Tax

The AICPA named Ben Neuhausen of BDO Seidman LLP the chair of its Accounting Standards Executive Committee (AcSEC), succeeding Mark Bielstein of KPMG LLP. As an AcSEC member, Neuhausen earlier chaired the AICPA Task Force on Real-Estate Time-Share Transactions. AcSEC member Carl Kampel of Ellin & Tucker, Chartered, will become

The International Federation of Accountants (IFAC) released an exposure draft (ED) and several publications. The ED, Proposed International Public Sector Accounting Standard: Financial Reporting Under the Cash Basis of Accounting—Disclosure Requirements for Recipients of External Assistance, is intended to enhance transparency and relevance of disclosures about financial assistance to governments

The Financial Accounting Standards Board (FASB) in December issued Statement no. 153, Exchanges of Nonmonetary Assets, an amendment of APB Opinion no. 29. The revised guidance is based on the principle that exchanges of nonmonetary assets should be measured according to the fair value of such assets. The statement replaces

The IRS and the Treasury Department issued final regulations containing nondiscrimination and other requirements for cash or deferred arrangements under section 401(k) and for matching and employee contributions under section 401(m) of the Internal Revenue Code ( www.treas.gov/press/releases/reports/401k122804td9169.pdf ). These regulations update and simplify many of the current rules for

According to the 2004 National Management of an Accounting Practice (MAP) survey—conducted by Practice Management for CPA Success (PCPS): the AICPA Alliance for CPA Firms and the Texas Society of CPAs—local and regional firms across the nation reported revenue growth, salary increases and expansion of core services in 2004 and

Barbara A. Henderson, CPA—the first woman appointed to the Governmental Accounting Standards Board (GASB)—died in November at age 67. She was a member of GASB from 1991 until her retirement in 1999 and also of its predecessor, the National Council on Government Accounting.

The Small Business Administration (SBA) issued two rules to help companies in the information technology (IT) and testing laboratory industries qualify for contracting opportunities and federal assistance ( www.sba.gov/news/04-03.pdf ). The SBA expects the changes, which affect limitations on revenue and number of employees, to benefit more than 1,700 small

GASB issued Statement no. 46, Net Assets Restricted by Enabling Legislation, an amendment of GASB Statement no. 34 ( www.gasb.org/news/nr123004A.html ). The subject legislation authorizes the raising of new resources but imposes limits on how they may be used. The guidance, which is effective for periods beginning after June 15,

Larry E. Rittenberg, CPA, was named chair of the Committee of Sponsoring Organizations (COSO) of the Treadway Commission. Rittenberg, who replaced John H. Flaherty, CPA, had previously served as president, as well as vice-president of research, of the Internal Auditors Association Research Foundation. To help CPAs market their practices, the

The International Accounting Standards Board (IASB) amended two international accounting standards (IASs) ( www.iasb.org/news ). One amendment, to IAS 19, Employee Benefits, allows entities to fully recognize actuarial gains and losses (that is, unexpected changes in a benefit plan’s value) in the period in which they occur, outside profit or