In December 2007, FASB adopted two new business combination standards: Statement no. 141(R), Business Combinations, and Statement no. 160, Noncontrolling Interests in Consolidated Financial Statements. Both culminated years of work directed at improving reporting for consolidated entities. An article in the June 2008 issue of the JofA (“A New Day
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Accounting & reporting
Highlights
The rescue package, the Emergency Economic Stabilization Act of 2008, allows the Treasury Department to buy up problem assets in an effort to improve the balance sheets of financial institutions and keep credit flowing. The final version of the plan passed by Congress and signed by President Bush on Oct.
PCPS Publications Recognized for Excellence
Over the last year, publications from the AICPA’s Private Companies Practice Section received 10 awards in five national and international communications competitions. The publications honored are: ■ Seasonality Success—Award of Excellence in the 2008 Apex Awards for Publication Excellence ■ Small Firm Solutions—Gold award in the 2008 Hermes Creative Awards
Financial Reporting
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
International
The International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting board within the International Federation of Accountants (IFAC), is seeking comments on its proposed changes to IPSAS 5, Borrowing Costs, set forth in Exposure Draft 35, Borrowing Costs (Revised 200X). Most notably, ED 35 proposes amendments to reflect that
Investments
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
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
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
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
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
IPSASB Proposes Changes to Borrowing Costs Standard
The International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting board within the International Federation of Accountants (IFAC), is seeking comments on its proposed changes to IPSAS 5, Borrowing Costs, set forth in Exposure Draft 35, Borrowing Costs (Revised 200X). Most notably, ED 35 proposes amendments to reflect that
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
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
Profession Reacts to IFRS Plan
For U.S. GAAP, the end of an era could be in the making. In August, the SEC unveiled a proposed road map that begins to widen the acceptance of International Financial Reporting Standards. The plan could lead to a requirement for U.S. public companies to begin using IFRS by 2014.
XBRL Around the World
EXECUTIVE SUMMARY While the United States and Asia focus on XBRL for use in capital markets, Europe has developed an eye-opening array of governmentwide and cross-border applications that can share consistently structured XBRL data for both public and private companies. In Asia, as in the U.S., XBRL is being used
Features
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Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
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