An international group of professional accountancy organizations is calling for a global debate on reducing complexity in financial reporting. The Global Accounting Alliance (GAA), a group that includes the AICPA and nine non-U.S. accountancy bodies, published a report that outlines a need for international discussion of financial reporting complexity and accelerating
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CAQ Issues Aid on Testing Journal Entries
The Center for Audit Quality issued a practice aid on testing journal entries. The nonauthoritative document is designed to be a reference for auditors of public companies when applying certain sections of AU section 316, Consideration of Fraud in a Financial Statement Audit, of the PCAOB’s interim auditing standards. It
Take Stock and Take Action
To assess your commitment to creating value in your career, order the six statements below from the one that best describes you to the one that least describes you. I do my part. I am patient in waiting for opportunities to advance my career. I am not ready to move
Forecasting With Excel—Illustration File
Editor’s Note: This file accompanies “Forecasting With Excel,” by James A. Weisel, which appears in the February 2009 issue of the JofA. Click here to download the illustration file of the analysis of Dave’s BBQ.
Results, Results, Results
Efforts are wonderful, but results create value. Results come from a strong focus and uncommon persistence. For many CPAs, focus begins with good time management. Every practitioner gets 24 hours a day—1,440 precious minutes—that never seems to be enough. To manage your time is to manage your life, so learn
Online Exclusive: More From IFAC President Robert Bunting
Editor’s note: These are Web-exclusive interview questions from the JofA‘s February 2009 interview with IFAC President Robert Bunting. To read the print interview, click here. JofA: You’ve served as CEO of Moss Adams LLP and chairman of the AICPA. What do you see as your most significant accomplishment? Bunting:
Sample Sabbatical Program Policy
Here is a sample sabbatical policy based on actual policies used by firms: 1. Eligibility. All partners with five years of service will be eligible to take a sabbatical every five years. All managing associates with seven years of service will be eligible to take a sabbatical every seven years. Partners
Economic Crisis Resource Center Launched
The AICPA launched the Economic Crisis Resource Center, a Web site for CPAs that offers resources on navigating challenging economic times. The site (www.aicpa.org/economy) features more than 200 items, including articles on strategic planning, budgeting and forecasting; webcasts on credit and financing impacts; tools for minimizing the effects of a
IRS Issues Further Guidance on 50% First-Year Bonus Depreciation
The IRS issued Rev. Proc. 2009-16, which provides further guidance on how taxpayers can elect out of the bonus depreciation provision added by the Housing and Economic Recovery Act of 2008. The new revenue procedure supplements Rev. Proc. 2008-65. Sec. 168(k)(4) allows corporations to elect out of claiming the 50%
New Lender Oversight Regulations Boost SBA Enforcement Authority
The Small Business Administration issued an interim final rule for new lender oversight regulations in its guaranteed loan program. The regulations, which went into effect Jan. 12, give the agency greater enforcement authority and increase transparency on how risk is evaluated. The new regulations clarify supervision and enforcement actions for
Amazon Loses Round in N.Y. Nexus Fight
A New York state trial court dismissed Amazon.com’s challenge to a law that establishes sales tax nexus through in-state “associates” whose Web sites feature links to the online retailer. Amazon and another Web seller, Overstock.com, separately sued the state’s Department of Taxation and state officials last spring after New York
Bookshelf Review
The Sex of a Hippopotamus: A Unique History of Taxes and Accounting by Jay Starkman Twinset Inc., 2008, 456 pp. The Sex of a Hippopotamus by Jay Starkman is a well-documented and interesting read for professionals in the accounting and tax fields. In particular, this book is appealing to instructors,
Automatic Penalty Assertions Begin for Delinquent Forms 5471
In December, the IRS posted to its Web site guidance encouraging taxpayers to submit delinquent Forms 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, before Jan. 1, 2009—the date on which the Service began to automatically assert appropriate penalties under IRC § 6038 on late-filed Forms
Accountant Workpaper Privilege Upheld by First Circuit
The U.S. Court of Appeals for the First Circuit on Wednesday upheld a U.S. District Court decision that the work-product privilege applies to certain accountant workpapers (Textron Inc., No. 07-2631 (1st Cir. 1/21/09)), affirming in part, vacating in part, and remanding 507 F. Supp. 2d 138 (D.R.I. 2007). Textron is
Kroeker Named Acting Chief Accountant at SEC
James Kroeker has been tapped as the SEC’s acting chief accountant. He will oversee accounting interpretations, international accounting matters and professional practice issues. He replaces Conrad Hewitt, who retired Jan. 5. Kroeker was appointed by outgoing SEC Chairman Christopher Cox. Cox also appointed Shelley Parratt the acting director of the
IRS Updates Maximum Values for Employee Automobile Use
The IRS has updated for 2009 the maximum allowable value of an employer-provided vehicle for which the cents-per-mile and fleet-average rules may be used in determining the value of an employee’s personal use of the vehicle as a taxable fringe benefit. Revenue Procedure 2009-12, issued by the Service on Wednesday,
Deadline Looms for Issuers to Share SOX 404 Costs with SEC
Public companies have until Jan. 31 to take advantage of an opportunity to give input to the SEC on their experience with Sarbanes-Oxley (SOX) section 404 implementation. The SEC has solicited feedback through a voluntary survey as part of its ongoing cost-benefit study of SOX section 404 implementation. “We encourage
New Regs Govern Overseas Disclosure and Use of Taxpayer Information
Editor’s note: This article appears in the February 2009 issue of The Tax Adviser, the AICPA’s monthly journal of tax planning, trends and techniques. Sec. 7216 and the regulations thereunder were promulgated to set guidelines and impose restrictions on the use and disclosure of taxpayer information by tax return
Proposed Regs Provide Model for Stock Basis Recovery and Identification
On Jan. 21, the Treasury Department issued proposed regulations (REG-143686-07) that provide shareholders with guidance on allocating and recovering stock basis in section 301 distributions. Their purpose is to present a single model for stock basis recovery when a shareholder receives a constructive or actual distribution to which section 301
New Statement on Quality Control Standards Effective as of Jan. 1
Statement on Quality Control Standards (SQCS) no. 7, A Firm’s System of Quality Control, applies as of Jan. 1, 2009, to a CPA firm’s system of quality control for its accounting and auditing practice. The statement describes elements of quality control and other matters essential to the effective design and
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A cool tool for customizing Windows 11
Improve Windows 11’s usability with a start-menu and taskbar replacement tool to personalize your experience. Learn how in this Tech Q&A article.
