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,
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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
Presentation of Patient Service Revenue Changed for Health Care Entities
FASB issued an Accounting Standards Update (ASU) containing amendments that require health care entities to change the presentation of their statement of operations by reclassifying the provision for bad debts associated with patient service revenue from an operating expense to a deduction from patient service revenue (net of contractual allowances
Featured Online Content for August 2011
FEATURED VIDEO Why the iPad Is a Game Changer Debbie Lambert, CPA, managing partner of Johnson Lambert & Co. LLP, explains why she thinks Apple’s iPad, when combined with the advantages of moving accounting software to the cloud, will change the way CPAs do business. Lambert says the iPad is
Asset-Based Financing Basics: Step-by-Step Examples
Editor’s note: Also read “Asset-Based Financing Basics,” by Robert A. Modansky, CPA/CFF, and Jerome P. Massimino, CPA, in the August 2011 issue of the JofA. Example 1: GAAP Treatment of Acceleration Clauses and Lockboxes The following is a summary of the provisions of FASB Accounting Standards Codification (ASC) Subtopic
2011 Tax Software Survey: Individual Product Survey Responses
The JofA and The Tax Adviser surveyed our readers to determine what they liked and did not like about their tax preparation software. The survey was conducted in May 2011 and received 10,026 responses. As in past years, three products led the pack in the number of respondents using them.
FASB Expands Employer Disclosures for Multiemployer Pension Plans
FASB last week completed redeliberations on a revised accounting standard it said will provide more information about an employer’s financial obligations to multiemployer pension plans. Previously, employers were required to disclose only their total contributions to all multiemployer plans in which they participate. FASB said it expects that the final
Final Regulations Simplify Accounting Rules in Corporate Reorganizations
The IRS issued final regulations (TD 9534) intended to clarify and simplify rules concerning continuity of accounting methods and inventory methods in certain tax-free corporate reorganizations and liquidations. The regulations revise regulations under IRC §§ 381(c)(4) and 381(c)(5) and adopt with nonsubstantive modifications proposed regulations issued in 2007 (REG-151884-03). They
Lessons on Managing Risk in Emerging Markets
In recent years, as economies in developed countries have slipped and stagnated, a number of U.S. and other companies have sought to fuel growth by investing in emerging markets. There are many benefits to employing such a strategy: By and large, developing countries promise access to new, untapped markets; rising
Congressional Committee Checks In on Registered Tax Preparer Program
While tax professional communities offered diverging opinions of the registered tax return preparer (RTRP) program to a congressional subcommittee, all agreed on one thing—the IRS made a significant effort to listen. Although the program when initially proposed got off to a “rocky start,” a representative of the National Association of
NASBA and AICPA Announce Launch of CPAmobility.org
The National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA) announced the launch of CPAmobility.org – an online tool designed to help Certified Public Accountants navigate the new practice privilege requirements that allow CPAs to more easily practice across state borders. A
Final Regulations Simplify Reduced Research Credit Election
The IRS released final regulations late Tuesday (TD 9539) further simplifying an election method by which taxpayers may use a standard rate to reduce a research credit under IRC § 41 in lieu of reducing their research expense deductions. The final regulations also clarify how members of a controlled group
IASB Seeks Public Input on Direction of Future Work
The International Accounting Standards Board (IASB) is seeking public input on the strategic direction of its future work program. Since the IASB’s creation in 2001, IFRS has increasingly become the internationally accepted financial reporting language. As the number of jurisdictions applying IFRSs increases, stakeholders have identified new accounting issues for
CIMA Launches Advanced Diploma in Islamic Finance
The Chartered Institute of Management Accountants (CIMA) launched its new advanced diploma in Islamic finance (CADIF) program July 7 at the Islamic Finance News 2011 Issues & Investors Europe Forum in London. The qualification is the first advanced diploma in Islamic finance launched by a professional chartered accountancy body, according
FASB Proposal Clarifies Scope of Real Estate Derecognition Guidance
FASB issued an exposure draft that would clarify that the guidance in Accounting Standard Codification (ASC) Subtopic 360-20 applies to a transaction in which the parent of an in substance real estate subsidiary ceases to have a controlling financial interest (as described in Subtopic 810-10) in the subsidiary because of
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