IRS Provides Transitional Rules for Retroactive Reinstatement of Exempt Status

The Pension Protection Act of 1996 ("PDA") requires tax-exempt organizations with average annual receipts of less than $25,000 to submit a new form with the IRS, known as the 990-N or e-postcard.  The penalty for non-filing is draconian.  In the event that small tax-exempt organizations failed to submit their 2007, 2008 and 2009 annual returns their tax-exempt status was automatically revoked.... read more >

Incorporating IFRS into the U.S. Financial Reporting System

IFRS

By Donald Applegarth

The SEC has published a paper which outlines a possible approach for incorporation of IFRS into the U.S. financial reporting system, if the SEC were to decide that incorporation of IFRS is in the best interest of U.S. investors.... read more >

Manufacturing Concerns of 2011

Over the past decade, manufacturing in the United States has been steadily declining, but the U.S. still has one of the world’s largest manufacturing economies. In an effort to control costs and remain competitive, many manufacturers moved production and/or jobs overseas or replaced manual labor with computerized equipment. As a result, manufacturing jobs in the U.S. declined more than 30% over the last ten years.... read more >

Economic Volatility Requires a Higher Level of Consideration Regarding Industry Risk

While the national and global economies remain unstable, business owners need to thoroughly evaluate where they fit in their industry in terms of risk factors when determining the value of their company. Industry risks could have either a positive or negative effect on value based on an analysis of the company’s industry risk.... read more >

Preparing for the future: Volunteers Introduce Fifth Graders to Resumes and Career Paths

On Friday, May 20, 2011, Jason Smida, Constantine Mezhinsky, and I had the opportunity to volunteer for Junior Achievement of Western Pennsylvania. The purpose of the JA program is to prepare and inspire young people to succeed in the global economy. ... read more >

Ensuring That Unmitigated Risks Do Not Become the Achilles' Heel for Service Organizations and Their Customers

With the June 15, 2011 implementation deadline now here, service organizations must address the new requirements imposed by Statement on Standards for Attestation Engagements (SSAE) 16. One such requirement is that management identifies the risks that threaten the achievement of the control objectives stated in the description of the service organization’s system.... read more >

Another Major Player Jumps Further Into Marcellus Shale Arena

Already the largest natural gas producer in the United States, ExxonMobil is increasing its investment in the Marcellus play with the acquisition of certain shale rights.  On June 2, 2011, ExxonMobil acquired Phillips Resources, Inc. (Warrendale, Pennsylvania) and TWP Inc. (Butler, Pennsylvania).  With these acquisitions, ExxonMobil now has added approximately 317,000 acres to its Marcellus holdings.  ... read more >

NAM and the State of the Manufacturing Industry 2011

Manufacturing continues to drive the economic recovery in the U.S., with increased jobs and productivity. The U.S. continues to be the world's largest manufacturing economy. The manufacturing industry in the U.S. has increased employment and productivity over the last 12-18 months, adding more than 250,000 jobs since the beginning of 2010.... read more >

The Latest on Lease Accounting

Audit

By Todd Lucas

On June 1, 2011, the FASB and IASB (the Boards) met to discuss the new proposed lease accounting guidance.  The discussion on leases at this meeting focused primarily on subsequent measurement issues relating to lessees, including foreign exchange differences, impairment, revaluation and residual value guarantees.... read more >

Will Proposed Changes in the Way to Recognize Revenue Affect You?

Audit

By Erin Abbot

The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have jointly developed a new revenue recognition project.  The project’s objective is to clarify the principles for recognizing revenue and to create a joint revenue recognition standard for U.S. GAAP and IFRS that companies can apply consistently across various industries and transactions.... read more >