An IRS public dialogue on new standards for tax preparers gets under way this week with public forums and a formal request for comments. The Service announced last month it would propose a new regulatory regime for paid tax return preparers, one that would include so-called unenrolled preparers—those who are
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Cloud Computing, Social Networking Highlighted at AICPA TECH+ Conference
This year’s AICPA TECH+ Conference in Las Vegas proved that, while accountants are using more Web-based applications, security remains a top concern when moving client information online. It’s also apparent that most CPAs aren’t quite sure what to do on social media sites such as Facebook and Twitter. The following
PCAOB to Vote on Engagement Quality Review Auditing Standard
The PCAOB on Tuesday will vote on adopting an auditing standard, Engagement Quality Review, which would require EQRs to be performed by an independent reviewer and would supersede the existing concurring partner review requirement. The new standard would require an EQR for audits and reviews of interim financial information (“interim
IASB Amends IFRS for First-Time Adopters, Releases Proposal on Rate-Regulated Activities
The International Accounting Standards Board (IASB) on Thursday published amendments to IFRS 1, First-time Adoption of International Financial Reporting Standards, along with an exposure draft on accounting for rate-regulated activities. The amendments to IFRS 1: · Exempt entities using the full cost method from retroactive application of IFRS for oil
Lenders on Tightening Trend, but Rising Risk Still Pervades
Credit underwriting standards for commercial and retail loans tightened at most banks for a second straight year, according to the 15th annual Survey of Credit Underwriting Practices. The report, released Tuesday by the Office of the Comptroller of the Currency, said 86% of banks tightened standards for commercial loans compared
IRS Issues e-Postcard Regs
The IRS issued final regulations (TD 9454 adding new Treas. Reg. § 1.6033-6) Wednesday describing how and when small tax-exempt organizations may file Form 990-N (“e-Postcard”). The e-Postcard is how certain organizations must electronically submit basic information required annually by IRC § 6033(i)(1), as amended by the Pension Protection Act
Business Groups, AICPA Support Consumer Protection, Criticize Current Proposal
The AICPA and 22 other business and professional organizations joined the U.S. Chamber of Commerce on Monday to voice concerns over provisions of a bill in the House of Representatives that would create a new regulatory agency charged with consumer protection. The groups asked House Financial Services Committee Chairman Rep.
AICPA Honors Top CPA Examination Performers With 2008 Elijah Watt Sells Awards
The American Institute of Certified Public Accountants has announced winners of the 2008 Elijah Watt Sells Awards. The awards are presented annually to the 10 candidates earning the highest cumulative scores on the four sections of the computerized Uniform CPA Examination. These candidates must have completed testing during the previous
New Law in New York May Affect Out-of-State CPAs
Editor’s note: This article originally appeared in the July 17 AICPA News Update. On July 26, 2009, a new law goes into effect in New York state that significantly changes the regulation and practice of public accountancy. The law includes many new or expanded provisions that affect CPAs practicing in New
Securities Class Action Filings Decline
Federal securities class action activity declined in the first half of 2009, according to a report released Monday by the Stanford Law School’s Securities Class Action Clearinghouse and Cornerstone Research. Eighty-seven federal securities class actions were filed in the first half of 2009, a 22.3% decline from the 112 filings
Accounting Leaders Discuss Simplifying Financial Reporting
Strategies for ridding the financial reporting system of some of its complexities took center stage at a forum of accounting leaders held in New York on Friday. The Global Accounting Alliance (GAA) and the AICPA held the third of three roundtable discussions about the topic at the AICPA’s office. The
FinCEN Proposes Applying SAR Regs to Nonbank Lenders
The Financial Crimes Enforcement Network (FinCEN) issued an advanced notice of proposed rulemaking for public comment regarding the possible application of anti-money laundering (AML) program and suspicious activity report (SAR) regulations to nonbank residential mortgage lenders and originators. FinCEN is considering expanding the regulations to nonbanks to thwart potential criminals.
SEC Proposes New Disclosure Rules for Municipal Securities
The SEC on Wednesday proposed amendments to SEC Rule 15c2-12 that prohibits brokers, dealers, and municipal securities dealers from purchasing or selling municipal securities unless they reasonably believe that the state or local government issuing the securities has agreed to disclose such things as annual financial statements and notices of
FinCEN Reports Rapid Increases in Suspected Fraud
Suspicious activity reports (SARs) climbed at double-digit rates in the seven categories relating specifically to fraud in 2008, according to The SAR Activity Review—By the Numbers, Issue 12. The semiannual report by the Financial Crimes Enforcement Network (FinCEN) includes SAR filings through Dec. 31, 2008. Check fraud (17% year-to-year increase),
IRS Issues Proposed Regs on Claiming Reduced Research Credit
The IRS released proposed regulations on Wednesday that would simplify the procedures taxpayers must follow to claim the reduced research credit under IRC § 280C(c)(3). Taxpayers who claim a credit under section 41 for increasing research expenses must reduce their research expense deduction under section 174 by the amount of
OCC Names New Chief Accountant
Kathy K. Murphy was named chief accountant for the Office of the Comptroller of the Currency (OCC) on Monday. As chief accountant, she will be the OCC’s authoritative source for bank accounting and financial reporting, providing accounting counsel to examiners, the banking industry, and the accounting profession. Murphy joined the
IASB Proposes Changes to Financial Instruments Accounting
The International Accounting Standards Board on Tuesday published proposals that respond to the recommendations and timetable set out by the Group of 20 leaders following summits last fall in Washington and this spring in London. On Wednesday the IASB will discuss and take questions on the exposure draft via two
International Board Releases Revised Ethics Code
The International Ethics Standards Board for Accountants (IESBA) on Friday issued a revised version of its Code of Ethics for Professional Accountants that strengthens auditor independence requirements. The IESBA is an independent standard-setting board of the International Federation of Accountants (IFAC). The revised code, which is effective Jan. 1, 2011:
FASAB Revises Proposed Standard for Oil and Gas Resources
The Federal Accounting Standards Advisory Board (FASAB) is seeking comment on a Revised Exposure Draft, Accounting for Federal Oil and Gas Resources. The proposed standard would result in recognition of the estimated value of royalties from federal oil and gas leases and changes over time in those values as well
IRS Issues Guidelines for Low-Speed Electric Car Manufacturers
On July 10, the IRS issued Notice 2009-58, which provides procedures for car manufacturers to certify that their vehicles qualify for the new plug-in electric vehicle credit under IRC § 30. Taxpayers who buy a qualified electric vehicle between Feb. 17, 2009, and Jan. 1, 2012, can take a credit
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