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
Advertisement
NEWS
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
FASB Issues Exposure Draft on Credit Quality Disclosures
FASB issued an exposure draft of a proposed Statement of Financial Accounting Standards, Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses. Respondents were asked to comment on whether they believe the proposed statement would achieve its goal of providing more information regarding the nature
New Option for Private Companies in Streamlined IFRS
U.S. private companies have a new choice for accounting and financial reporting—a slimmed-down version of IFRS tailored more to their needs. IFRS for SMEs (small- and medium-size entities) is a simplification of full IFRS. The International Accounting Standards Board (IASB), which released the standard Thursday after five years of work
ASB Seeks Comments on Exposure Drafts
The AICPA Auditing Standards Board issued two exposure drafts resulting from its clarity project: Proposed Statement on Auditing Standards (SAS), Quality Control for an Audit of Financial Statements. The proposed SAS specifies quality control procedures at the engagement level that assist the auditor in achieving the objectives of the quality
FASB Introduces Disclosure Project
FASB introduced a project Wednesday that is intended to make financial statement disclosures more useful, organized and consistent, and less redundant. The project will focus on developing a framework for improved GAAP disclosures, according to FASB Chairman Robert Herz. The vision for the framework is for it to allow companies
CPA Firms Name Their Top Issues
For the first time in several years, staffing is not the most pressing concern for many CPA firms, according to information released in the PCPS CPA Firm Top Issues Survey. Instead, client retention dominates the list, suggesting that “the weakened economy has shifted CPAs’ concerns from staffing to client retention,”
GASB Pursues Transparency in Proposals on Service Concession Arrangements, Financial Instruments
GASB issued two exposure drafts of proposed statements, Accounting and Financial Reporting for Service Concession Arrangements and Financial Instruments Omnibus, which are intended to increase transparency. The exposure draft on service concession arrangements (SCAs) would set accounting and financial reporting requirements for partnership arrangements between governments and private entities and
IRS Temporarily Suspends Collection Enforcement on Certain Listed Transactions
In a letter to Rep. John Lewis, D-Ga., chairman of the House Ways and Means Committee’s Subcommittee on Oversight, IRS Commissioner Doug Shulman stated on July 6 that the IRS will suspend collection enforcement activities on certain listed transactions through Sept. 30. IRC § 6707A imposes penalties on taxpayers who
Chief Counsel Outlines Litigation Tactics for Innocent Spouse Cases
In response to the recent Tax Court decision in Porter, 132 TC no. 11 (2009) (Porter II), the IRS Chief Counsel’s office released a memorandum outlining IRS litigation tactics in innocent spouse cases (CC-2009-021). In Porter II, the Tax Court held that it would apply a de novo standard of
GASB Proposals Address Chapter 9 Bankruptcies, Retiree Health Plans
GASB acknowledged the precarious fiscal health of state and local governments around the country as it issued an exposure draft intended to give guidance on the effects of Chapter 9 bankruptcies. Chapter 9 of the U.S. Bankruptcy Code applies to filings by governmental entities. The standard setter also issued an
GAAP Codification Resources
Accounting research has changed dramatically, shifting CPAs to an online tool for searching and referencing U.S. GAAP. On July 1, the FASB Accounting Standards Codification (ASC) became the single source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the SEC. The ASC disassembled
Mark Albrecht: Six Good Reasons to Go Paperless Today
Why now? What are the economic and business drivers causing CPAs to consider “paperless” solutions today? I’d flip that question around to ask CPAs why not now? Everything points to why CPAs should adopt paperless practices, and the current economic climate and business environment simply heighten the need to adapt
Michael Alter: Pushing the Paperless Frontier
When SurePayroll started the first full-service online payroll service in 2000, it was a fairly radical concept, wasn’t it? To us, making payroll paperless is a natural, first step toward a paper-free office. Our strategy was to buck tradition and create a 100% online Software as a Service payroll alternative
Scott Francis: How to Calculate the Real Costs of Production
How much money can going “paperless” make or save for an accounting firm? To really understand the need, and not to mention value, of going paperless, organizations should start with quantifying their business operation and production process. Only then will they understand the costly labor of production—the time wasted
Guidance on Electing Not to Take 50% Bonus Depreciation
The IRS on Tuesday released Rev. Proc. 2009-33, providing guidance on how taxpayers can elect not to claim 50% bonus depreciation under IRC § 168(k)(1) but instead increase their credit limitation under section 38(c) and their AMT credit limitation under section 53(c). The revenue procedure gives guidance on what property
Safe Password Practices
Editor’s note: This is a Web-exclusive exhibit for “Password Management Strategies for Safer Systems.” Advise users to never put their password on a Post-it Note or in another unsafe location. Tell users to always say “No” when Windows or any other software offers to save their password.
Charting a Course: Estate Planning 2009–2011
This special report is published as a supplement to the July 2009 issue of The Tax Adviser. It looks at the status of estate, gift, and generation-skipping transfer taxes over the next few years.1 Current State of the Law In 2001, Congress enacted the Economic Growth and Tax Relief Reconciliation
Mike Braun Takes Paperless Accounting into the Cloud
What are the economic and business drivers causing CPAs to consider “paperless” solutions today? The business drivers for firms adopting cloud computing and Intacct are their desire to improve productivity, increase profitability and provide better, higher value services to their clients. As to why now, it is only in
ARSC’s Work Plan to Revise SSARSs
Editor’s note: This is a Web-exclusive sidebar to “A Fresh Approach for Compilation and Review.” At the time that the AICPA Reliability Task Force communicated its recommendations to ARSC, ARSC was undergoing a major project to recodify the standards for compilation and review engagements. ARSC had determined that, if
Features
SPONSORED REPORT
How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
From The Tax Adviser
March 31, 2026
Current developments in taxation of individuals: Part 1
March 31, 2026
Current Developments in Taxation of Individuals: Part 1
March 6, 2026
