The Treasury Department on Thursday released a plan to review all existing Treasury regulations and identify those that are “obsolete, unnecessary, excessively burdensome, or ineffective.” The plan is part of a larger federal government regulatory review mandated by an executive order issued by President Barack Obama in January. Under the
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SEC Staff Presents “Condorsement” as Possible Method for Move to IFRS
A staff paper published Thursday by the SEC’s Office of the Chief Accountant (OCA) presents in detail and solicits comments on the so called “condorsement” approach to incorporating IFRS into the U.S. financial reporting system. “The Staff’s discussion in this Staff Paper is not intended to suggest that the Commission
Bank Profits Up Sharply, but Revenues Falter
Commercial banks and savings institutions reported a big drop in loan-loss provisions and continued improvements in asset quality as industry profits climbed to $29 billion in the first quarter of 2011, and the FDIC’s Deposit Insurance Fund (DIF) inched closer to positive territory. However, some of that improvement was offset
AICPA, CIMA Approve Joint Venture, Clearing Way for International Management Accountant Credential
The AICPA Governing Council on Monday unanimously approved a new credential called the Chartered Global Management Accountant (CGMA), a joint venture of the AICPA and the London-based Chartered Institute of Management Accountants (CIMA). “This new credential will offer a very unique value proposition to our members,” Arleen Thomas, AICPA’s senior
CAQ Partnering to Develop Anti-Fraud Tools, Tracking PCAOB Projects
The Center for Audit Quality is partnering with Financial Executives International, The Institute of Internal Auditors and the National Association of Corporate Directors to develop fraud-fighting training and tools, including a series of fraud hypotheticals to be used as teaching tools. “We will provide a set of facts and circumstances
AICPA Speaks Out Against Proposed Model Sales and Use Tax Statute
The AICPA testified at a hearing May 18 to voice its opposition to a model statute drafted by the Multistate Tax Commission (MTC) that would authorize states to require nonresident companies to report sales transactions with in-state consumers in an effort to increase use tax compliance. The MTC is an
New “Killer B” Regulations Issued
The IRS has issued new final regulations on cross-border reverse triangular reorganizations, popularly known as “Killer B” transactions (TD 9526). The regulations finalize with some modifications proposed regulations that were issued in 2008 (REG-136020-07). Killer B transactions are designed to allow corporations to repatriate foreign subsidiary earnings tax-free, in violation
Tax Court Gives Some Petitioners Extra Time to File Motions to Vacate
During the transition to its new eAccess electronic document management system, the Tax Court failed to serve a small number of petitioners with paper or electronic notices of the documents concluding their cases (such as final decisions or orders of dismissal). The Tax Court has notified petitioners in those cases,
Oversight Board Identifies IRS Problems
The IRS Oversight Board released its annual report to Congress on Thursday, describing the IRS’ performance during fiscal 2010 and its progress in meeting the goals in its strategic plan. The board describes the challenges the IRS has faced in recent years in administering new tax laws enacted to provide
FASB, IASB Issue “Largely Identical” Guidance on Fair Value
FASB and the International Accounting Standards Board (IASB) on Thursday issued guidance on fair value measurement and disclosure requirements that the boards said in a press release is “largely identical” across IFRS and U.S. GAAP. The guidance, set out in IFRS 13, Fair Value Measurement, and FASB Accounting Standards Update
FAF Holding Webcast on Post-Implementation Review
The Financial Accounting Foundation (FAF), FASB’s parent organization, is hosting a webcast May 20 on its post-implementation review effort, which is focused on generating real-world feedback on accounting and financial reporting standards. A pilot of the post-implementation review process has begun on a FASB standard, the details of which will
FASAB Modifies Definition of “Deferred Maintenance”
The Federal Accounting Standards Advisory Board (FASAB) issued a standard that it said is aimed at resolving problems created, in part, by agencies’ use of different interpretations of “deferred maintenance.” The board said that Statement of Federal Financial Accounting Standards (SFFAS) no. 40, Definitional Changes Related to Deferred Maintenance and
Government Contractor Withholding Delayed to 2013
The IRS issued final regulations (TD 9524) further postponing implementation of mandatory 3% withholding on payments from government entities to contractors and providing interim guidance. The final regulations also adopt a $10,000 withholding threshold for any single payment and provide a transition rule under which interest and penalties will not
FinCEN: Suspected Terrorist Financing, Money Laundering up in 2010
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said suspicious activity reports (SARs) categorized as Terrorist Financing and BSA/Structuring/Money Laundering rose considerably in 2010 compared with 2009. Terrorist Financing SARs rose 30%; Money Laundering filings, after declining in 2009, increased 9%. The SAR Activity Review—By the Numbers, Issue 16, said
Tax Court Rejects Taxpayer’s Argument That Denial of Accounting Method Change Was Arbitrary
The Tax Court held that the IRS’ rejection of a taxpayer’s accounting method change request was not the result of an “automatic rejection policy” and that the IRS acted within its proper discretion in denying the request (Lattice Semiconductor Corp. v. Commissioner, TC Memo 2011-100). The taxpayer produced electronic components
IRS Responds to AICPA Accounting Software Examination Letter
In a March 29 letter from Patricia Thompson, chair of the AICPA’s Tax Executive Committee, to Chris Wagner, commissioner of the IRS’ Small Business/Self-Employed Division, the AICPA communicated its concerns regarding the Service’s program to request the accounting software files of certain small business taxpayers under examination; the letter cites
FASB Amends “Effective Control” Criteria for Repo Transactions
FASB issued an Accounting Standards Update (ASU) that it said is intended to improve financial reporting of repurchase agreements (“repos”) and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. The board said the amendments in ASU no. 2011-03, Transfers and
Featured Online Content for May 2011
FEATURED VIDEO China’s Accounting Landscape With a fast-growing economy powering demand for accountants, the Chinese government has made a commitment to spurring development in the accounting profession, says Winnie C.W. Cheung, chief executive and registrar of the Hong Kong Institute of Certified Public Accountants. That initiative is designed to build
IRS Allows Deduction for Payments for Preferred Stock Used to Settle Bank’s Lawsuits
In a private letter ruling released on Friday, the IRS’ Office of Chief Counsel allowed a private bank catering to high-wealth individuals to deduct as ordinary and necessary trade or business expenses the payments it made to settle lawsuits arising from criminally fraudulent activities by one of the bank’s fund
AICPA Recommends Ways IRS Could Reduce Schedule M-3 Burdens
In a letter to Heather Maloy, commissioner of the IRS’ Large Business and International Division, Patricia Thompson, chair of the AICPA’s Tax Executive Committee, encouraged the IRS to collaborate with external stakeholders in revising Schedule M-3, Net Income (Loss) Reconciliation, and suggested some revisions to reduce taxpayers’ compliance burdens. The
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