2014 News Archive
 

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GWSCPA News

Defining roles in prevention of financial reporting fraud

There is no way to guarantee that an organization will not experience financial reporting fraud. But research shows that fraud-resistant organizations share three traits: A tone at the top that encourages an ethical culture. The presence of...

Tax break negotiations in 'preliminary' stage

Negotiations over extending a slew of expired tax breaks could take until the end of the current lame-duck session of Congress, top tax writers said Thursday. Top Republicans and Democrats on the Senate Finance and House Ways and Means committees...

FASB Kicks Consolidation Standard Out to 2015

Companies will not have a final new consolidation standard by the end of 2014, despite expectations that the standard would be completed by the end of this year. The Financial Accounting Standards Board learned from its staff that the “fatal...

FASB Meeting Tentative Decisions: November 12, 2014

At its November 12 meeting, the FASB discussed (1) Financial Instruments—Classification and Measurement and (2) Consolidation—Principal versus Agent Analysis. Find details on  FASB.org

IRS Scanning 10 Ks for Tax Data, Report Finds

When CFOs and accounting standard-setters refer to the “users” of corporate 10-Ks, they usually mean investors, research analysts and rival companies. But new research suggests that another kind of user has been taking a keen interest in their...

Debating the Fairness of SEC ?Fair Funds'

Are “fair funds” fair? Under the 2002 Sarbanes-Oxley law, the Securities and Exchange Commission is authorized to take pools of cash collected from defendants in SEC enforcement actions and distribute the money to injured investors. Instead of...

IRS fills in details of one a year IRA rollover rule

The IRS clarified how the recently announced change in how it interprets the statutory one-rollover-per-year rule for individual retirement arrangements (IRAs) will affect 2014 rollovers and how the rules will apply starting in 2015 (...

U.S. releases low 2015 Obamacare enrollment forecast

The U.S. administration on Monday dramatically cut expectations for 2015 Obamacare enrollment, saying it aims to have a total of 9.1 million people enrolled in government-backed federal and state health insurance marketplaces next year. The...

Regulations finalize rules on all cash D reorganizations

On Monday, the IRS finalized temporary regulations regarding the determination of the basis of stock or securities in all-cash D reorganizations where no stock or securities of the issuing corporation is issued and distributed in the transaction...

Final rules determine how E&P is treated in corporate reorganizations

New rules under Sec. 381 will change which corporation succeeds to the tax attributes, including the earnings and profits (E&P), of the transferor or distributor corporation in certain acquisitions. T.D. 9700 , issued on Friday by the IRS,...