Update from the FASB/IASB Meetings

IFRS

By Todd Lucas

The FASB and IASB recently met in London and discussed a variety of topics, with the primary focus being on the direction for new requirements for the impairment of those financial assets that are measured at amortized cost, leases and effective dates and transition for their four major projects (financial instruments, insurance, leases and revenue recognition).... read more >

Potential IRS Audit Issues for an Auto Dealer

Automobile

By Kathleen Myers

With the IRS’s recent hiring surge, the number of small business audits will likely increase over the coming months. In light of the increased activity, ... read more >

FASB Changing Disclosures by Entities Participating in Multiemployer Pension Plans

Audit

By Donald Applegarth

On July 27, 2011, the FASB announced that it had approved revisions to the proposed Accounting Standards Update (ASU), Compensation -- Retirement Benefits -- Multiemployer Plans (Subtopic 715-80): Disclosure about an Employer’s Participation in a Multiemployer Plan.... read more >

Baseline Budgeting - The Nemesis of Deficit Reduction

Tax

By Ron Kramer

On Tuesday, July 26, House Speaker John Boehner found out that his debt proposal would cut spending far less than he originally touted.... read more >

Of Chickens and Debt Ceilings

Several months ago, I taped a picture of a chicken on my office door. Yes, I have gotten a few strange looks. Across the bird is scrawled “Don’t ... read more >

Ohio Enacts Consumer's Use Tax Amnesty Provisions

Ohio Governor John R. Kasich signed H.B. 153 into law on June 30, 2011, enacting legislation to introduce a consumer use tax amnesty program that will run from October 1, 2011 through May 1, 2013.  ... read more >

In Two Months, a Lifetime of Knowledge

Internship

By Kira Bornak

As the spring semester came to a close in April 2011, I couldn’t be happier about the summer months approaching. I was excited not only about the ... read more >

Tax Implications for Private Clubs Involved in Marcellus Shale Leasing

The continuing expansion of Marcellus Shale drilling has brought with it some serious tax issues for private clubs that are normally tax exempt under Internal Revenue Code Section 501(c)(7).... read more >

FASB and IASB to Re-Expose Leasing Proposals

Audit

By Donald Applegarth

From CCH ARM: The FASB and IASB (Boards) have announced their intention to re-expose their revised proposals for a common leasing standard. The Boards ... read more >