On Wednesday, the Senate voted 81–19 in favor of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Senate Amendment 4753 to HR 4853, which would postpone the sunset of the 2001 and 2003 tax cuts, reduce the estate tax, extend a large number of expired provisions,
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PCAOB Proposes Interim Program for Inspection of Broker-Dealer Audits
The PCAOB on Tuesday proposed for public comment a temporary rule to establish an interim inspection program for registered public accounting firms’ audits of brokers and dealers, while the board considers the scope and other elements of a permanent inspection program, consistent with the Dodd-Frank Wall Street Reform and Consumer
Federal Court Rules Health Care Insurance Mandate Unconstitutional
A federal district court has held that the health care reform legislation’s mandate that individuals obtain health insurance is unconstitutional (Virginia v. Sebelius, docket no. 3:10-CV-188 (E.D. Va. 12/13/10)). In so holding, however, the court severed that mandate from the rest of the health care reform legislation and refused to
AICPA: Revenue Recognition Proposal Impractical
The AICPA’s Financial Reporting Executive Committee (FinREC) this week voiced extensive concerns with a joint FASB-IASB proposed standard on revenue recognition that is intended to apply across all industry sectors. “We agree with the theoretical merit of many of the concepts included in the proposed standard,” FinREC said in its comment
Final Regs Issued Requiring Uncertain Tax Position Disclosure Statement
On Monday, the IRS issued final regulations requiring some corporations to file a Schedule UTP, disclosing their uncertain tax positions when filing a return (TD 9510). The final regulations adopt regulations proposed in September (REG-119046-10), with one change relating to the effective date. For prior coverage, see “IRS Issues Proposed
Panel Moves Forward With Recommendations for a Separate Private Company Financial Reporting Board
A more detailed outline of what would be a blue ribbon panel recommendation for a new private company accounting standard-setting board began to take shape Friday. The new standard-setting board could have between five and seven members with private company financial reporting experience, an estimated $4 million annual budget and
Provisions in the Senate’s Tax Cut Extension Bill
Senate Majority Leader Harry Reid, D-Nev., introduced legislation late Thursday that would postpone the sunset of the 2001 and 2003 tax cuts, reduce the estate tax, and extend a number of expired provisions, as well as extending unemployment benefits. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of
FASB May Delay Troubled Debt Restructuring Standard for Public Entities
FASB on Thursday proposed to delay indefinitely the effective date of new disclosures about troubled debt restructurings in Accounting Standards Update (ASU) no. 2010-20 for public-entity creditors. Currently, the new standard is scheduled to become effective for interim and annual reporting periods ending on or after Dec. 15, 2010. Comments
IASB Issues Guidance on Management Commentary
The International Accounting Standards Board (IASB) on Wednesday published an IFRS Practice Statement Management Commentary, which the standard setter said is a broad, nonbinding framework for the presentation of narrative reporting to accompany financial statements prepared in accordance with IFRSs. The Practice Statement is not an IFRS, therefore, an entity
Security Replaces Modernization as Top IRS Challenge
In its 2011 annual report, the Treasury Inspector General for Tax Administration (TIGTA) said security is the top management challenge facing the IRS. Last year, TIGTA said modernization was the top challenge, but, “Due to recent events at IRS facilities and the potentially expanding role of the IRS, Security has
IASB Hedge Accounting Proposal Adds Disclosure, Presentation Requirements
The International Accounting Standards Board (IASB) on Thursday released a principle-based proposal on accounting for hedging activities that includes new presentation and disclosure requirements. The IASB said the changes in the proposal would enable companies to better reflect their risk management activities in their financial statements. The changes are intended
AICPA Questions Costs/Benefits of EC Audit Proposals
In its response to a recent European Commission (EC) green paper, Audit Policy: Lessons from the Crisis, the AICPA said that any resulting recommendations for improvements to the audit profession should be subject to robust cost/benefit analyses and impact assessments. The Institute also challenged any implication that the “audit profession
Panel Expected to Finalize Private Company Financial Reporting Model Recommendations
The blue-ribbon panel on private company financial reporting on Friday appears set to finalize its recommendations that the Financial Accounting Foundation (FAF), FASB’s parent organization, move to U.S. GAAP with modifications and exceptions for private companies and that those standards should be set not by FASB but by a separate
Broker-Dealer Audits, Reporting Model on PCAOB Agenda
Broker-dealer audits, the auditor’s reporting model and foreign inspections will be among the PCAOB’s top priorities in 2011, according to the board’s acting chairman, Daniel L. Goelzer. The Dodd-Frank Wall Street Reform and Consumer Protection Act gave the board authority over auditors of all SEC-registered securities broker-dealers. Those auditors had previously
CPA Financial Execs Plan for Slow and Cautious Hiring, Higher Health Care Costs
After a dramatic drop in optimism the previous quarter, CPA executives regained some confidence about the economic prospects for their organizations, according to results from the AICPA/UNC Kenan-Flagler Business & Industry Economic Outlook Survey Q4 2010. This improved sentiment, however, is not translating into hiring growth, which remained virtually unchanged
Schapiro, SEC Staff Want Companies to Have Ample Time for IFRS Adoption
The SEC will allow public companies a minimum of four years to adjust if it decides to mandate the use of IFRS, SEC Chairman Mary Schapiro said Monday. The remark came in response to a question from the audience at the AICPA’s National Conference on Current SEC and PCAOB Developments
IRS Releases 2011 Standard Mileage Rates
The IRS released on Friday the standard mileage rates for use in 2011 (Notice 2010-88). The optional standard mileage rates can be used by taxpayers to calculate the deductible costs of operating an automobile. For business use of an automobile after Dec. 31, 2010, the rate is 51 cents a
Exhibit Issued for AICPA Audit Guide Compilation and Review Engagements
The AICPA issued an exhibit to help answer questions regarding the impact of Statement on Standards for Accounting and Review Services (SSARS) no. 19, Compilation and Review Engagements, on compilations and reviews of personal financial statements. The Accounting and Review Services Committee issued SSARS no. 19 in December 2009, making
IRS Releases Form and More Guidance on Small Business Health Care Tax Credit
On Thursday, the IRS released a new form and guidance relating to the small business health care tax credit for the 2010 tax year. The guidance (Notice 2010-82) discusses issues relating to employers’ eligibility for the credit and other eligibility issues. The Patient Protection and Affordable Care Act, PL 111-148,
Preparer Mandatory E-File Guidance Proposed
The IRS on Wednesday issued proposed guidance on how return preparers may meet their new electronic filing requirement for individual and fiduciary income tax returns starting Jan. 1, 2011. The proposed regulations (REG-100194-10) and a proposed revenue procedure (Notice 2010-85) provide for a hardship exception to the requirement and specify
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