Substantial Increase in Required Finance Receivable Disclosures: Are You Ready?

Audit

By Lara Fuller

In light of the recent financial crisis, in July 2010, the FASB issued a new accounting standard to improve transparency in financial reporting by companies that hold financing receivables.... read more >

Cap Rates and Real Estate

Gennaro DiBello explains the use of the term "cap rate" in the context of the sale of a commercial rental property.... read more >

IRS Reports that Fewer Taxpayers than Expected are Paying the Tanning Excise Tax

Tax

By Ron Kramer

In March 2010, The Patient Protection and Affordable Care Act enacted a 10 percent excise tax on indoor tanning services.... read more >

Cloud Computing Considerations

If you ask five different people to explain cloud computing, more than likely you will receive five different answers. In a nutshell, cloud computing can be described as a subscription based or rented services that are accessed via the internet.... read more >

FASB's Convergence Timeline Delayed Once Again

Audit

By Todd Lucas

In a recent interview, FASB chair Leslie Seidman noted that several of the higher priority convergence projects will most likely be delayed until 2012, at the earliest.... read more >

Deadline Approaching for Signature Authority FBARs

Tax

By Ron Kramer

The IRS granted an extension for individuals who have signature over, but no financial interest in foreign financial accunts. The new November 1 deadline is quickly approaching.... read more >

Private Company Standards Improvement Council to be Formed

Audit

By Donald Applegarth

The Financial Accounting Foundation (FAF) Board of Trustees plans to establish a “Private Company Standards Improvement Council” (PCSIC) to improve the standard-setting process for private companies.... read more >

PCAOB Proposes Further Transparency with Disclosure of Engagement Partner

On October 11, 2011, the PCAOB proposed for public comment standards that would require public company auditing firms to disclose the name of the engagement partner responsible for signing the opinion in the audit report for an SEC registrant... read more >

Private Company Financial Reporting

Audit

By Donald Applegarth

The Financial Accounting Foundation’s Board of Trustees has discarded the Blue-Ribbon Panel's recommendation to create of a new, independent board, to be overseen by the FAF, that would focus on making exceptions and modifications to U.S. GAAP for private companies.... read more >