OCC Head Calls for Minimum Mortgage Underwriting Standards Worldwide

Fri, 20 Nov 2009 20:15:00 GMT

Comptroller of the Currency John C. Dugan, speaking in Tokyo on Wednesday, said that regulators around the world should establish minimum underwriting standards for all mortgages as a response to a problem that sparked the financial crisis of the past two years. He made the remarks during the

CPAs Can Help Builders Increase Profits, Cash Flow

Fri, 20 Nov 2009 19:30:00 GMT

At a time when the construction industry is faced with unprecedented economic conditions, companies must do everything possible to remain profitable and maintain positive cash flows. Consider the following tips to help your clients in this industry:

Risk-Based Audit Best Practices

Thu, 19 Nov 2009 23:00:00 GMT

The aim of the risk assessment auditing standards was to improve the quality and effectiveness of audits by substantially changing audit practice. Statements on Auditing Standards nos. 104–111 provide increased rigor to the audit process in a number of key areas including the assessments

Windows 7: Is It Right for You?

Wed, 28 Oct 2009 23:15:00 GMT

Windows 7, the newest version of Microsoft’s desktop operating system, comes with numerous functional improvements over its widely used predecessors, Vista and XP. Some of these enhancements—such as more powerful hard drive search and data encryption capabilities—will save time

Panelists Advise Companies to Take Responsibility for XBRL Tagging—Even When Outsourcing

Thu, 19 Nov 2009 23:20:00 GMT

When reporting financials in XBRL, companies need to take responsibility by documenting the reasons items are tagged the way they are and allocating ample time for management review—even if they outsource the data tagging to a third party, according to panelists at the 2009 XBRL US National

IRS Pilot Program Will Allow Truncated Social Security Numbers on Information Returns

Thu, 19 Nov 2009 22:15:00 GMT

The IRS on Thursday announced a pilot program aimed at deterring identity theft (Notice 2009-93). Under the program, filers of certain paper information returns will be allowed to truncate the payee’s Social Security number on the payee statement. The change affects statements for 2009 and

FDIC Approves Transitional Safe Harbor on Securitizations in Light of New FASB Standards

Wed, 18 Nov 2009 18:00:00 GMT

The FDIC Board of Directors, responding to accounting standard changes promulgated by FASB, adopted an interim rule amending 12 C.F.R. § 360.6 to provide a transitional safe harbor effective immediately for all participations and securitizations in compliance with that rule as originally

PBGC Deficit Climbs to $22B in 2009

Tue, 17 Nov 2009 12:30:00 GMT

The Pension Benefit Guaranty Corp. (PBGC) had an overall deficit of $22 billion for the fiscal year ending Sept. 30, 2009, according to the agency’s Annual Management Report, nearly double the $11.2 billion deficit it had at the end of fiscal year 2008. The deficit was, however, sharply lower

Crawling on the Bottom: Results of the AICPA/Kenan-Flagler Economic Outlook Survey Q4 2009

Mon, 16 Nov 2009 17:30:00 GMT

UNC Prof. Mark Lang analyzes results of the AICPA/Kenan-Flagler Business School Business & Industry Economic Outlook Survey Q4 2009.

Economic Optimism Levels Off, Execs Concerned About Government Policies

Mon, 16 Nov 2009 17:30:00 GMT

Optimism among CPA financial executives about the U.S. economy flattened after two quarters of improvement as managers paid more attention to potential challenges and concerns associated with the federal budget deficit, tax reform and regulatory requirements, according to a survey released Monday.

CPAs on the Go Embrace Mobile Technology

Sun, 15 Nov 2009 19:00:00 GMT

CPAs who find themselves on the go are turning to some of the latest phones and mobile applications to do much more than just stay connected to their clients. A CPA Trendlines survey by Bay

President Signs Military Spouses Residency Relief Act

Sun, 15 Nov 2009 18:30:00 GMT

President Barack Obama signed into law the Military Spouses Residency Relief Act (PL 111-97), which will ensure that the spouses of military personnel who move because their spouse is posted for military duty will be treated as not having changed residency for tax purposes.

IASB Releases New Standard for Financial Instruments

Thu, 12 Nov 2009 23:15:00 GMT

The International Accounting Standards Board (IASB) on Thursday issued a new standard on the classification and measurement of financial assets. Publication of the standard represents completion of the first part of a three-part project to replace IAS 39, Financial Instruments: Recognition and

FASB Allows Early Adoption of Key Provisions of New Revenue Recognition Approach

Thu, 24 Sep 2009 22:30:00 GMT

FASB on Wednesday brought U.S. GAAP closer to the approach FASB and the International Accounting Standards Board (IASB) have outlined in their preliminary views documents for their joint revenue recognition project that is scheduled for completion in 2011.

AICPA Files Suit Challenging Identity Theft Rule

Wed, 11 Nov 2009 21:00:00 GMT

The AICPA filed a lawsuit on Tuesday seeking to bar the Federal Trade Commission from applying its so-called Red Flags Rule to CPAs. The Institute says the rule, which is designed to help prevent identity theft, would “impose onerous and unnecessary requirements on AICPA

Final Regs Issued on E-Postcards

Wed, 28 Oct 2009 17:00:00 GMT

The Pension Protection Act of 2006 introduced a new notification requirement for small tax-exempt organizations that are not required to file an annual information return under IRC § 6033(a)(1). In July, the IRS released final regulations spelling out what small tax-exempt organizations

President Signs Unemployment Bill With Tax Items

Fri, 06 Nov 2009 00:15:00 GMT

On Friday, President Obama signed into law a bill that includes changes to the first-time homebuyer credit, increased NOL carrybacks for small businesses, and mandatory e-filing for most tax return preparers. The bill cleared Congress on Thursday.

IASB Proposes New Accounting Model for Financial Instruments

Thu, 05 Nov 2009 23:45:00 GMT

The International Accounting Standards Board (IASB) on Thursday published proposals that if implemented would fundamentally shift the way banks and other financial institutions report the value of loans (or portfolios of loans) and other financial instruments carried at amortized cost.

AICPA Opposes Attempt to "Undermine" FASB's Independence

Thu, 05 Nov 2009 23:30:00 GMT

AICPA President and CEO Barry Melancon sent a letter to the leadership of the House Financial Services Committee on Wednesday to state that the Institute is “strongly opposed” to any legislation that would “undermine the independent accounting standard process as currently carried

Letter Encourages Congress to Retain SEC Oversight of FASB

Tue, 03 Nov 2009 23:30:00 GMT

A group of key stakeholders in U.S. capital market regulations sent a joint letter to the leaders of the House Financial Services Committee to discourage possible proposals that would realign the oversight of FASB within the structure of systemic risk regulation. The letter said the SEC should

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