Accounting Today

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Former PCAOB Chair Goelzer Doubts Audit Firms Will be Forced to Rotate

Daniel Goelzer, one of the original members of the Public Company Accounting Oversight Board and a former acting chairman, told Accounting Today he is skeptical that the PCAOB will end up requiring mandatory audit firm rotation for public companies.

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Posted by Michael Cohn at 05:55PM | Comments (0)

Center for Accounting Education Plans Future Efforts at Increasing Diversity

Frank Ross, director of Howard University’s Center for Accounting Education, has been a longtime proponent of increasing diversity in the accounting profession, as the industry once again tries to make headway on the problem.

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Posted by Michael Cohn at 07:36PM | Comments (0)

FATCA Regulations Provide More Clarity, but Leave Open Questions

The Treasury Department and the Internal Revenue Service released their long-awaited set of final regulations for the Foreign Account Tax Compliance Act last week. They answer many of the lingering questions that have caused banks to put off implementation, but not all of them.

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Posted by Michael Cohn at 07:50AM | Comments (0)

Program Aims to Give Academic Researchers More Access to Auditors

The Center for Audit Quality and the American Accounting Association’s Auditing Section have teamed up on a program to give academic researchers improved access to auditors from six major firms to participate in research studies.

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Posted by Michael Cohn at 06:59PM | Comments (0)

Lower-Income Americans Facing Fresh Financial Troubles

Financial troubles appeared to be on the rise last month for lower-income Americans earning under $50,000, according to Consumer Reports, while wealthier Americans earning $100,000 or more saw their financial situations improve significantly.

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Posted by Michael Cohn at 05:26PM | Comments (0)

Fujitsu’s New Scanner Doesn’t Need a Computer

Fujitsu has introduced a new model of its ScanSnap scanner line that allows accountants to use a tablet or other mobile device to do a quick scan without powering on a PC or Mac.

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Posted by Michael Cohn at 06:45PM | Comments (0)

IASB Plans to Support Integrated Reporting Effort

International Accounting Standards Board chairman Hans Hoogervorst said his board plans to sign a memorandum of understanding with the International Integrated Reporting Council in what could be a step towards developing standards that encompass financial reporting and reporting on nonfinancial areas such as the environment, corporate governance and social responsibility.

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Posted by Michael Cohn at 04:22PM | Comments (0)

Tax Prep Chains Cope with IRS Tax Season Delay

The big national tax prep chains reacted to the Internal Revenue Service’s announcement that tax season would be delayed until the end of the month with a mixture of statements ranging from acceptance to resignation to the equivalent of “I told you so.”

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Posted by Michael Cohn at 03:46PM | Comments (0)

Intuit Readies Software for Another Turbulent Tax Season

Intuit has been keeping abreast of all the developments with the recently enacted tax legislation, but the tax prep software giant is warning that its software is still dependent on the Internal Revenue Service updating all of its forms, schedules and instructions on time.

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Posted by Michael Cohn at 06:18PM | Comments (0)

Like-Kind Exchanges Run Amok

Some of the largest corporations are relying on like-kind-exchanges to lower their tax bills, in some cases pushing the boundaries of what the Internal Revenue Service will allow under the law.

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Posted by Michael Cohn at 03:51PM | Comments (0)