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FASB Adds “Business Combinations” to Accounting Standards Codification

FASB added the topic “business combinations” to the FASB Accounting Standards Codification. The addition integrates various standards, including FASB Statement no. 141(R), Business Combinations; FASB Statement no. 109, Accounting for Income Taxes; FASB Interpretation no. 48, Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109; and various

IASB, FASB Update MOU

The International Accounting Standards Board (IASB) and FASB published an update to their 2006 memorandum of understanding (MOU). The update reports the progress they have made since 2006 and sets the goal of completing their major joint projects by 2011. “This update outlines a plan and projected timeline for completing

Service Launches LILO, SILO Settlement Initiative

The IRS followed up its recent court victories against LILOs (lease in, lease out) and SILOs (sale in, lease out) with an offer to settle the estimated hundreds of the listed-transaction tax shelters still on companies’ books. The offer, sent initially on Aug. 6 to 45 large corporations known to

AICPA Issues Gaming Guide for Comment

The AICPA’s Accounting Standards Executive Committee issued an exposure draft of a proposed Audit and Accounting Guide, Gaming. The proposed guide addresses new accounting issues that have emerged over the years. It also includes guidance dedicated specifically to governmental gaming entities. Comments are due Dec. 9. The ED is available

FASB Members Favor Convergence with IAS 1, IAS 10

FASB members favor shifting to international rules for an auditor’s evaluation of an entity’s ability to function as a going concern. The rules under U.S. GAAP would converge with the International Accounting Standards Board’s International Accounting Standard (IAS) 1, Presentation of Financial Statements, and IAS 10, Events after the Balance

SEC Unveils Successor to EDGAR Database

The SEC unveiled the successor to the agency’s 1980s-era EDGAR database, which will give investors far faster and easier access to key financial information about public companies and mutual funds, according to an SEC news release. The new system is called IDEA, short for Interactive Data Electronic Applications. Based on

SEC, ASIC, Australian Government Enter Recognition Arrangement

SEC Chairman Christopher Cox, the Australian Minister for Superannuation and Corporate Law, and the Australian Securities and Investments Commission (ASIC) chairman entered into a mutual recognition arrangement among the SEC, the Australian government and ASIC. Through the arrangement, the SEC and the Australian authorities agreed to consider providing exemptions to

Modernizing Business Reporting

The AICPA’s Assurance Services Executive Committee issued a white paper to address how transparency in financial reporting will be improved through the use of eXtensible Business Reporting Language (XBRL) and enhanced business reporting (EBR) that takes into account nonfinancial factors that affect a company’s value. The paper, The Shifting Paradigm in

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From The Tax Adviser

August 31, 2026

What today’s clients expect from their CPA and how firms are responding

August 31, 2026

2026 tax software survey

August 31, 2026

A risk framework for AI use in tax administration and preparation

July 31, 2026

Current developments in S corporations