In two announcements on Friday, the IRS unveiled a number of significant changes to its plan to require certain business taxpayers to report uncertain tax positions on their tax returns (Announcements 2010-75 and 2010-76). The changes come in response to numerous comments received on the proposal and on the draft
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Accounting & reporting
Obama Taps Dodaro for Comptroller General
President Barack Obama on Wednesday announced his intent to nominate Gene L. Dodaro for the job of U.S. comptroller general. As such, Dodaro would lead the Government Accountability Office (GAO), which reviews how the federal government spends taxpayer dollars. Dodaro has served as acting U.S. comptroller general and head of
FASB Expands Discussion on Insurance Contracts
FASB issued a Discussion Paper on Friday to solicit broad-based input on how to improve, simplify and converge the financial reporting requirements for insurance contracts. The Discussion Paper, Preliminary Views of Insurance Contracts, is part of FASB’s joint project with the International Accounting Standards Board (IASB), which issued an exposure
FASB Restructuring Results in Board Seat for Golden
FASB’s technical director, Russell Golden, will take a seat on the standard-setting board this fall when current Chairman Bob Herz steps down. Golden’s appointment comes less than a month after the Financial Accounting Foundation (FAF) Board of Trustees announced Herz’s retirement and a restructuring that will expand FASB’s board from
FASAB Pursues Discussion of Measurement Standards
The Federal Accounting Standards Advisory Board (FASAB) released for comment an exposure draft of a concepts statement that the board says identifies and clarifies conceptual issues for it to consider when deliberating measurement standards in the future. Statement of Federal Financial Accounting Concepts, Measurement of the Elements of Accrual-Basis Financial
FASB Seeks Input on Private Company Accounting Issues at Public Meetings
FASB will hold two public round-table meetings to discuss issues related to private company financial reporting. The first meeting is Oct. 12, 1 p.m. to 4 p.m. at FASB’s offices in Norwalk, Conn. The second meeting is Nov. 2, 9 a.m. to noon in Dallas. The exact location of the
IASB Proposes Amendment to Aspect of Deferred Tax Accounting
The International Accounting Standards Board (IASB) on Friday published for public comment an exposure draft, Deferred Tax: Recovery of Underlying Assets, that would amend one aspect of IAS 12, Income Taxes. The IASB said it is setting an exposure period of 60 days—shorter than its normal 120 days—because the amendments
FASB Proposes Expanded Disclosures on Multiemployer Pensions
FASB issued an exposure draft that sets forth proposed disclosures that the board believes would help users of financial statements better assess the potential risks faced by employers participating in multiemployer plans. FASB said the Proposed Accounting Standards Update (ASU), Proposed Improvements to Disclosures about an Employer’s Participation in a
Government
GASB issued a Preliminary Views document, Pension Accounting and Financial Reporting by Employers, listing what it believes are the most fundamental issues related to recognition and measurement of pension obligations by state and local government employers. The approach presented would move governmental pension accounting and reporting away from the
Blue-Ribbon Panel Narrows Field for Private Company Financial Reporting
A blue-ribbon panel tasked with providing recommendations on the future of U.S. accounting standards for private companies by the end of this year is focusing on models that are based on current U.S. GAAP but that would result in different standards for private companies, where warranted, compared with GAAP for
Financial Reporting / International
For the fourth time in less than two years, the Group of 20 (G-20) leaders called for a single set of global accounting standards and urged FASB and the IASB to complete their convergence projects. “We re-emphasized the importance we place on achieving a single set of high quality improved
International
The IASC Foundation, the parent body of the IASB, on July 1 formally changed its name to the IFRS Foundation. The name change is designed to reflect more clearly what the foundation does, namely the publication and promotion of International Financial Reporting Standards (IFRS). The International Financial Reporting Interpretations Committee
Proposed Amendments Ease First-Time Adoption of IFRS
The International Accounting Standards Board (IASB) on Thursday published proposed amendments to IFRS 1, First-time Adoption of International Financial Reporting Standards. The proposal would amend IFRS 1 by replacing references to a fixed transition date of “1 January 2004” with “the date of transition to IFRS.” As a result, entities
FASB Loss Disclosures Proposal Conflicts With AICPA-ABA Agreement
The AICPA’s Financial Reporting Executive Committee (FinREC) told FASB in a comment letter issued Monday that it has concerns about auditors’ ability to corroborate information on loss contingencies with the client’s legal counsel until the AICPA and the American Bar Association can update a longstanding agreement that details information attorneys
FASB Will Get New Leadership, Bigger Board
Bob Herz is retiring as FASB’s chairman. Fellow board member Leslie Seidman has been appointed acting chairman, effective Oct. 1, according to a press release issued by the Financial Accounting Foundation, FASB’s parent organization. Along with the leadership change, FAF announced that FASB is reverting from its current five member
Where Do Investors Prefer to Find Nonfinancial Information?
It’s no secret to investors that annual reports filed by U.S. companies are becoming increasingly complex. Many reports in the business press over the past decade cite concern that the proliferation of required disclosures accompanying financial reports makes it difficult to decipher a company’s performance and identify factors that drive
FASB Would Drop Fair Value for Pension Plan Loans
FASB this week issued a Proposed Accounting Standards Update (ASU) that is intended to clarify how defined contribution pension plans should classify and measure loans to participants. Under the Proposed ASU, Plan Accounting—Defined Contribution Pension Plans (Topic 962), Reporting Loans to Participants by Defined Contribution Pension Plans (a consensus of
FASB Releases Draft of Insurance Contracts Proposal
FASB released a staff draft of an Accounting Standards Update regarding potential changes to accounting for costs related to acquiring or renewing insurance contracts. The draft applies to insurance organizations that are within the scope of Topic 944, which includes stock life insurance entities, mutual life insurance entities, and property
Proposal Would Require Most Leases to Appear on the Balance Sheet
FASB and the International Accounting Standards Board (IASB) today unveiled a joint proposal to revamp lease accounting. The proposal would result in a single “right-of-use” approach applied consistently to lease accounting for lessees and lessors. Among other changes, the approach would result in the liability for payments under all lease
SEC Looking for Feedback on IFRS Plan
The SEC is calling for comments on certain aspects of its IFRS work plan. In one release Thursday, the SEC asked for feedback regarding investor knowledge of the international accounting standards and what it might take–in time and logistics–to improve investor understanding of IFRS. A second release is focused on
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Get ready for tax season with the JofA’s annual filing season quick guide, an easy-to-use compilation of dollar thresholds, tax tables, standard amounts, credits, and deductions. Download and print for quick reference this tax season.
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