FASB on Thursday issued an Accounting Standards Update (ASU) that the board said is intended to increase the prominence of other comprehensive income in financial statements and to facilitate convergence of U.S. GAAP and IFRS. Simultaneously, the International Accounting Standards Board (IASB) issued amendments to IAS 1, Presentation of Financial
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IASB Amendments Zoom In on Post-Employment Liabilities
The International Accounting Standards Board (IASB) issued an amended version of IAS 19, Employee Benefits, that the board said completes its project to improve the accounting for pensions and other post-employment benefits and further aligns IFRS and U.S. GAAP by eliminating the so-called “corridor method.” The IASB said the amendments
IRS Further Extends Deadline for Certain 2009 and Earlier FBARs
The IRS has further extended the deadline for certain persons to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), for 2009 and earlier years (IRS Notice 2011-54). The new filing deadline is Nov. 1, 2011. The extension applies to persons with signature authority over a
SEC Proposes Audits of Broker-Dealers’ Custody Practices
The SEC proposed rules that it said would strengthen the annual audits of broker-dealers by requiring an increased focus on their custody activities. Current rules require broker-dealers to protect and account for customer assets. The proposed rule amendments would mandate an audit of those controls. Comments on the proposal are
Revenue Recognition Proposals to Be Re-exposed in Third Quarter
FASB and the IASB agreed Wednesday to re-expose their revised proposal for a common revenue recognition standard. The decision comes following joint deliberations on stakeholder feedback received from a June 2010 exposure draft that would create a single revenue recognition standard for both U.S. GAAP and IFRS. The proposal, which
Seeking New Clients Rises to Top of CPA Firm Issues
Bringing in new clients has moved to the forefront of concerns among CPA firms with two to 20 professionals. That finding is among the highlights of the AICPA’s 2011 PCPS CPA Top Issues Survey, released Tuesday. The survey also found that while client retention remains a key priority for CPA
Fourth Circuit Upholds Two-Year Innocent Spouse Limitation Period
The United States Fourth Circuit Court of Appeals overturned a Tax Court decision and upheld a Treasury regulation that sets a two-year statute of limitation on claims for innocent spouse relief (Jones v. Commissioner, docket no. 10-1985 (4th Cir. 6/13/11)). This marks the third time the Tax Court has been
PCAOB OKs Temporary Rule to Govern Broker-Dealer Audits
Editor’s note: The SEC on Wednesday unanimously proposed amendments to the broker-dealer financial reporting rule designed to strengthen audits of broker-dealers and the SEC’s oversight of the way broker-dealers handle their customers’ securities and cash. For details and a video, go to http://www.sec.gov/news/press/2011/2011-128.htm. The PCAOB on Tuesday adopted a
Finance Exec Compensation Increase Likely in 2011
Following a decline in total compensation between 2008 and 2010, CPA financial executives expect to see compensation increases this year, according to an AICPA-sponsored report released June 2. The report, authored by Professor Michal Matějka of Arizona State University’s W.P. Carey School of Business, examined financial executive compensation and incentive
KPMG Poll: Many Anticorruption Programs Fall Short
While awareness is growing about the dangers posed by bribery and other forms of corruption in various countries around the world, many U.S. and U.K. companies still have gaps in the programs they put in place to mitigate such risks, according to a newly released survey by KPMG International. The
IRS Finalizes Alternative Simplified R&D Credit Rules
On Friday, the IRS issued final regulations governing the election and calculation of the alternative simplified research and development credit under IRC § 41(c)(5) (TD 9528). The new rules are effective for tax years ending after June 9, 2011. The final regulations extend the election procedures for the alternative incremental
IASB, Japanese Board Provide Update on Standards Convergence
The leaders of the International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) pledged to deepen their cooperation in preparation for a decision expected in 2012 on the mandatory application of IFRS in Japan. During a meeting in Tokyo June 6–7, Sir David Tweedie, chairman of
IRS Eliminates Form 5472 Duplicate Filing Requirement
On Thursday, the IRS issued temporary and proposed regulations to remove the duplicate filing requirement for Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business (TD 9529 and REG-101352-11). Under the current final regulations, corporations that are required
Hong Kong, Beijing CPA Institutes Form Alliance
The Hong Kong Institute of CPAs and the Beijing Institute of CPAs signed a letter of intent May 28 to boost cooperation among small and medium-size accounting firms in both cities. By signing the letter, the institutes agreed to establish an alliance to foster communication and exchange technical knowledge, expertise,
FinCEN Clarifies Parties Entitled to FBAR Filing Extension
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a revised notice Monday that clarified that a small subset of individuals are entitled to a one-year extension of the June 30, 2011, filing deadline to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). The notice
Third Phase of XBRL Implementation Takes Effect June 15
The third phase of the SEC’s XBRL implementation program takes effect June 15, with nearly all public companies using U.S. GAAP now required to submit data in the fully searchable, digital format. Over the past two years, the largest SEC reporting companies have begun submitting financial information in XBRL. The
PCAOB Will Weigh Audit Term Limits
The PCAOB is prepared to consider all possible means of addressing audit quality, “including whether mandatory audit firm rotation would help address the inherent conflict created because the auditor is paid by the client,” Board Chairman James Doty said Thursday in a speech at the SEC and Financial Reporting Institute
Economic Optimism Drops Among CPA Financial Executives
Unemployment and increasing debt and energy prices have CPA financial executives more pessimistic about U.S. economic prospects and increasingly concerned about inflation, according to results released Thursday from the AICPA Business & Industry Economic Outlook Survey Q2 2011. One-third of respondents were optimistic or very optimistic about the U.S. economic
Regulators Extend FBAR Filing Deadline for Certain Financial Professionals
The IRS and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced Tuesday that a small group of individuals required to file the Report of Foreign Bank and Financial Accounts (FBARs) will receive a one-year extension beyond the upcoming filing date of June 30, 2011. FinCEN issued Notice 2011-1 that
FASAB Guidance Helps With Historical Cost Estimates
The Federal Accounting Standards Advisory Board (FASAB) issued implementation guidance in Statement of Federal Financial Accounting Technical Release (TR) 13, Implementation Guide for Estimating the Historical Cost of General Property, Plant & Equipment, to address the historical cost estimating of general property, plant and equipment (G-PP&E) as it applies to
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