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Conceptual Framework Won’t Redefine Assets or Liabilities

Conceptual Framework Won’t Redefine Assets or Liabilities

The IASB’s proposed revision of its conceptual framework won’t rewrite the definitions of assets and liabilities, but the accounting board wants to use the plan to produce more clarity about what the terms mean. This was the thrust of a September 3, 2013, webcast the IASB held to explain proposed changes to the main document, […]

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SEC Charges Accountant for Madoff Clients for Role in Creating False Books and Records

SEC Charges Accountant for Madoff Clients for Role in Creating False Books and Records

SEC Charges Accountant for Madoff Clients for Role in Creating False Books and Records. 2013-202. The Securities and Exchange Commission charged the longtime accountant for many of Bernard Madoff’s oldest and wealthiest clients for his role in the creation of false books and records used in the massive Ponzi scheme. The SEC alleges that Paul […]

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Special Report – How a German tech giant trims its U.S. tax bill

Special Report – How a German tech giant trims its U.S. tax bill

As reported in the news in Reuters, “Special Report – How a German tech giant trims its U.S. tax bill – In July 2012,” then-U.S. Treasury Secretary Tim Geithner traveled to an island off the German coast to meet Wolfgang Schaeuble, Germany’s finance minister. Schaeuble was on vacation, but Geithner visited to discuss the euro […]

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Report Shows Continued Uncertainty on Conflict Minerals Rule

Report Shows Continued Uncertainty on Conflict Minerals Rule

Less than one year until the implementation of a new rule requiring businesses to disclosure of the use of conflict minerals, most companies still do not know how their reporting and audit reports will be affected. A recent survey of nearly 900 companies performed by PricewaterhouseCoopers found that nearly half of the respondents are unsure […]

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Revised Framework May Modify Reporting of Other Comprehensive Income

Revised Framework May Modify Reporting of Other Comprehensive Income

The revised IASB Conceptual Framework is intended to address the issue of other comprehensive income with both a broad and narrow approach, board representatives said during a September 13, 2013, webcast.  The webcast was from a series of Internet discussions to address specific issues from Discussion Paper (DP) No. 2013-1,A Review of the Conceptual Framework […]

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Hoogervorst Resists EU Pressure

Hoogervorst Resists EU Pressure

A proposal in the European Parliament that ties IASB funding to the reinstatement of a provision in the board’s Conceptual Framework is being viewed as a threat to the board’s independence.If the IASB accepts the legislative plan, it will bring back the concept of “prudence,” which urges accountants to exercise caution when tallying up profits […]

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Focus on Accounting Fraud May Reduce XBRL Errors

Focus on Accounting Fraud May Reduce XBRL Errors

The SEC’s chief economist said the agency’s software for identifying problems in financial disclosures may have an unintended benefit.  Craig Lewis, the director of the SEC’s Division of Economic and Risk Analysis, is expecting the quality of information prepared in the eXtensible Business Reporting Language (XBRL), the data format the SEC adopted four years ago […]

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Proposed Changes to Audit Report Prompt a Negative Reaction

Proposed Changes to Audit Report Prompt a Negative Reaction

A handful of letters have been submitted in response to the PCAOB’s proposal to expand the auditor’s report. If the majority of letters that come in by the December comment deadline adopt the same stance as the early letters, the regulatory board may have to revise the changes before they can be finalized. With almost […]

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Most Comments Support PCC Proposals on Business Combinations, Goodwill

Most Comments Support PCC Proposals on Business Combinations, Goodwill

The FASB has received mostly positive comments on two proposals that would simplify accounting for private companies buying or merging with another company. The comment deadline on both proposals was August 23, 2013, although letters often come in after the deadline. Almost all of the comments so far agree with both proposals, which were forwarded […]

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Attestation and Audit Standards Are Adopted for Broker-Dealer Reporting

Attestation and Audit Standards Are Adopted for Broker-Dealer Reporting

The PCAOB recently adopted three standards covering reviews of broker-dealer reports. The standards include Attestation Standard No. 1, Examination Engagements Regarding Compliance Reports of Brokers and Dealers, which sets rules for auditors examining broker-dealer compliance reports. Attestation Standard No. 2 Review Engagements Regarding Exemption Reports of Brokers and Dealers, establishes requirements for an auditor’s review […]

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Would Expanded Audit Reports Increase Liability Risk?

