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Accounting Firms

Business Groups Look to Restrict Shareholder Proposals

Business Groups Look to Restrict Shareholder Proposals

The U.S. Chamber of Commerce and other business organizations petitioned the SEC to amend the rule governing shareholder proposals in proxy materials. The business groups say one of the rule’s provisions wastes money and time, although an investor advocate accused the Chamber and its allies of attempting to silence shareholders. The U.S. Chamber of Commerce […]

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Proposal on Disclosures for Investment Funds Dropped

Proposal on Disclosures for Investment Funds Dropped

After hearing negative feedback on a document that was slated for public release early this year, a majority of the FASB agreed to scrap a proposal that would have required new disclosures from investment companies that invest in other investment funds. The disclosures were designed to offer insight into the risks and expenses of these […]

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Final Leases Standard May Be Delayed to 2015

Final Leases Standard May Be Delayed to 2015

The FASB and IASB’s most recent discussion on their landmark project to overhaul the accounting for lease contracts exposed sharp differences on fundamental pieces of the planned amendments. The significance of the disagreements and the volume of the remaining work suggest that the chances for publication of a final standard in 2014 are fading. As […]

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Fair Value Measurement Option May Remain in U.S. GAAP

Fair Value Measurement Option May Remain in U.S. GAAP

The FASB continued to move away from the largely converged classification and measurement proposal it issued in February 2013, voting to keep intact the fair value measurement option in U.S. GAAP for certain types of financial instruments. Current U.S. GAAP allows wider use of the fair value option for financial assets and liabilities than the […]

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Conflict Mineral Rule to Move Ahead Despite Business Opposition

Conflict Mineral Rule to Move Ahead Despite Business Opposition

The SEC won’t stay its disclosure rule for conflict minerals despite a recent court ruling that struck down one of its provisions. In the view of the SEC’s leadership, the court “upheld the vast majority of that rulemaking,” while invalidating only a small portion of its disclosure requirements. SEC Chair Mary Jo White said during […]

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Broad Input on Disclosure Effectiveness Sought

Broad Input on Disclosure Effectiveness Sought

The SEC’s Division of Corporation Finance has undertaken a major long-term project to overhaul public company disclosure requirements. As part of the project, the division staff has recently launched a separate spotlight page on the SEC’s website called “Disclosure Effectiveness” to ask investors, companies, and other market participants to give their views on how the […]

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Discussions Start on Ways for Companies to Improve Disclosure Information

Discussions Start on Ways for Companies to Improve Disclosure Information

As the FASB awaits feedback on its March proposal aimed at improving the board’s internal decision-making process for writing financial statement disclosure requirements, the board is now looking at how businesses can improve the process, too. The FASB wants to see if it can write guidance to help businesses determine which footnote requirements must be […]

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OECD provides global standard for automatic exchange of financial account information

OECD provides global standard for automatic exchange of financial account information

OECD: Standard for Automatic Exchange of Financial Account Information The Organization for Economic Cooperation and Development (OECD) has released a global standard for automatic exchange of financial account information, including a Common Reporting and Due Diligence Standard (CRS) and a Model Competent Authority Agreement (CAA). The OECD said that the common standard is intended to […]

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Proposed Expansion of Auditor’s Report Garners Some Support

Proposed Expansion of Auditor’s Report Garners Some Support

The PCAOB plans to make the auditor’s report more useful to investors by requiring auditors to communicate the critical issues they uncover when reviewing client financial statements. Despite the opposition of some auditors, the plan is garnering support from some groups, judging from the tenor of the discussion at a public forum the regulatory board […]

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Broker-Dealer Inspection Program May Be Tailored to Fit Audit Firms

Broker-Dealer Inspection Program May Be Tailored to Fit Audit Firms

PCAOB Chairman James Doty told the SEC that his agency is looking at the different business models of the accounting firms that serve the brokerage industry and considering how it may scale its inspections of the audit firms. The PCAOB has been inspecting audit firms for the brokerage industry under a temporary program for almost […]

