting Standards Board (IASB), Sir David Tweedie made a case for principles-based accounting standards. “I believe that this approach is superior,” he said during a speech to the U.S. Chamber of Commerce. Tweedie was advocating for standards based on principles rather
Federal Circuit dismisses refund suit based on all-zero returns
A married couple who filed tax returns listing all income and tax due as “zero” were denied refunds in a decision by the U.S. Court of Appeals for the Federal Circuit (Waltner, No. 10-CV-225 (Fed. Cir. 4/19/12)). The court dismissed the couple’s tax refund suit for lack of jurisdiction, holding
FASB and IASB clarify expected credit loss estimate attributes
FASB and the International Accounting Standards Board (IASB) on Wednesday clarified the attributes of an expected credit loss estimate as part of an ongoing joint convergence project on accounting for financial instruments. With the clarification, the boards addressed concerns about the use of the term “expected value,” according to a
Technology extracts a big price from Americans, survey shows
Americans’ infatuation with technology such as cellphones, cable TV, and satellite radio isn’t helping them fatten their bank accounts, according to a survey conducted for the AICPA by Harris Interactive for National Financial Literacy Month. Fifty-six percent of U.S. adults said they believe that technology has made it easier to
FASB, IASB tentatively agree on two financial instruments items
Tentative, joint decisions reached by FASB and the International Accounting Standards Board (IASB) on Tuesday will affect the business model assessment for classifying financial assets at amortized costs, and bifurcation of financial assets and financial liabilities. According to a summary posted on FASB’s website, the boards tentatively made decisions related
Rules for reporting interest on deposits paid to foreign taxpayers are finalized
The IRS issued final regulations under Sec. 6049 outlining the rules requiring U.S. financial institutions to report interest payments to certain nonresident alien individuals of $10 or more per year paid after Dec. 31, 2012 (T.D. 9584). The IRS explained that the new rules are part of the process of
Proposed regs. would require E&P to be allocated to acquiring corporations in corporate reorganizations
The IRS has proposed amending existing regulations under Sec. 312 (effect on earnings and profits (E&P) of corporate distributions) and Sec. 381 (carryovers of tax attributes in certain corporate acquisitions) to clarify that in certain corporate reorganizations, the “acquiring corporation” succeeds to the full E&P account of the transferor corporation
SEC study probes issue of private extraterritorial securities fraud claims
A study the SEC prepared for Congress describes options for lawmakers to consider but makes no specific recommendations regarding whether private causes of action should be allowed to be extended to extraterritorial securities fraud claims. The U.S. Supreme Court held in Morrison v. National Australia Bank, Ltd., 130 S. Ct.
The look ahead: FASB and IASB meet in London; GASB discusses financial projections and pensions
FASB and IASB to meet in London Discussions on insurance contracts and financial instruments lead the agenda for four days of joint meetings between FASB and the International Accounting Standards Board (IASB), which are taking place through Thursday in London. Webcasts of each day’s discussions and a full agenda are
IRS finalizes regulations on Sec. 642(c) ordering rules for estates and trusts
The IRS issued final regulations (T.D. 9582) requiring that a provision in a trust, will, or local law that specifically indicates the source out of which amounts are to be paid, permanently set aside, or used for a charitable purpose must have an independent economic effect aside from income tax
PCAOB teams with German audit regulator
The PCAOB has added an audit regulator from a prominent member of the European Union to its cooperative arrangement list. On Friday, the PCAOB announced that it has entered an arrangement with the German Auditor Oversight Commission (AOC) to oversee audit firms subject to the regulatory jurisdictions of both regulators.
FASB makes decision on qualitative going-concern disclosures
FASB decided Wednesday that it will not require qualitative disclosures about an entity’s ability to remain a going concern that would supplement the proposed quantitative disclosures about liquidity risks, according to a summary of board decisions posted on its website. Earlier in the week, FASB also issued proposals on three
Americans dedicated to long-term financial well-being, survey shows
Americans are devoted to preserving their long-term financial well-being and would rather give up eating at restaurants and using technology than stop saving for retirement, a new survey shows. Just 2% of the 1,005 U.S. adults participating in a telephone survey said the one action they most likely would take
FASB to issue proposals on three EITF issues
FASB decided Monday to expose for public comment three proposed Accounting Standards Updates (ASUs) based on consensuses reached at the March 15 meeting of the Emerging Issues Task Force (EITF), according to its summary of board decisions. The proposed ASUs deal with sales of donated securities by not-for-profits; accounting for
IRS creates priority phone service for correspondence audits
The IRS on April 2 launched a new toll-free phone service for tax professionals to use when responding to correspondence examination telephone calls or letters. The IRS calls the new service the Practitioner Priority Service (PPS). Practitioners can call a toll-free number (866-860-4259) and select the correspondence examination option (option
The look ahead: Sessions on accounting for financial instruments; U.S. and Brazil leaders hold economic talks
In the week ahead: FASB will meet with the Emerging Issues Task Force and hold several education sessions. The IFRS Foundation trustees will meet in London. And President Barack Obama and Brazilian President Dilma Rousseff will meet in Washington to continue dialogue on energy and economic issues. FASB education sessions
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