PCAOB Proposals Regarding Broker-Dealers and Their Auditors

Audit

By Shawn Edwards

In December 2010, the Public Company Accounting Oversight Board (PCAOB) issued proposed guidance that will affect both broker-dealers and their auditors. ... read more >

Know Your Responsibilities When Outsourcing Certain Benefit Plan Functions

ERISA

By Timothy Hammer

The hiring of third-party administrators (TPA) does not relieve plan administrators of their fiduciary responsibilities regarding the operation of certain ... read more >

Treasury Issues Final Rules Regarding Foreign Financial Account Reporting

Tax

By Ron Kramer

On February 23, 2011, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued final changes to regulations implementing the ... read more >

How will Japan affect global manufacturing?

Undoubtedly, we’ve all been aware of the recent devastation in Japan. Parts of Northern Japan have been wrecked and the damage extends throughout ... read more >

IRS Warns of Scams in the Wake of Japan Disaster

Tax

By Martin DiGiovine

In the aftermath of the recent catastrophes in Japan, the tremendous generosity of average Americans will once again be in full swing, providing food, ... read more >

Will IRS Increase Its Audits of Tax Returns Reporting Losses From Rental Real Estate Activities?

Tax

By Ron Kramer

Recently, an audit report released by the Treasury Inspector General for Tax Administration (TIGTA) suggested the Internal Revenue Service (IRS) should ... read more >

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 >