IRS' New Customer Account Data Engine Needs More Testing
The Internal Revenue Service needs to improve the testing of its new Customer Account Data Engine, according to a new report. The report, from the Treasury Inspector General for Tax Administration,...
View ArticleDelay Seen (Again) For New Rules on Accounting
A long-awaited U.S. decision on whether to switch to global accounting standards—a holy grail for many companies with overseas operations—is likely to be delayed until next year. After weighing the...
View ArticleFASB Seeks Advice On Improving Financial Statement Disclosures
FASB released a discussion paper for its disclosure framework project Thursday, a significant step in the effort intended to improve the effectiveness of disclosures in financial statements.
View ArticleTax Court Petition Challenging a Notice Of Deficiency Suspends Statute Of...
The Eleventh Circuit overturned a Tax Court decision and held that a petition filed by taxpayers who had transferee liability for their corporation’s tax liability was a “proceeding in respect of the...
View ArticleWith SEC Report Looming, Uncertainty Over IFRS Expected to Linger
Although the release of a long-awaited SEC staff report discussing IFRS adoption is imminent, uncertainty over the issue appears certain to linger.
View ArticleFASB Asks for Feedback On Disclosure Framework
The Financial Accounting Standards Board is inviting comments on its proposed Disclosure Framework, requesting input on ways to improve the effectiveness of disclosures in notes to financial statements.
View ArticleSEC Releases Staff Report On IFRS Work Plan
The Office of the Chief Accountant of the Securities and Exchange Commission published its final staff report on the Work Plan for global accounting standards.
View ArticleIASB Urges SEC to Come On Board With IFRS
The International Accounting Standards Board responded with dismay to the Securities and Exchange Commission staff report on International Financial Reporting Standards.
View ArticleCongressman to Introduce Legislation Requiring Presidential Candidates to...
Rep. Sander Levin, D-Mich., the ranking Democratic member of the tax-writing House Ways and Means Committee, plans to introduce legislation that would require Presidential candidates to make public 10...
View ArticleFASB Splits With IASB On Impairment Standards
The Financial Accounting Standards Board said it is taking a different approach than the International Accounting Standards Board in the impairment of financial instruments after a joint meeting...
View ArticleAnalysis: A Decade On, is Sarbanes-Oxley Working?
When Peregrine Financial collapsed earlier this month, a nagging question resurfaced. As in the implosion of Lehman Brothers , the fall of Bernard Madoff and other cases in recent years, many asked:...
View ArticleU.S. Losing Most Favored Nation Status With International Accounting Standards
The International Accounting Standards Board is headed toward a more multilateral approach in the formation of International Financial Reporting Standards, as the U.S. appears increasingly unlikely to...
View ArticleBernanke Says Regulatory Overhauls Will Help Avoid More Crises
Federal Reserve Chairman Ben S. Bernanke said new regulatory structures such as the Dodd-Frank Act and the Basel accords are important in helping to prevent another crisis because they give regulators...
View ArticleFASB Agrees to Tighten Sale Accounting Criteria
In its continuing quest to sort out when a financial asset transaction is a sale vs. a repurchase agreement or a secured borrowing , the Financial Accounting Standards Board tentatively agreed to a...
View ArticlePTIN Registration System Improved
The Internal Revenue Service has made a series of enhancements to its Preparer Tax Identification Number system.
View ArticlePCAOB Adopts New Auditing Standard, Amendments
The Public Company Accounting Oversight Board on Wednesday adopted Auditing Standard No. 16, Communications with Audit Committees, which establishes requirements that enhance the relevance and...
View ArticleU.s. Irs Wields Summons To Pry Info Out Of Wealthy, Companies
The U.S. Internal Revenue Service is increasingly urging its examiners to make more use of a powerful legal tool - the administrative summons - to obtain sensitive documents from uncooperative...
View ArticleSEC Won't Issue Interim Rule For Private Placement Pitches
The Securities and Exchange Commission will not issue an interim rule this week on a controversial JOBS Act requirement to allow public solicitations by issuers of private securities. Instead of...
View ArticleU.s. Treasury Names New Enforcer On Money Laundering
The U.S. Treasury on Monday said it hired one of the Justice Department's top prosecutors to lead its anti-money laundering and counter-terror finance unit, raising the department's profile and...
View ArticlePCAOB Adopts New Auditing Standard, Amendments
The Public Company Accounting Oversight Board on Wednesday adopted Auditing Standard No. 16, Communications with Audit Committees, which establishes requirements that enhance the relevance and...
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