International tax

For news from the AICPA and state societies, visit www.cpa2biz.com , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. The Institute submitted comments on IRS technical advice memo (TAM) 200603027, which holds that a taxpayer’s LIFO election must be extended

Strategic planning and developing a marketing plan are critical topics to be covered in live, online forums the AICPA’s Private Company Practice Section (PCPS) is offering free to its members. The series, which began in June, includes events in August and September, with others to follow, and features presentations by

The Federal Accounting Standards Advisory Board issued a concepts statement exposure draft titled Definition and Recognition of Elements of Accrual-Basis Financial Statements ( www.fasab.gov/pdffiles/ ). It seeks respondents’ views on proposed definitions of certain elements— assets, liabilities, net position, revenue and expense —in such financial statements and on the essential

Strategic planning and developing a marketing plan are critical topics to be covered in live, online forums the AICPA’s Private Company Practice Section (PCPS) is offering free to its members. The series, which began in June, includes events in August and September, with others to follow, and features presentations by

The U.S. Office of Management and Budget (OMB) issued the Circular A-133 2006 Compliance Supplement ( www.whitehouse.gov/OMB/circulars/a133_compliance/06/06toc.html ), which identifies important federal requirements to be considered as part of an audit in accordance with the Single Audit Act and OMB Circular A-133, Audits of States, Local Government, and Not-for-Profit Organizations.

The Pension Benefit Guaranty Corporation published a final rule requiring sponsors of insured defined benefit pension plans to submit their premium filings electronically. As of July 1, sponsors of plans with 500 or more participants must do so for plan years beginning on or after January 1, 2006; for all

As part of a broader initiative to improve financial reporting for insurance accounting, FASB issued an invitation to comment on whether bifurcating insurance and reinsurance contracts into insurance and financing components would improve the transparency of financial reporting for insurance accounting ( www.fasb.org/draft/ ). Current standards give insurers and reinsurers

The AICPA Center for Public Company Audit Firms (CPCAF) issued a report on the Public Company Accounting Oversight Board’s findings from its inspections of eight PCAOB-registered firms that audit more than 100 public companies ( www.aicpa.org/cpcaf/download/PCAOB_inspection_deficiency_analysis_january2006.pdf ). An earlier analysis focused on PCAOB deficiency reports for firms with 100 or

The Financial Accounting Foundation, which funds and oversees the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), appointed Thomas J. Linsmeier, CPA, to FASB for a five-year term that began July 1. A nationally respected accounting educator and researcher, he is chairman of the department of

The International Accounting Standards Board published an ED of proposed amendments to International Accounting Standard (IAS) 23, Borrowing Costs ( www.iasb.org ). The proposal requires entities to capitalize borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset as part of its cost, rather