The PCAOB’s proposal for a new auditors’ reporting model should be completed by the second quarter of 2012, PCAOB Chairman James Doty said Monday. Speaking at the AICPA’s National Conference on Current SEC and PCAOB Developments in Washington, Doty gave an update on the PCAOB’s initiative on the form and
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SEC Won’t Decide on IFRS for At Least a Few More Months
The SEC’s decision on whether to incorporate IFRS for U.S. issuers is at least a few months away. SEC Chief Accountant James Kroeker said the SEC staff will need at least a few more months to produce a final report that would position the commission to make a determination on
Final Regs Issued on Low-Income Community Businesses and New Markets Tax Credit
On Friday, the IRS issued final regulations on how entities serving certain targeted populations can qualify as active low-income community businesses for purposes of the Sec. 45D new markets tax credit (T.D. 9560). The new markets tax credit encourages capital investment in economically depressed areas by private investors in exchange
PCAOB Boosts Budget 11.4% to Accommodate Increased Inspections
The PCAOB has increased its budget for the 2012 fiscal year by 11.4%, or $23.3 million, over the 2011 budget, according to a news release. The 2012 budget is approximately $227.7 million, compared with $204.4 million for the 2011 fiscal year. The budget is subject to SEC approval. Staffing and
AICPA to IASB: Completion of Conceptual Framework Is Key
The AICPA’s senior technical committee for financial reporting advised the International Accounting Standards Board (IASB) to continue focusing on completion of a conceptual framework, including a presentation and disclosure framework. The IASB requested the feedback when it issued its Agenda Consultation 2011 in July. Richard Paul, chair of the AICPA’s
Survey: CFOs Anticipate Hiring in Accounting and Finance
CFOs expected to hire more accountants and other finance professionals early next year. But many were having a hard time finding skilled professionals to fill the positions, according to a survey by staffing services firm Robert Half International. Twenty percent of 1,408 CFOs at U.S. companies said they expected to
Featured Online Content for December 2011
FEATURED VIDEO The Cloud: Security and Opportunities Donny Shimamoto, CPA/CITP, managing director of IntrapriseTechKnowlogies, examines risks and rewards of cloud computing and explains how business concerns should play the key role in deciding whether to move services to the cloud. The video is available here. ONLINE EXTRAS ARTICLE IRS
European Commission Proposes Regulatory Changes for Audits
The European Commission today proposed sweeping regulations that would, if approved, trigger major changes in the relationships between European public companies and their auditors. The changes include: Limiting to six years the period that an outside auditing firm can perform audits for a company. A cooling-off period of four years
Planned Job Cuts Dip Slightly in November, Challenger Says
The pace of U.S. job-cut announcements slowed slightly in November, but the 11-month total for 2011 exceeds the 12-month total from 2010, global outplacement firm Challenger, Gray & Christmas announced Wednesday. Planned job cuts unveiled by U.S.-based employers in November decreased 13% from the same month in 2010, when employers
Q&A Issued on Small Business Lending Fund Auditor Certification
As a result of the Small Business Lending Fund enacted into law as part of the Small Business Jobs Act of 2010, the AICPA Audit and Attest Standards staff has issued Technical Practice Aid (TPA) 9110.18, “Small Business Lending Fund Auditor Certification Guidance.” The aid provides guidance on how an
Hardware Trends for 2012
With 2012 just around the corner, the JofA gathered the three technology keynote speakers from the AICPA’s 2011 Practitioners Symposium/TECH+ Conference to talk about tech trends heading into the new year. The nearly 90-minute conversation covered a wide range of technical issues critical to all CPAs. Participating in the call
IRS Proposes New Treatment of LLC Members, Limited Partners Under Passive Loss Rules
The IRS on Friday issued proposed regulations (REG-109369-10) that would redefine “interest in a limited partnership as a limited partner” for purposes of determining material participation under the Sec. 469 passive loss rules. Under Sec. 469(h)(2), losses from an interest in a limited partnership are presumptively treated as passive losses
Business Wire Partners With EDGAR Online for XBRL Filings
Business Wire signed a deal to use EDGAR Online’s technology to create and produce extensible business reporting language (XBRL) filings to help its customers satisfy SEC reporting requirements, according to an EDGAR Online news release. A provider of news release distribution and regulatory disclosure services, Business Wire handles XBRL tagging,
Security Issues
With 2012 just around the corner, the JofA gathered the three technology keynote speakers from the AICPA’s 2011 Practitioners Symposium/TECH+ Conference to talk about tech trends heading into the new year. The nearly 90-minute conversation covered a wide range of technical issues critical to all CPAs. Participating in the call
E&Y CEO Turley Retiring Effective June 2013
James S. Turley is retiring as chairman and CEO of Ernst & Young effective June 2013, the Big Four accounting firm confirmed Wednesday. In a communication to E&Y partners worldwide Nov. 10, Turley said that he would retire at age 58, according to a statement released by the firm. The succession
IRS Launches New Round of Preparer Office Visits
The IRS has sent letters to tax return preparers whom the IRS has identified as at high risk of not complying with their responsibilities as return preparers. The IRS will follow up with office visits to some of these preparers who appear to have serious compliance issues. The IRS has
IRS Announces Competency Testing for Registered Tax Return Preparers
As part of its ongoing initiative to regulate previously unenrolled tax return preparers, the IRS announced on Tuesday that competency testing for registered tax return preparers will start next week (IR-2011-111). The IRS announced that the fee for taking the competency test will be $116 ($27 of which is the
President Signs Government Contractor Withholding Repeal, Veterans Job Credits
On Monday, President Barack Obama signed into law the Three Percent Withholding Repeal and Job Creation Act (H.R. 674), which Congress sent to him last week. The act repeals a requirement that 3% of payments be withheld by the federal or state governments or their instrumentalities or subdivisions (including multistate
Temporary Regs on All-Cash D Reorgs Issued
The IRS on Friday issued identical temporary and proposed regulations on basis allocation in all-cash D reorganizations (T.D. 9558; REG-101273-10). The regulations govern the determination of the basis of stock or securities in a corporate reorganization when the issuing corporation does not distribute any stock or securities in the reorganization.
IRS Reissues Alternative Valuation Date Proposed Regulations
The IRS issued new proposed regulations Thursday (REG-112196-07) on electing an alternate valuation date for an estate and withdrew earlier ones released in 2008. The proposed regulations as reissued would limit the ability of estates to use the alternate valuation method if the value of the estate declines after the
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