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State Accounting Boards Question $3 Million Payment to IASB’s Parent

State Accounting Boards Question $3 Million Payment to IASB’s Parent

The Financial Accounting Foundation’s (FAF) decision to subsidize the IFRS Foundation with a $3 million payment is causing some concern among a number of accounting organizations. The National Association of State Boards of Accountancy (NASBA) has asked the FAF for a detailed explanation of the payment. NASBA also said it wondered if the decision contradicted […]

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Proposed Framework Seeks to Change Process for Writing GAAP’s Disclosure Rules

Proposed Framework Seeks to Change Process for Writing GAAP’s Disclosure Rules

The FASB is seeking comments on a proposed guide to help the board craft disclosure requirements for U.S. GAAP. The board is looking for a checklist of sorts to ensure that it writes consistent, clear requirements that do not overlap with existing disclosure rules or require companies to provide too much forward-looking information. The FASB […]

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Limited Partnerships Are Free to Make Separate Consolidation Assessments

Limited Partnerships Are Free to Make Separate Consolidation Assessments

The FASB continued work on its consolidation project, focusing on the rights held by the parties in limited partnership arrangements. The board tentatively decided that limited partnerships would consider the rights held by other parties differently from other types of entities making decisions about whether to report holdings on their balance sheets. The FASB made […]

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Insurers to Be Given a Choice for Presentation of Discount Rates

Insurers to Be Given a Choice for Presentation of Discount Rates

The IASB agreed to let insurers record changes in the discount rate in net income or other comprehensive income. The decision is part of the international board’s effort to write a final standard that requires insurers to update the assumptions about the payments they expect to make to customers every reporting period and report the […]

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U.S. CEOs resist country-by-country tax reporting – survey

U.S. CEOs resist country-by-country tax reporting – survey

WASHINGTON (Reuters) – Unlike a majority of their foreign peers, most U.S. corporate CEOs do not support the idea that businesses should have to disclose tax and financial information on a country-by-country basis, said a survey released on Thursday. Country-by-country financial reporting – as opposed to standard reporting in which multinationals lump together financial figures […]

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Board Member Hanson Wants Term ‘Audit Failure’ Eliminated

Board Member Hanson Wants Term ‘Audit Failure’ Eliminated

During a recent speech, PCAOB member Jay Hanson said he wants the board to eliminate the term “audit failure” because it confuses investors and audit committees about what it means. He believes that some take audit failure to mean that there was financial misstatement when that may not be the case. The board uses it […]

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Project on Government Assistance Disclosures Added to Agenda as Other Items Get Dropped

Project on Government Assistance Disclosures Added to Agenda as Other Items Get Dropped

The FASB has added a project to its agenda to require companies to disclose aid they receive from federal, state, and local governments, including tax incentives. It also approved adding several early-stage research projects to its agenda, including hedge accounting, interest rate risk disclosures, a review of the FASB’s conceptual framework, financial statement presentation, liabilities […]

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New LB&I directive clarifies information document request procedures

New LB&I directive clarifies information document request procedures

IRS’s Large Business and International division (LB&I) has issued an updated directive on the requirements for issuing and enforcing information document requests (IDRs). Among other things, the new directive states that examiners and specialists have discretion, as warranted by the circumstances, to grant an extension to taxpayers who either fail to respond to an IDR […]

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Converged Financial Instruments Standard May Not Happen

Converged Financial Instruments Standard May Not Happen

The odds of the FASB and IASB coming up with a converged method to classify and measure financial instruments have become slimmer, given the FASB’s rejection of the joint model’s underlying premise, which called for basing an instrument’s measurement on the business model of the organization holding it. The U.S. board hasn’t decided the approach […]

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International Warning Issued on Crowdfunding Risks

International Warning Issued on Crowdfunding Risks

The International Organization of Securities Commissions (IOSCO) said regulators haven’t begun to address the investor protections that may be needed to facilitate a crowdfunding market, in part because the investment concept is still lightly used and untested. The global regulatory association urged its members to monitor the market’s growth and strike a balance that allows […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney