FASB and the International Accounting Standards Board (IASB) announced details of three public round-table discussions to identify financial reporting issues highlighted by the global financial crisis. The discussions will be held in London on Nov. 14, in Norwalk, Conn., on Nov. 25 and in Tokyo on Dec. 3. The boards
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IPSASB Issues First Conceptual Framework Consultation Paper
The International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting board of the International Federation of Accountants (IFAC), has issued for comment the first in a series of consultation papers focused on developing an international public-sector conceptual framework. The consultation paper, Conceptual Framework for General Purpose Financial Reporting by
AICPA Vows to Continue Tax Patent Legislative Effort
The AICPA will continue pushing for legislation in the next Congress either to ban tax strategy patents or provide immunity to taxpayers and practitioners from liability. Supporters of a tax strategy patents ban took modest encouragement from the U.S. Court of Appeals for the Federal Circuit’s ruling Oct. 30
IASB Amends Two Financial Instruments Standards
In response to the global financial crisis, the International Accounting Standards Board (IASB) amended two of its standards to more closely align with U.S. GAAP. The amendments to IAS 39, Financial Instruments: Recognition and Measurement, and IFRS 7, Financial Instruments: Disclosures, permit the reclassification of some financial instruments. The amendments
Federal Circuit Issues Landmark Decision on Business Method Patents
The U.S. Court of Appeals for the Federal Circuit issued a long-awaited decision that could make it more challenging to patent business processes such as tax and financial strategies. In a 9-3 ruling issued on Oct. 30 in the In re Bilski case, the court stated a new, more
Treasury Outlines Terms of $250M Plan to Bolster Banks
The Treasury Department outlined details of its plan to purchase up to $250 billion of senior preferred shares in financial institutions. Under the Capital Purchase Program, the minimum subscription amount available to a participating institution is 1% of risk-weighted assets, while the maximum is the lesser of $25 billion or
AICPA Files Comment Letter on Review of IASCF Constitution
The AICPA filed a comment letter on the review of the IASC Foundation’s (IASCF) Constitution. While expressing strong support for the objectives of the IASCF and the IASB, the Institute: Urged the IASCF to continue its efforts to secure permanent funding for the IASB’s activities. The Institute said the SEC
IRS Commissioner: Tax Collections Must Be Fair Amid Tough Economic Times
The IRS and tax preparers can reach out to taxpayers hurt by the current economic downturn to help them meet their tax obligations, IRS Commissioner Douglas Shulman told the AICPA National Tax Conference on Oct. 27. (Watch the speech here.) While the Service is mindful that many taxpayers are
Alan R. Einhorn to Lead AICPA Tax Executive Committee
Alan R. Einhorn, national director of the Quality Assurance Group for Deloitte Tax LLP, is the new chair of the American Institute of Certified Public Accountant’s Tax Executive Committee. Einhorn will lead the AICPA’s senior tax committee for the next two years. The Tax Executive Committee establishes tax policy for
Auditing Advisory Committee Approves Recommendations
The Department of the Treasury’s Advisory Committee on the Auditing Profession voted to approve a slate of more than 30 recommendations for enhancing the profession’s sustainability. The committee’s work marked the first major study of the public company auditing profession since the passage of the Sarbanes-Oxley Act in 2002. AICPA
Auditing Clarity Projects Advancing
The International Auditing and Assurance Standards Board released an update on its work to improve the clarity of its standards. The seven-page Clarity Project Update details the status of the 18-month program, which is slated for completion in December. The report also provides an overview of the main changes to
SEC Releases “Mark-to-Market” Accounting Study Details
The SEC released preliminary details on its study on “mark-to-market” accounting, as authorized in October by section 133 of the Emergency Economic Stabilization Act of 2008 (EESA). The study is to be completed by Jan. 2 in consultation with the Treasury secretary and the Board of Governors of the Federal
AICPA Annual Report Available Online
The AICPA’s annual report for the fiscal year Aug. 1, 2007, through July 31, 2008, has been posted online in PDF format. “CPA: Commitment. Performance. Accountability.” tells how CPAs define and represent the profession’s messages and highlights some of the AICPA’s activities to support CPAs. Financial statements are included as well.
Building an Effective Whistleblower Program
One of the most effective and inexpensive methods of monitoring the pulse of a business is to create a confidential whistleblower hotline. According to the 2008 Association of Certified Fraud Examiners Report to the Nation on Occupational Fraud & Abuse, tips have historically been the most common means of fraud
FASB, IASB Publish Financial Statement Presentation Paper for Comment
FASB and the IASB published for public comment a discussion paper on financial statement presentation. The paper contains an analysis of issues in financial statement presentation and presents the boards’ initial thinking on addressing those issues. International Financial Reporting Standards and U.S. GAAP provide only limited presentation guidance. In addition, presentation
SEC to Study Fair Value Accounting’s Impact on Bank Failures
The $700 billion rescue package for the U.S. financial system approved by lawmakers in October calls on the SEC to study fair value accounting’s impact on recent bank failures and the quality of financial information available to investors. The study will be conducted in consultation with the Treasury secretary and
Tax Provisions of the Emergency Economic Stabilization Act
Among its many tax provisions, the Emergency Economic Stabilization Act equalized with that of taxpayers the understatement penalty standard tax preparers must observe for undisclosed items. The provision was originally introduced in the House late last year at the urging of the AICPA to fix the problems created by the
FASB Seeks to Clarify Rules for Assessing Future Viability
FASB issued exposure drafts of proposed statements on going concern and subsequent events. The proposals converge U.S. GAAP and IFRS and incorporate accounting guidance related to determining the viability of entities. The proposed statement on Going Concern would require management to consider all available information about the future when assessing
Robert L. Bunting and David M. Walker Receive AICPA Gold Medal for Distinguished Service
Robert L. Bunting, CPA, former chairman of the American Institute of Certified Public Accountants, and David M. Walker, CPA, former comptroller general of the United States, are the 2008 recipients of the Institute’s Gold Medal Award for Distinguished Service. The gold medal is the highest award granted by the AICPA.
SBA Creates Online Recovery Assistance Application
The Small Business Administration created an online application for disaster victims to apply for recovery assistance. The application is available to homeowners and renters whose home or personal property is damaged by an event declared a disaster by the president or the SBA administrator. Businesses and nonprofits can apply for
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