The Senate on Thursday passed the Creating Small Business Jobs Act of 2010 (part of the Small Business Jobs and Credit Act, HR 5297) by a vote of 61–38, and sent it back to the House of Representatives. The bill as passed by the Senate differs from the version the
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US Bank Regulators Support Basel III
The U.S. federal banking agencies issued a statement supporting the Basel III accord reached on Sunday. The regulators said they “actively supported” the efforts of the G-10 Governors and Heads of Supervision (GHOS) and the Basel Committee on Banking Supervision to increase the quality, quantity and international consistency of capital,
IRS Says It Won’t Give Advance Guidance on Transactions Under Codified Economic Substance Doctrine
The IRS issued its first guidance on the newly codified economic substance doctrine on Monday (Notice 2010-62). In general, the IRS says it will enforce the two-prong test mandated in the Code and will not issue guidance on whether specific transactions pass muster. The economic substance doctrine was originally created
FASAB Pursues Discussion of Measurement Standards
The Federal Accounting Standards Advisory Board (FASAB) released for comment an exposure draft of a concepts statement that the board says identifies and clarifies conceptual issues for it to consider when deliberating measurement standards in the future. Statement of Federal Financial Accounting Concepts, Measurement of the Elements of Accrual-Basis Financial
IRS Releases Proposed Regs on Series LLCs
On Monday, the IRS released proposed regulations on the tax treatment of series limited liability companies (LLCs) and cell companies, proposing to treat the individual series or cells as separate entities for tax purposes (REG-119921-09). Eight states and Puerto Rico have enacted series LLC statutes that allow an LLC to
FASB Seeks Input on Private Company Accounting Issues at Public Meetings
FASB will hold two public round-table meetings to discuss issues related to private company financial reporting. The first meeting is Oct. 12, 1 p.m. to 4 p.m. at FASB’s offices in Norwalk, Conn. The second meeting is Nov. 2, 9 a.m. to noon in Dallas. The exact location of the
IASB Proposes Amendment to Aspect of Deferred Tax Accounting
The International Accounting Standards Board (IASB) on Friday published for public comment an exposure draft, Deferred Tax: Recovery of Underlying Assets, that would amend one aspect of IAS 12, Income Taxes. The IASB said it is setting an exposure period of 60 days—shorter than its normal 120 days—because the amendments
Survey: Investors Remain Confident in Audited Financial Statements
Despite fluctuating markets over the past year, individual investors remain confident in investing in publicly traded U.S. companies and in their audited financial information, according to the fourth annual “Main Street Investor Survey,” released Thursday by the Center for Audit Quality (CAQ). For the third consecutive year, 75% of respondents
IRS Issues Proposed Regs Requiring Disclosure of Uncertain Tax Positions
The IRS issued proposed regulations (REG-119046-10) that would require certain business taxpayers to report uncertain tax positions on their tax returns. The regulations are the latest step in an initiative the IRS launched in January with the release of Announcement 2010-9. In April, the IRS released a draft Schedule UTP,
Draft Form for Small Business Health Insurance Credit Released
The IRS on Tuesday issued a draft form for businesses to use in figuring and claiming the new small business health insurance credit, starting this year. Draft Form 8941, Credit for Small Employer Health Insurance Premiums, leads taxpayers through the steps of determining the number of full-time equivalent employees, average
AICPA Issues Technical Practice Aid on Subsequent Events
The AICPA’s Audit and Attest Standards staff has issued Technical Practice Aid 8700.03, “Auditor’s Responsibilities for Subsequent Events Relative to a Conduit Debt Obligor.” The TPA provides guidance on the effect of FASB Accounting Standards Update no. 2010-09 on ASC Topic 855, Subsequent Events, regarding the auditor’s responsibilities for subsequent
PCAOB to Host Round-Table Meeting, Extend Comment Period on Communications with Audit Committees
The PCAOB announced Tuesday that it will hold a public round-table meeting regarding its proposed standard on auditors’ communications with audit committees, and that it is reopening the comment period on the proposal until Oct. 21, 2010. “The Sarbanes-Oxley Act strengthens the audit committee’s oversight of the audit process, and
Treasury Announces Low-Cost Financial Account Program for Taxpayers
In a move that may cut down on the use of refund anticipation loans (RALs), the Treasury Department announced on Thursday the launch of a pilot program to provide taxpayers with access to low-cost financial accounts. This is the second action in the past month the Treasury Department has taken
Featured Online Content for September 2010
FEATURED VIDEO Tax Software Survey Analysis In this video, JofA Senior Editor Alexandra DeFelice discusses what more than 12,000 CPAs had to say about their tax preparation software and provides analysis of some tax software trends to watch. Also on journalofaccountancy.com, find more information about each tax preparation software vendor,
FASB Proposes Expanded Disclosures on Multiemployer Pensions
FASB issued an exposure draft that sets forth proposed disclosures that the board believes would help users of financial statements better assess the potential risks faced by employers participating in multiemployer plans. FASB said the Proposed Accounting Standards Update (ASU), Proposed Improvements to Disclosures about an Employer’s Participation in a
Proposed Amendments Ease First-Time Adoption of IFRS
The International Accounting Standards Board (IASB) on Thursday published proposed amendments to IFRS 1, First-time Adoption of International Financial Reporting Standards. The proposal would amend IFRS 1 by replacing references to a fixed transition date of “1 January 2004” with “the date of transition to IFRS.” As a result, entities
FASB Loss Disclosures Proposal Conflicts With AICPA-ABA Agreement
The AICPA’s Financial Reporting Executive Committee (FinREC) told FASB in a comment letter issued Monday that it has concerns about auditors’ ability to corroborate information on loss contingencies with the client’s legal counsel until the AICPA and the American Bar Association can update a longstanding agreement that details information attorneys
AICPA Testifies at IRS Hearing on User Fee Regulations
Edward Karl, the AICPA’s vice president of taxation, testified Tuesday at an IRS hearing on proposed regulations relating to the user fee aspect of the Service’s proposal to require all paid tax return preparers to obtain a preparer tax identification number (PTIN) and use it on all tax returns after
FASB Will Get New Leadership, Bigger Board
Bob Herz is retiring as FASB’s chairman. Fellow board member Leslie Seidman has been appointed acting chairman, effective Oct. 1, according to a press release issued by the Financial Accounting Foundation, FASB’s parent organization. Along with the leadership change, FAF announced that FASB is reverting from its current five member
IRS Finalizes Regs on Tentative Carryback Adjustments
The IRS on Monday released final regulations under IRC § 6411 providing guidance on the computation and allowance of tentative carryback adjustments (tentative refunds) (TD 9499). The final regulations finalize temporary regulations that were issued in 2007 (TD 9355) and are effective Aug. 24, 2010, the day they are scheduled
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