Journal of Accountancy

AICPA Council votes to offer specialized credentials globally

2013-05-20T10:00:00-07:00

Members of certain qualified accounting bodies outside the United States will be eligible to earn AICPA specialized credentials as a result of a resolution approved by the AICPA governing Council on Monday in Washington. As a result of the vote at the annual spring Council meeting, the AICPA will

Change in definition of attest clears hurdle

2013-05-19T17:30:00-07:00

The AICPA governing Council on Sunday approved a resolution to change the definition of attest—a key step in an effort to promote the quality of services for both clients and the greater public. Although the exact legislative language has yet to be determined, the AICPA in partnership with

IRS sends letters to taxpayers as it tries to close out inventory of Form 3520 processing issues

2013-05-17T11:30:00-07:00

The IRS has recently notified the AICPA's Foreign Trust Task Force that the IRS plans over the next few months to send out letters to taxpayers who filed Form 3520, Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, or Form 3520-A, Annual

IASB chair: Lease changes unpopular, but necessary

2013-05-16T12:00:00-07:00

International Accounting Standards Board (IASB) Chairman Hans Hoogervorst on Thursday acknowledged the converged lease accounting proposal is bound to be unpopular with many companies. Indeed, less than four hours after FASB and the IASB formally announced the revised proposal, the U.S. trade

IRS gives details of operations on furlough dates

2013-05-16T12:00:00-07:00

To help taxpayers plan for the upcoming furlough dates on which the IRS will be closed (see 'IRS Decides to Shut Down Completely on Furlough Dates'), the IRS issued a news release detailing how the shutdown days, the first of which is May 24, will affect operations (IR-2013-51). The

Much-awaited leases proposal includes dual-recognition approach

2013-05-16T03:30:00-07:00

One of the most challenging international convergence projects attempted by FASB and the International Accounting Standards Board (IASB) cleared an important hurdle Thursday with the proposal of a revised financial reporting standard for leases. FASB and the IASB released nearly identical, revised

Acting IRS commissioner out in tea party scandal

2013-05-15T17:30:00-07:00

Speaking from the East Room of the White House on Wednesday evening, President Barack Obama announced the departure of Acting IRS Commissioner Steven Miller as a result of the ongoing scandal surrounding the IRS's controversial methods for determining which organizations applying for Sec.

SOX compliance costs rise for many companies, report finds

2013-05-15T17:00:00-07:00

New developments associated with the Sarbanes-Oxley Act of 2002 (SOX) have companies changing their compliance processes more than a decade after the law was enacted, according to a new survey report. Organizations reporting rises in SOX compliance costs and external audit fees in 2012 vastly

Demographics driving accounting firm M&A

2013-05-15T12:30:00-07:00

The need for succession has sparked the surge of deals, said Transition Advisors CEO Terry Putney.

Justice Department opens criminal probe of IRS treatment of tea party groups

2013-05-14T15:00:00-07:00

At a press conference in Washington on Tuesday, Attorney General Eric Holder announced that the Justice Department has opened a criminal probe of the IRS and its reported scrutiny of tax-exemption requests by groups with the words 'tea party' or 'patriot' in their names.

AACSB approves revised accounting school accreditation standards

2013-05-14T15:00:00-07:00

The Association to Advance Collegiate Schools of Business (AACSB) will implement a revised set of accounting accreditation standards on July 1—the first major changes to the standards in nearly a decade. The new standards, which cover everything from strategic management to learning and

8 steps to update internal control

2013-05-14T14:30:00-07:00

Here is how organizations can implement the newly updated, principles-based internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), which was released May 14 (visit ic.coso.org). The original 1992 framework has been sharpened and refreshed to

Key factors cited as discussion of audit quality indicators nears

2013-05-14T13:30:00-07:00

An effective definition of audit quality should encompass two key factors, the Center for Audit Quality (CAQ) told the PCAOB in a comment letter dated May 13. The CAQ, which is affiliated with the AICPA, has been working over the past several months to develop perspectives that could help define

Newly released COSO framework a fresh look at internal control

2013-05-14T07:30:00-07:00

An important development in the internal control landscape was completed Tuesday with the release of an update to the integrated framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). COSO's popular original internal control framework, released in 1992, was

Final regulations for Sec. 336(e) elections are issued

2013-05-13T16:00:00-07:00

On Monday, the IRS issued final regulations on the rules that apply when an election under Sec. 336(e) is made to treat the sale, exchange, or distribution of at least 80% of the voting power and value of a corporation's stock (target) as a sale of all its underlying assets, i.e., a qualified

Schedule M-3 filing requirement reduced for entities below $50 million in assets

2013-05-13T04:00:00-07:00

On Friday, the IRS announced changes in the filing requirements for Schedule M-3, Net Income (Loss) Reconciliation, for certain corporations and partnerships. For tax years ending on or after Dec. 31, 2014, certain corporations and partnerships will be permitted to file Schedule M-1, Reconciliation

AICPA provides guidance on auditing conflict minerals reports

2013-05-10T12:00:00-07:00

Recently implemented federal rules on disclosure of conflict minerals have mandated new audit requirements for some U.S. issuers. The AICPA Conflict Minerals Resources webpage provides background and other useful information about the use of conflict minerals, which are gold, tantalum, tin, and

Resources help auditors resolve issues with regulator-prescribed forms

2013-05-10T09:00:00-07:00

Independent auditors sometimes find themselves in conflict with regulator-prescribed forms. In an emerging issue for auditors, some of them have found that the reports they are required to submit to state regulators do not contain the specific elements and wording of generally accepted auditing

ASB exposes clarified auditing standard on internal audit

2013-05-10T08:00:00-07:00

The Auditing Standards Board (ASB) has exposed a new, clarified standard that applies to use of the work of internal auditors. With the issuance of the Proposed Statement on Auditing Standards (SAS), Using the Work of Internal Auditors, the ASB has completed the clarity project redrafting of its

Survey: Financial stress taking a toll on Americans

2013-05-10T07:00:00-07:00

Problems created by financial stress aren't limited to people's pocketbooks. A new survey found that money-related stress is also taking a toll on Americans' waistlines, friendships, and sleep habits. The telephone survey, conducted March 14–17, asked 1,011 U.S. adults to