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
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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
Report of Foreign Bank and Financial Accounts: Significant Revisions and Severe Penalties
In September 2008, the IRS website posted revisions to the Report of Foreign Bank and Financial Accounts (Form TD F 90-22.1) that surprised many practitioners. This article discusses new traps for the uninitiated created by these revisions and the new reporting requirements for certain taxpayers who previously may not have
Cap-and-Trade Accounting Resources
Editor’s note: These are Web-exclusive resources for “Accounting for Emissions.” Excel worksheets and other tools to estimate carbon output by individuals and certain businesses at the EPA Web site. The Carbon Disclosure Project Global 500 Report 2008 and a number of other national and international disclosure studies, www.cdproject.net/reports.asp The Petition
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FROM THIS MONTH'S ISSUE
Start in high school to strengthen the accounting profession
A practitioner-led outreach program, born of a university, accounting professionals, and local community collaboration, shows how to successfully engage high school students with the modern accounting profession.