Would Expanded Audit Reports Increase Liability Risk?

Immediately after the PCAOB issued a proposal that would significantly change the current audit report, the U.S. Chamber of Commerce went on the offensive. “This is a fundamental change that can harm both businesses and investors alike, and may drive up liability for management and auditors,” said Tom Quaadman, vice president for the chamber’s Center […]

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Chinese Are Prepared to Hand Over More Auditor Papers

Chinese Are Prepared to Hand Over More Auditor Papers

The China Securities Regulatory Commission is getting ready to hand over more auditor papers to the SEC. The move follows a recent decision by China’s market regulator to give U.S. officials the paperwork for Longtop Financial Technologies Ltd. Longtop’s documents were the first set of papers given to a foreign regulator by the Chinese after […]

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The AICPA’s Professional Ethics Executive Committee (“PEEC”) Adopts Cumulative Effect Provision For Multiple Services

The AICPA’s Professional Ethics Executive Committee (“PEEC”) Adopts Cumulative Effect Provision For Multiple Services

The AICPA’s Professional Ethics Executive Committee (“PEEC”) approved during its meeting on August 13-14, 2013, a provision on the conflicts of interest that may arise when an accountant provides multiple services to a client. Ellen Goria, senior manager for independence and special projects, said the committee approved No. 101-3, “Performance of Non-Attest Services—Cumulative Effect,” under […]

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Stock Exchanges Ask for Significant Changes to Trading Safeguards Proposal

Stock Exchanges Ask for Significant Changes to Trading Safeguards Proposal

In March 2013, the SEC proposed what seemed like straightforward rules to reduce market risks associated with electronic trading. But if comment letters to Release No. 34-69077, Regulation Systems Compliance and Integrity, are any indication, regulators have a lot of work to do before finalizing the rules. The changes in Release No. 34-69077, would update […]

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A Link Is Established Between Royalties and Sales Despite Dissent

A Link Is Established Between Royalties and Sales Despite Dissent

The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (ISAB) , cleared up a piece of the pending revenue recognition standard that had vexed entertainment and pharmaceutical companies that get royalties based on third-party sales. Here’s the news announcement. At issue was how revenues should be recorded when a company receives money for […]

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Auditor’s Procedural Report Gets Dropped from Risk Retention Proposal

Auditor’s Procedural Report Gets Dropped from Risk Retention Proposal

In the revised credit risk retention proposal, financial regulators bowed to complaints from offering sponsors and accountants and eliminated the independent auditor reports that would look at a sample of the assets being bundled and sold to investors.  Dodd-Frank mandated regulators to write the risk retention rules to minimize the risk of another financial crisis […]

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Audit Failures Are Blamed on a Lack of Skepticism

Audit Failures Are Blamed on a Lack of Skepticism

PCAOB officials have been alarmed for some time at the high rate of poor audit work they uncover during their accounting firm inspections. Like regulators overseas, PCAOB officials haven’t been able to trace the ultimate causes of the problems, but they’ve found a trait in almost all poorly executed audit work—a failure to exhibit a […]

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Not-for-Profit Financial Statements Project Discussions to Continue

Not-for-Profit Financial Statements Project Discussions to Continue

The Financial Accounting and Standards Board (FASB) plans to hold an education session August 27, 2013, to continue discussing its effort to revamp the way universities, charities, and other not-for-profit organizations draw up their financial statements. No decisions are made at education sessions, but the discussion prepares the board for future action. The FASB last […]

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Deloitte’s Understanding of U.S. Law Becomes Focus of Hearing About Chinese Paperwork

Deloitte’s Understanding of U.S. Law Becomes Focus of Hearing About Chinese Paperwork

A partner with Deloitte Touche Tohmatsu Certified Public Accountants Ltd. in China told an SEC administrative hearing that the firm acted in good faith when it registered with the PCAOB in 2004. The People’s Republic of China prohibits the direct production of audit firm paperwork to foreign regulators like the SEC and PCAOB, and Deloitte’s […]

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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