The AICPA’s Financial Reporting Executive Committee (FinREC) on Thursday said it was concerned about the fair value measurement and impairment models along with other provisions of FASB’s comprehensive proposal to revamp financial instruments accounting. FinREC (formerly the Accounting Standards Executive Committee) said that while it shares the board’s desire
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Featured Online Content for October 2010
FEATURED VIDEO Tech Tips From Clarke Price Clarke Price, president and CEO of the Ohio Society of CPAs, is something of a techie. He has made it a habit to reach out to CPAs and other professionals for feedback on their favorite apps for everything from smartphones to the iPad.
Per Diem Travel Rates Updated
The IRS issued updated federal per diem rates and procedures Thursday (Revenue Procedure 2010-39) for substantiating deductible expenses or employer-paid allowances for lodging, meals and incidental expenses incurred in business-related travel away from home. The revenue procedure supersedes Revenue Procedure 2009-47, issued Sept. 30, 2009, and is generally effective for
AICPA Urges Lawmakers to Ban Tax Patents
The AICPA joined a group of national consumer and taxpayer organizations to urge Congress to ban tax strategy patents before adjourning for the year. In a letter to lawmakers, the groups said that tax strategy patents effectively create a monopoly for patent holders on certain parts of the U.S. tax
Report Examines Downturn’s Impact on Audits of Financial Institutions
The PCAOB on Wednesday released a report that looks at risks and challenges the economic downturn created for audits of financial institutions and other companies. “This report provides illustrative examples of the kinds of issues our inspection program has uncovered during the past three years as a result of the
Adoption Tax Credit Guidance Released
The IRS issued interim guidance Wednesday on the child adoption credit and income exclusion for employer reimbursements of adoption expenses, as expanded by the Patient Protection and Affordable Care Act (PL 111-148). For tax years beginning in 2010 and 2011, the act made the credit for qualified adoption expenses (QAEs)
IRS Activates New PTIN System
The IRS deployed a new preparer tax identification number (PTIN) registration system Tuesday as a component of its initiative to register and regulate paid tax return preparers. All paid tax return preparers (including CPAs, attorneys and enrolled agents) must apply for and obtain a PTIN—even if they already have one—before
President Signs Small Business Jobs and Tax Relief Bill
On Monday, President Barack Obama signed into law the Small Business Jobs Act of 2010 (HR 5297). The bill, which Congress passed last week, expands loan programs through the U.S. Small Business Administration (SBA), strengthens small business preference programs for federal government projects, provides incentives for exporters, offers a variety
IRS Releases Final Schedule UTP, Incorporates Changes
In two announcements on Friday, the IRS unveiled a number of significant changes to its plan to require certain business taxpayers to report uncertain tax positions on their tax returns (Announcements 2010-75 and 2010-76). The changes come in response to numerous comments received on the proposal and on the draft
Small Business Stimulus Passes Congress
The House on Thursday passed the Small Business Jobs Act of 2010 (HR 5297) by a vote of 237–187, and sent it to the President, who is expected to sign the bill into law. The bill, which passed the Senate last week, expands loan programs through the Small Business Administration
Obama Taps Dodaro for Comptroller General
President Barack Obama on Wednesday announced his intent to nominate Gene L. Dodaro for the job of U.S. comptroller general. As such, Dodaro would lead the Government Accountability Office (GAO), which reviews how the federal government spends taxpayer dollars. Dodaro has served as acting U.S. comptroller general and head of
FASB Expands Discussion on Insurance Contracts
FASB issued a Discussion Paper on Friday to solicit broad-based input on how to improve, simplify and converge the financial reporting requirements for insurance contracts. The Discussion Paper, Preliminary Views of Insurance Contracts, is part of FASB’s joint project with the International Accounting Standards Board (IASB), which issued an exposure
FASB Restructuring Results in Board Seat for Golden
FASB’s technical director, Russell Golden, will take a seat on the standard-setting board this fall when current Chairman Bob Herz steps down. Golden’s appointment comes less than a month after the Financial Accounting Foundation (FAF) Board of Trustees announced Herz’s retirement and a restructuring that will expand FASB’s board from
Senate Passes Small Business Tax Relief
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
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
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FROM THIS MONTH'S ISSUE
Accountancy in America: Meeting the moment for 250 years
As the United States celebrates its semiquincentennial, explore the history of the accountancy profession’s essential role in the U.S. economy.
