The International Accounting Standards Board (IASB) published proposals Thursday to define investment entities as a separate type of entity that would be exempt from the accounting requirements in IFRS 10, Consolidated Financial Statements. Investment entities are commonly understood to be entities that pool investments from a wide range of investors
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TIGTA: IRS Does Not Timely Resolve Math Error Disputes
The Treasury Inspector General for Tax Administration (TIGTA) released a report in which it recommended that the IRS develop processes to ensure that math error disputes with taxpayers are resolved more quickly and accurately. Between Jan. 1 and July 23, 2010, TIGTA reviewed 260 taxpayer responses to IRS math error
FDIC: Insurance Fund Back in the Black as Bank Profits Rise 38%
The improved health of the nation’s banks boosted the Deposit Insurance Fund (DIF) into a positive balance ($3.9 billion) for the first time in two years, according to the FDIC’s Quarterly Banking Profile for the quarter ending June 30. The report also said profits at insured institutions rose to $28.8
Last Chance to Offer ASB Input on Strategic Plan
The AICPA’s Auditing Standards Board is developing its strategic plan for the next three to four years. The board has launched a survey that will remain open until today to collect views from constituents regarding what the ASB’s objectives and activities should be during that period. The survey is an
Final Regulations Govern Establishing Evidence of Delivery to the IRS
The IRS issued final regulations providing guidance on how taxpayers can prove the timely delivery of physical documents to the IRS or the Tax Court, absent direct proof of delivery (TD 9543). The regulations provide that proper use of registered or certified U.S. mail or a private delivery service, under
Cash Flow: How to Keep Your Small Business Booming
Sponsored by AcceptPay from American Express OPEN Managing the flow of cash in and out of your business can literally make or break its future. Learn how AcceptPay can help. If you are a CPA working for or advising a small business, cash flow is essential to keep
AICPA Recommends Allowing U.S. Public Companies to Choose IFRS
The AICPA has recommended to the SEC that U.S. public companies be allowed the option of adopting use of IFRS as the commission weighs a possible future framework for incorporating IFRS into the U.S. financial reporting system. The SEC requested the comments when it issued its staff paper, Work Plan
PCAOB Opens Discussion on Audit Firm Rotation
The PCAOB on Tuesday launched a new phase of its examination of potential limits on audit firm tenure with public companies. The board voted to issue a concept release on the topic. It plans to gather feedback by mid-December and hold a public forum on the issue in March 2012.
ASB Issues Interpretation to SAS 119, Three Clarified SASs
The AICPA’s Auditing Standards Board (ASB) issued Interpretation no. 1, “Dating the Auditor’s Report on Supplementary Information,” to SAS no. 119, Supplementary Information in Relation to the Financial Statements as a Whole. The ASB also issued three clarified Statements on Auditing Standards (SASs). The interpretation to SAS no. 119 addresses
AICPA, NASBA Propose Changes to CPE Provider Standards
The AICPA and the National Association of State Boards of Accountancy (NASBA) on Tuesday issued proposed revisions to the Statement on Standards for Continuing Professional Education (CPE) Programs, the framework for the development, presentation, measurement and reporting of CPE programs. The revisions would be the first since 2002. The AICPA
Election to Deduct Business Startup Expenses Gets Final Rules
The IRS on Tuesday issued final regulations (TD 9542) governing elections by individual taxpayers, corporations and partnerships to deduct startup expenses or organizational expenditures. The regulations adopt with a slight change temporary regulations the Service issued in 2008 (TD 9411). The rules provide guidance on the application of section 902
When It Comes to Billing and Collecting, Customers Want to Pay Bills Online
Sponsored by AcceptPay from American Express OPEN Small firms that allow their customers to pay bills or make purchases online can stand out from the competition. Learn how AcceptPay can help. More Americans than ever before are paying bills online, research shows. Small firms and businesses that make
Health Care Premium Credit Rules Proposed
The IRS released proposed regulations Friday (REG-131491-10) implementing the health insurance premium tax credit, which was enacted last year by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act and is effective starting in 2014. The proposed regulations are part of a “next step”
AICPA Issues Technical Practice Aid on Providing Opinion on SEFAs
AICPA staff issued TPA 9160.27, “Providing Opinion on a Schedule of Expenditures of Federal Awards [SEFA] in Relation to an Entity’s Financial Statements as a Whole When the Schedule of Expenditures of Federal Awards Is on a Different Basis of Accounting Than the Financial Statements.” Provided certain conditions are met,
IRS Revises Actuarial Tables
The IRS issued final regulations Thursday relating to the use of actuarial tables for valuing annuities, interests for life or a term of years, or remainder or reversionary interests. The regulations (TD 9540) were necessary because IRC § 7520(c)(3) directs the IRS to update the actuarial tables to take into
KPMG Member Firms Set to Hire 75,000 Graduates Worldwide
KPMG International’s member firms plan to hire about 75,000 graduates worldwide over the next three years, a 25% increase in the firm’s historical staffing target. The global member firm network identified a need to add about 250,000 new hires over the next five years, and graduate recruitment will play a
FASB Standard Simplifies Testing Goodwill for Impairment
FASB on Wednesday approved a revised accounting standard that the board said simplifies how an entity tests goodwill for impairment. The amendments will allow an entity to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. An entity no longer will
IRS Issues Guidance on Carryover Basis Rules for 2010 Decedents’ Estates
On Friday evening, the IRS issued guidance on the time and manner for making the election not to have estate tax apply to estates of decedents who died in 2010 (Notice 2011-66). The election must be made by Nov. 15, 2011. The notice also discusses how donors can elect out
FASB Meetings to Address Private Company Accounting Issues
FASB said it is hosting two public round-table meetings in October to discuss issues relating to existing private company accounting and reporting standards. The meetings, scheduled for Oct. 11 and Oct. 17, will discuss issues including accounting and disclosure requirements relating to variable-interest entities, interest rate swaps and level 3
IASB Chairman: IFRS Adoption Is in “Economic Interest of U.S.”
Adopting IFRS would benefit the United States’ economy, the new chairman of the International Accounting Standards Board (IASB) said July 29 during his first official visit to China. Speaking to a gathering of the Ministry of Finance’s Accounting Regulatory Department in Beijing, Hans Hoogervorst said, “U.S. investors invest globally, and
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