Deliberations on Lease Accounting

Audit

By Donald Applegarth

The FASB and IASB have decided that there may be reason to create two categories of leases. The boards are now considering a structure where “finance leases” would be treated like an installment purchase, putting an asset on the balance sheet as well as a liability to be paid down over time. Don Applegarth provides details.... read more >

The Taxing Impact of Oil on Equity Prices

Almost 30 years ago, and I really hate admitting that, I declared my major at the United States Air Force Academy – International Affairs, with the ... read more >

IRS Announces Nonfiler Revocation List

On February 24, 2011, the Internal Revenue Service announced that it will soon publish a Nonfiler Automatic Revocation List. The list, which will be maintained and updated monthly by the Service, will contain the names of tax-exempt organizations that have had their federal tax-exempt status revoked due to their failure to file information returns.... read more >

Revenue Recognition - Is the FASB Listening?

Construction

By Joe Bruce

Since issuing its exposure draft on revenue recognition in June 2010, the Financial Accounting Standards Board (FASB) has been bombarded with comment letters challenging the practicality, function and form of its highly scrutinized accounting guidance. The FASB received 972 comment letters in total. Joe Bruce provides commentary.... read more >

1040 Tax Tips for Reporting Automotive Manufacturer Incentive Payments

It’s tax time again; time again to remember how to treat those manufacturer incentive payments on your Form 1040, U.S. Individual Income Tax Return. ... read more >

IRS Announces Relief for Taxpayers Who Have Not Filed Foreign Information Returns

On February 8, 2011, the Internal Revenue Service (“IRS”) announced the Offshore Voluntary Disclosure Initiative (OVDI) designed to assist ... read more >

Changes in Private Company Accounting Standards are Possible Under Blue-Ribbon Panel's Recommendation

Audit

By Kurt Herdman

A common complaint among privately held companies is that the accounting standards under U.S generally accepted accounting principles (GAAP) are the same ... read more >

SEC Issues New Guidance on Changing Accountants

The Corporation Finance Division of the SEC has recently updated its compliance and disclosure requirements related to a registrant’s announcement ... read more >

Pennsylvania Conforms to 100% Bonus Depreciation

Tax

By Gary Sliman

The Pennsylvania Department of Revenue (DOR) recently issued guidance in Tax Bulletin 2011-01 regarding a change in the calculation for bonus depreciation. ... read more >

February 2011 Manufacturing Index Summaries

February 2011 Manufacturing Index Summaries (as reported by the Institute for Supply Management) PMI Manufacturing continued its rapid growth in February ... read more >