FICPA: Top Stories
Most recent top stories featured on the home page of the FICPA Web site
- Statements on Standards for Tax Services: An Examination and Overview
The AICPA's Statements on Standards for Tax Services (SSTS) supersede the longstanding Statements on Responsibilities in Tax Practice (SRTP) in two important ways: The SSTSs are based on the SRTPs and correspond with IRC and other regulations as they now exist, and, unlike the solely advisory and educational SRTPs, the SSTSs are enforceable by the - IRS - Your Federal Income Tax: For Individuals
IRS - Your Federal Income Tax: For - IRS Offers Lien Relief for Financial Distressed Homeowners
The Internal Revenue Service has announced an expedited process that will make it easier for financially distressed homeowners to avoid having a federal tax lien block refinancing of mortgages or the sale of a home. - Census Estimates of State Populations (July 1, 2008)
The housing collapse and economic crisis are dramatically transforming the population and political landscape of the nation by ending the Sun Belt boom that dominated growth for a generation, according to Census Bureau estimates released Monday. - Rulemakers Launch Revenue-Recognition Makeover
Accounting standards for corporate recognition of revenue from the sale of products and services need an extreme makeover, and American and international standard setters are asking for long-range help. On Friday, the Financial Accounting Standards Board and the International Accounting Standards Board issued a joint discussion paper on revenue recognition rules, asking constituents for comments by June 19, 2009. - IASB and FASB Propose Joint Approach for Revenue Recognition
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment a discussion paper setting out a joint approach for the recognition of revenue. Revenue is an important number to users of financial statements in assessing a companyВ’s performance and prospects. However, revenue recognition requirements in US generally accepted accounting principles (GAAP) differ from those in International Financial Reporting Standards (IFRSs) and both are considered in need of improvement. - SEC Adopts Proposed Rules Requiring Financial Statements to Be Filed in XBRL Format and Extends Timetable for Compliance
On December 17, 2008, the U.S. Securities and Exchange Commission (SEC) adopted rules that require companies to provide financial statement information in periodic reports and registration statements in an interactive data format using the eXtensible Business Reporting Language (XBRL). The SEC also extended the time for implementation that was set forth in the proposing release1 by six months for the first group of filers. The rules are intended to eliminate manual data re-entry and make it easier and more cost-effective for analysts, investors, and others to search and analyze financial information across companies, reporting periods, and industries. - Madoff`s Auditor Under Ethics Probe By CPAs Group
The main trade organization for U.S. accountants has begun an ethics investigation into the small accounting firm that supposedly signed off on the books of Bernard Madoff's investment management business. - SEC Requires Interactive Financial Filings
Financial disclosures by public companies and mutual funds will be provided in an online interactive format in the next few years under rules adopted Wednesday by federal regulators. The changes will make it easier for investors to analyze financial data Relevant Products/Services from companies, and the risk and return information provided by mutual funds in prospectuses, Securities and Exchange Commission officials said. - Bush Announces Auto Rescue
President Bush announced a rescue plan for General Motors and Chrysler LLC Friday morning that will make $13.4 billion in federal loans available almost immediately. A senior administration official briefing reporters said he expects that GM (GM, Fortune 500) and Chrysler LLC will be signing the loan papers to access the cash later Friday morning. The money will come from the $700 billion fund set aside to bailout Wall Street firms and banks in October.