In response to rising gasoline prices, the IRS has raised the standard mileage rate for business use of an automobile from 51 cents per mile to 55½ per mile, effective July 1 (Announcement 2011-40). The medical and moving standard mileage rate is increasing to 23½ per mile, also on July
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FASB Launches XBRL Taxonomy Online Review and Comment System
FASB launched a new online system that makes it easier for stakeholders to review and provide input to its team on XBRL development taxonomy. The Taxonomy Online Review and Comment System enables organizations and individuals to submit comments directly to FASB, increasing convenience and ease of use. All comments are
IRS Publishes Interim Guidance on Stock Basis Reporting
On Wednesday, the IRS issued interim guidance on issues relating to the basis of stock subject to broker reporting (Notice 2011-56). The guidance responds to stakeholder comments received in response to final regulations on the topic issued last year (TD 9504). The IRS says it plans to issue proposed regulations
AICPA Survey Tracks IFRS Readiness
The large majority of CPAs in the United States have some knowledge of IFRS—the emerging, globally accepted set of accounting rules, according to a recent AICPA survey. The survey also indicated that many CPAs have begun to develop greater expertise, as American and world authorities work to converge U.S. standards
U.K. Government White Paper Calls for Tracking Green Losses, Gains
The U.K.’s Department for Environment, Food and Rural Affairs (DEFRA) presented a white paper on the environment to Parliament June 7 that calls for the creation of an annual statement of green accounts showing what the British economy has withdrawn from nature versus what’s been invested in it. This approach
IRS Suspends Foreign Asset, Passive Foreign Investment Company Information Reporting Rules
The IRS announced on Tuesday that it is suspending the information reporting requirements for certain individuals with foreign assets and shareholders of passive foreign investment companies (PFICs) under IRC §§ 6038D and 1298(f) (Notice 2011-55). The requirement will be suspended until the IRS releases Form 8938, Statement of Specified Foreign
PCAOB Considers Four Approaches to Changing Auditor’s Report
The PCAOB issued a concept release Tuesday on possible changes to the auditor’s reporting model including the addition of an auditor’s discussion and analysis (AD&A), mandatory emphasis paragraphs, assurance on non-GAAP information and clarification of standard language. A fact sheet issued with the release summarizes each of the possible changes.
FinCEN Grants Another FBAR Extension for Some Individuals
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on Friday released Notice 2011-2, which gives another small subset of individuals with only signature authority over certain foreign financial accounts who are required to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), with respect to those
FASB, IASB Align Presentation of Other Comprehensive Income
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
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
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