Newsletters

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  • Assessing going concern issues in an audit March 27, 2017 The Auditing Standards Board (ASB) has unanimously voted to issue a final going concern standard. This standard will align the AICPA’s auditing guidance with accounting guidance issued by the Financial ...
  • Income tax disclosure proposal receives negative feedback March 27, 2017 When the Financial Accounting Standards Board (FASB) proposed adding a number of disclosure requirements to the guidance for income taxes, the board sought to balance the cost of the proposed ...
  • FASB resumes work on its hedge accounting project March 27, 2017 In January, the Financial Accounting Standards Board (FASB) went back to work on its project to simplify hedge accounting. So far, FASB members have agreed to include a number of ...
  • Ireland appeals Apple state aid decision March 7, 2017 The European Union’s Official Journal published Ireland’s appeal asking for an annulment of the European Commission’s decision that Ireland had granted unlawful state aid to technology company Apple Inc. Following an ...
  • IRS “campaigns” include foreign business targets March 7, 2017 The IRS Large Business and International (LB&I) division has released its widely anticipated new audit strategy known as “campaigns.” The LB&I is moving toward issue-based examinations. “This approach makes use of ...
  • IRS instructs auditors on issuing summons to foreign-owned businesses March 7, 2017 In an International Practice Unit (IPU), the IRS outlined the steps its auditors should take when issuing a recordkeeping and reporting summons to a U.S. corporation that is 25% owned ...
  • In pursuit of global convergence in financial reporting February 15, 2017 During her four-year term, Securities and Exchange Commission (SEC) Chair Mary Jo White expressed strong support for global accounting convergence. In January, she issued a 1,600-word statement calling for her ...
  • PCAOB says its rules override Chinese regulations February 15, 2017 Today, many companies operate in more than one country, requiring them to comply with multiple sets of rules and regulations. This can sometimes be challenging for businesses and their advisors. ...
  • Are you purchasing assets or a business? February 15, 2017 On January 5, 2017, the Financial Accounting Standards Board (FASB) published guidance to clear up the existing rules for determining whether the purchase (or sale) of an asset or group ...
  • Final IRS regs kill foreign goodwill exception, limit active trade or business exception February 15, 2017 The IRS issued final regs that affect U.S. taxpayers who transfer property to foreign corporations in nonrecognition transactions. The regs are aimed at preventing taxpayers from avoiding recognition of gains or ...