2014 News Archive
 

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GWSCPA News

CohnReznick LLP and Watkins Meegan LLC Complete Combination

November 10, 2014 – Bethesda, MD – CohnReznick LLP, one of the top accounting, tax, and advisory firms in the U.S., and Bethesda-based accounting, tax, and consulting firm, Watkins Meegan LLC, today announced the completion of their combination....

FASB Studies Possible Deferral for Revenue Recognition

The Financial Accounting Standards Board plans to consider in early 2015 whether to give companies more time to adopt the massive new standard on revenue recognition. At a recent meeting of the Transition Resource Group, FASB Co-Chairman Jim...

GWSCPA seeks Volunteer for Vice Chair of the 27th Annual Nonprofit Accounting and Finance Symposium

The Greater Washington Society of CPAs is accepting applications for the Vice Chair of the 27th Annual Nonprofit Accounting and Finance Symposium. The key roles of the chair are to assist the Chair with facilitation, coordination, communication...

Treasury Auction Cuts Raise Risks for Dealers, RBC Says

The U.S. Treasury’s decision to reduce the amount of debt sold at two- and three-year note auctions may make it riskier for the banks and brokerage firms that are obligated to bid at the monthly offerings. “Smaller auctions with volatile bids...

U.S. judge criticizes SEC use of in house court for fraud cases

A Manhattan federal judge who gained prominence by rejecting U.S. Securities and Exchange Commission bank settlements urged the agency on Wednesday to reconsider becoming "a law unto itself" by increasingly bringing cases in-house instead of in...

Filing season complications loom, IRS commissioner tells AICPA

The 2015 tax filing season “will be one of the most complicated filing seasons we’ve ever had,” IRS Commissioner John Koskinen said in a keynote address Tuesday to hundreds of attendees at the AICPA National Tax Conference in Washington. He also...

FASB Issues Guidance on Derivatives & Hedging

Today the FASB issued Accounting Standards Update No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity .  Click...

GASB proposes disclosures for tax abatements by governments

State and local government financial statements would be required to reflect agreements that state and local governments make to attract businesses to their areas under new accounting rules GASB proposed Friday. In an effort to stimulate economic...

Proposed rules would change partners' treatment of unrealized receivables and inventory items

On Friday, the IRS issued proposed regulations under Sec. 751 that would amend the rules governing how a partner measures its interest in a partnership’s unrealized receivables and inventory items and the tax consequences of a distribution to a...

OECD Finalizes FATCA Like Regime With More Reporting Obligations

Global companies that hold account balances have a new FATCA-like regime to contend with after the Organization for Economic Co-Operation and Development finalized a new method to govern information exchange among more than 50 countries. OECD is...