The IRS has extended by one year the deadline for retirement plans to make amendments required by the Pension Protection Act (PPA) and last year’s Worker, Retiree, and Employer Recovery Act (WRERA) (Notice 2009-97). The deadline is extended to the last day of the first plan year that begins on
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SEC Action on IFRS Could Come Early in 2010
SEC Commissioner Elisse B. Walter on Wednesday said she expects the commission to “consider further action” on IFRS adoption early next year. Walter’s comments at an AICPA conference followed remarks by SEC Chief Accountant James Kroeker on Monday in which he said more information about IFRS adoption would be forthcoming
FASB Chairman Defends Fair Value, Calls for Separation From Banking Regulation
FASB Chairman Robert Herz on Tuesday delivered a rapid-fire policy speech that addressed head-on criticism of the role of accounting standards in the financial crisis and called for GAAP to be “decoupled” from bank regulation. Herz, speaking at an AICPA conference, contended that many of FASB’s critics simply do not
AICPA Committee Weighs In on Fair Value for Financial Instruments
The AICPA’s Accounting Standards Executive Committee has weighed in on FASB’s discussion of when fair value should be used to measure and record financial instruments on the balance sheet. In a comment letter, AcSEC Chairman Jay Hanson said the committee favors an approach that would measure many but not all
Revised Statements on Standards for Tax Services Take Effect Jan. 1
The AICPA has released revised Statements on Standards for Tax Services (SSTS), whichbecome effective Jan. 1, 2010. The SSTS are enforceable standards of tax practice for AICPA members that address each member’s obligations regarding the following issues: The level of authority needed to recommend a tax return position or
SEC Chief Accountant Remains Mum on Specifics of Possible IFRS Adoption
Those waiting for clarity from the SEC regarding its road map for adopting International Financial Reporting Standards in the U.S. are still waiting following a speech by the agency’s chief accountant Monday. In an October speech, Chief Accountant James Kroeker said the Commission would provide greater clarity on the future
IRS Issues 2010 Mileage Rates
The IRS announced Thursday (Revenue Procedure 2009-54) the standard mileage rates for computing deductible costs of operating an automobile that are paid or incurred on or after Jan. 1, 2010. For business use of an automobile, the rate is 50 cents a mile. For medical or moving expenses, it is
Guidelines Aimed at Thwarting ID Theft, Security Breaches Unveiled
Responding to concerns about identity theft and security breaches linked to portable devices, the AICPA and the Canadian Institute of Chartered Accountants have expanded Generally Accepted Privacy Principles to include protocols for securing personal information. The AICPA/CICA Generally Accepted Privacy Principles are recognized by the IRS and other organizations. The
Get Credentialed in Forensics
Dr. Robert L. O’Block is the founder of the American College of Forensic Examiners Institute (ACFEI), an independent scientific and professional association providing education, certification and representation for forensic examiners worldwide. This Q&A was prepared by AICPA Editor-at-Large Rick Telberg. What makes forensic accounting such a hot career choice right
Best Remedy for Recession is Education
Tom Vucinic, CPA, is the president of Becker Professional Education, a global leader in professional education, serving the accounting, finance and project management professions. This Q&A was prepared by AICPA Editor-At-Large Rick Telberg. What are the key trends and issues impacting CPAs today? And, what should CPAs be doing to
CPA Career Trends
Sponsored by American College of Forensic Examiners Institute and Becker Professional Education Best Remedy for Recession is EducationCPAs and employers need up-to-date skills for a competitive edgeQ&A with Tom Vucinic, CPA, president of Becker Professional Education Get Credentialed in ForensicsYou’ll need all your CPA skills and more to make it
Final Regulations Update Rules on Paying Tax in Installments
The IRS issued final regulations Tuesday governing the payment of tax liabilities in installments (TD 9473). The regulations reflect changes to the law made by various acts going as far back as 1996. IRC § 6159 allows taxpayers who cannot pay their tax liabilities in full an option to enter
IRS Releases Guidance on Expanded NOL Carryback Rules
The IRS on Friday provided guidance on the new expanded five-year net operating loss (NOL) carryback rules, which were recently amended by the Worker, Homeownership, and Business Assistance Act, PL 111-92. The guidance is contained in Revenue Procedure 2009-52, and it explains how a taxpayer elects to carry back an
Tax Court Amends Rules to Allow Electronic Filing
The Tax Court has amended its procedural rules, effective Jan. 1, 2010, to allow electronic filing of documents submitted to the court (Tax Court Rule 26). The court set up a pilot electronic filing program in 2005. In 2008, the court added an electronic document access system to its Web
House Panel Eases Threat to FASB Independence
The House Financial Services Committee on Thursday removed language from an amendment to the proposed Financial Stability Improvement Act (FSIA) (H.R. 3996) that would have given a new systemic risk regulator power to oversee FASB standard-setting activities. The original amendment, which was introduced by Rep. Ed Perlmutter, D-Colo., would have
UBS Targets Come Into Focus
The IRS has released the selection criteria for identifying holders ofaccounts with Swiss bank UBS under a U.S. settlement agreement with the Swiss government negotiated in August. Under the agreement, UBS will turn over information concerning approximately 4,450 accounts for investigation. IRS Commissioner Doug Shulman also recently announced that about
OCC Head Calls for Minimum Mortgage Underwriting Standards Worldwide
Comptroller of the Currency John C. Dugan, speaking in Tokyo on Wednesday, said that regulators around the world should establish minimum underwriting standards for all mortgages as a response to a problem that sparked the financial crisis of the past two years. He made the remarks during the Special Seminar
Panelists Advise Companies to Take Responsibility for XBRL Tagging—Even When Outsourcing
When reporting financials in XBRL, companies need to take responsibility by documenting the reasons items are tagged the way they are and allocating ample time for management review—even if they outsource the data tagging to a third party, according to panelists at the 2009 XBRL US National Conference that took
IRS Pilot Program Will Allow Truncated Social Security Numbers on Information Returns
The IRS on Thursday announced a pilot program aimed at deterring identity theft (Notice 2009-93). Under the program, filers of certain paper information returns will be allowed to truncate the payee’s Social Security number on the payee statement. The change affects statements for 2009 and 2010. Only paper payee statements
FDIC Approves Transitional Safe Harbor on Securitizations in Light of New FASB Standards
The FDIC Board of Directors, responding to accounting standard changes promulgated by FASB, adopted an interim rule amending 12 C.F.R. § 360.6 to provide a transitional safe harbor effective immediately for all participations and securitizations in compliance with that rule as originally adopted in 2000. Under the rule, participations and
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