U.S. Begins Foreign Tax Information Exchanges Under FATCA
The IRS today announced that it has begun exchanging financial account information with foreign tax authorities as part of its implementation of the Foreign Account Tax Compliance Act.
Browsing: Tax and Accounting
OCC Updates Accounting Resource
The OCC yesterday released an updated version of its Bank Accounting Advisory Series that provides accounting guidance for accountants at financial institutions.
ABA Cautions SEC on Audit Committee Disclosures
Warning the SEC that a stringent governance process is no guarantee that financial statements will never need restatement, ABA yesterday questioned the need for expanded disclosures of audit committee practices.
ABA Urges Restraint in PCAOB Proposal
ABA recently urged the Public Company Accounting Oversight Board to emphasize enforcement of current audit requirements relating to the work of specialists, rather than creating new auditing standards.
ABA Cautions FASB on Stock Option Proposal
ABA yesterday warned the Financial Accounting Standards Board that a proposed change in accounting for stock options will subject a company’s earnings to the volatility of its stock price.
ABA Hires Kinsella as Top Tax Expert
ABA today announced that John Kinsella has been named its new VP for tax policy. Kinsella joined ABA from U.S. Bancorp, where he was SVP and director of taxation.
SEC Proposal on Audit Committee Disclosures: Will Investors Care?
As if audit committees (ACs) don’t have enough to worry about in the post Sarbanes-Oxley (SOX) era, the SEC is inviting comments on a concept release paper that proposes various additional disclosures for them.
FASB Stock Option Accounting Simplification: Mark to Market Accounting for Compensation?
The Financial Accounting Standards Board’s latest effort to simplify accounting standards focuses on expenses related to stock option compensation. At first, the proposal appears very encouraging: companies will have the option to account for forfeitures as the options expire – that can make things easier.
OCC: Credit, Compliance Risk Growing in 2015
Noting an environment of “high” credit, strategic, compliance and operational risk, the OCC outlined nine priorities for ongoing midsize and community bank supervision in its Semiannual Risk Perspective report released yesterday.
Onerous Tax Reporting Provision Removed from Trade Bill
Following advocacy by ABA, state associations, bankers and other financial trade groups, a controversial revenue-raising provision in trade preferences bill H.R. 1295 was removed.