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
The OCC yesterday released an updated version of its Bank Accounting Advisory Series that provides accounting guidance for accountants at financial institutions.
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 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 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 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.
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.
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.
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.
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.