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
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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
Shulman Urges Congress to Fix AMT and Extender Issues Before Year-End
IRS Commissioner Doug Shulman urged Congress to pass tax legislation before the start of the next tax season. Shulman focused on the alternative minimum tax (AMT) patch and the extension of various income tax incentives for individuals. In identically worded letters to House Ways and Means Committee Chairman Sander Levin,
Featured Online Content for December 2010
FEATURED VIDEO Use the 2010 MAP Survey to Benchmark Your Firm The AICPA’s James Metzler, CPA, and Mark Koziel, CPA, discuss findings from the 2010 PCPS/TSCPA National MAP Survey, conducted by the AICPA’s Private Companies Practice Section and the Texas Society of Certified Public Accountants. The 2010 survey includes responses
FASB, IASB: Convergence Priorities on Target for June 2011
FASB and the International Accounting Standards Board (IASB) released a convergence progress report on Monday that said their priority projects are on target for completion by June 2011 or earlier. (For recent JofA coverage of the FASB-IASB convergence project, see “Convergence Milestone,” Aug. 2010, page 26.) The priority projects, which
IRS Provides Additional Relief Under Section 409A Document Failure Correction Program
The IRS on Tuesday issued further relief for nonqualified deferred compensation (NQDC) plans covered by IRC § 409A (Notice 2010-80). The notice expands the types of plans eligible for relief under Notice 2010-6, which was issued in January. It also provides an additional method of correction and transition relief under
Notice Gives Guidance on In-Plan Roth Rollovers
On Friday, the IRS issued guidance on how plan participants can make rollovers from a 401(k) or 403(b) plan to a designated Roth account in the same plan (Notice 2010-84). Such in-plan Roth rollovers are now permitted under IRC § 402A(c)(4), as amended by the Small Business Jobs Act of
GASB Clarifies Presentation of Deferrals
GASB issued an exposure draft Wednesday that it said would improve financial reporting by reducing uncertainty regarding the financial statement presentation of deferrals and their effects on a government’s net position. GASB said the proposal would provide guidance where none previously existed. GASB said in a press release that the
PCAOB’s 11.5% Budget Hike Includes Dodd-Frank Costs
The PCAOB on Tuesday approved an 11.5% increase in its 2011 fiscal-year budget, a spending plan that the board says reflects its new responsibilities under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The board also approved its five-year strategic plan. The $204.4 million budget is $21.1 million more
SBA Supports Bill to Repeal “Burdensome” 1099 Filing Requirements
The head of the U.S. Small Business Administration called for the repeal of a vast expansion of 1099 filing requirements scheduled to begin in 2012. In an open letter to small business owners, SBA Administrator Karen Mills repeated President Barack Obama’s Nov, 3 statements that the expanded requirement for small
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Tax Court upholds passport notice certification
The IRS issued a passport notice certification of a “seriously delinquent tax debt” of more than $1.6 million in trust fund recovery penalties.
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