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Accounting Firms

Proposals Approved for Increased Reporting by Fund Companies, Investment Advisers

Proposals Approved for Increased Reporting by Fund Companies, Investment Advisers

The SEC proposed rules to require investment companies and investment advisers to report more about their business activities. The agency believes the information will help it monitor and address the risks they pose to the financial system. The SEC on May 20, 2015, voted unanimously to propose two rules to add to the reporting requirements […]

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Rights groups reject OECD approach on corporate tax avoidance

Rights groups reject OECD approach on corporate tax avoidance

LONDON (Reuters) – An international campaign to stamp out corporate tax dodging will fail and G20 leading economies should instead adopt a global minimum tax rate for multinationals, a coalition of 10 charities and human rights bodies said. The G20 asked the Organisation for Economic Co-operation and Development in 2013 to devise reforms to the […]

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Chinese Audit Firm Inspection Agreement Appears ‘Very Close’

Chinese Audit Firm Inspection Agreement Appears ‘Very Close’

The PCAOB may be close to reaching an agreement with Chinese authorities that will let board inspectors review audit firms in China whose clients trade on U.S. stock exchanges. China bars direct access for foreign regulators, and the PCAOB has been negotiating for years to overcome the ban. PCAOB Chairman James Doty said on June […]

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IRS requests comments on potential tax issues raised by new revenue recognition standards

IRS requests comments on potential tax issues raised by new revenue recognition standards

Notice 2015-40, 2015-24 IRB In a Notice, IRS is seeking comments regarding the effect on taxpayers’ methods of accounting of new financial accounting revenue recognition standards announced last year by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). Background- accounting methods. Code Sec. 446(a) and Reg. § 1.446-1(a)(1) provide that […]

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Scientists Press for Disclosure Rule About Business Impact on Environment

Scientists Press for Disclosure Rule About Business Impact on Environment

An increasing number of activist investor groups said they want the SEC to use its review of its disclosure rules to write regulations calling for more information on environmental and social issues. And now concerned scientists are also urging the SEC to take action given the negative impact some companies’ operations have on the environment. […]

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PCAOB inspection reports cite audit problems at six firms

PCAOB inspection reports cite audit problems at six firms

The PCAOB’s most recent round of inspections found audit deficiencies at six firms of the 18 inspected. The audit watchdog also made additional information public on previous inspections for four firms that did not adequately address quality control issues. The PCAOB on April 28, 2015, released 18 inspection reports, faulting six firms for lapses in […]

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Proposed One-Year Delay Of Revenue Standard To Move Forward

Proposed One-Year Delay Of Revenue Standard To Move Forward

The IASB plans to propose in mid-May a one-year deferral of the landmark, global revenue recognition accounting standard. If approved, companies would have until 2018 to comply with the new standard. The decision follows the lead of the FASB, which earlier in April agreed to propose a one-year delay. The IASB on April 28, 2015, […]

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US Supreme Court holds that action for breach of fiduciary duty to monitor 401(k) investments not time-barred

US Supreme Court holds that action for breach of fiduciary duty to monitor 401(k) investments not time-barred

Tibble, Glenn v. Edison International (2015, S Ct) 2015 US No. 13-550 The Supreme Court has held that as long as an alleged breach of the continuing duty to monitor the investments of a 401(k) plan occurred within six years of the time a fiduciary breach suit is brought, the claim is timely. The case […]

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Revenue standard will keep guidance on customer collectibility

Revenue standard will keep guidance on customer collectibility

The FASB and IASB continue to comb through the questions that have cropped up since they published their landmark, converged revenue recognition standards in May 2014. The boards decided to propose several tweaks to the standards, but are offering no fundamental changes to the so-called collectibility threshold. The FASB and IASB at a joint meeting […]

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Proposal to Trim Fair Value Disclosures Threatens Post-Crisis Reform Measure

Proposal to Trim Fair Value Disclosures Threatens Post-Crisis Reform Measure

The FASB has tentatively decided to scale back some disclosures that once were considered key to understanding how to measure hard-to-value assets and liabilities. The board wants to cut the disclosures because they result in boilerplate answers or give misleading information to investors, but some analysts still find the information they give essential. The FASB’s […]

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Questions mount about planned government support disclosure rules

Questions mount about planned government support disclosure rules

The FASB wants to give investors and financial analysts information in their financial statement footnotes about the economic incentives companies receive from governments. Businesses and auditors aren’t happy with the plan and wonder what the board is trying to accomplish. FASB members knew they could be undertaking a controversial issue when in 2014 they started […]

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FASB Proposed Disclosure Framework Nears Publication

FASB Proposed Disclosure Framework Nears Publication

The FASB is close to releasing for public comment a proposal to guide companies about the information that should be included in footnote disclosures. The FASB wants companies to use the guide to help weed out extraneous information from increasingly lengthy financial statements and make the remaining disclosures more informative. The FASB is moving closer […]

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Proposal To Offer Amendments To Valuation Adjustments In Business Combinations

Proposal To Offer Amendments To Valuation Adjustments In Business Combinations

The FASB had brief discussions on a series of potential projects at its recent meeting. The board plans to issue a proposed change to the adjustments to the valuation in a business combination. The board also plans to add to its agenda a project to improve the disclosures about interest income related to purchased loans […]

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PWC to Pay $65 Million to Resolve Lawsuit Over MF Global but Doesn’t Admit Liability

PWC to Pay $65 Million to Resolve Lawsuit Over MF Global but Doesn’t Admit Liability

NEW YORK (Reuters) – PricewaterhouseCoopers agreed to pay $65 million in cash to settle a lawsuit claiming it fraudulently deceived MF Global Holdings Ltd investors about its auditing of the now-defunct brokerage, which was run by former New Jersey Governor Jon Corzine. The preliminary settlement with investors in MF Global’s common stock, bonds and convertible […]

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Collection of Customer Payments Reopens Old Debate in Revenue Standard’s Implementation

Collection of Customer Payments Reopens Old Debate in Revenue Standard’s Implementation

Coming up with a way for a business to assess the odds of collecting payments from a customer was one of the toughest tasks for the FASB and IASB when they wrote their revenue recognition standards. Businesses and auditors still have questions about the collection issue, and the boards must now decide whether they need […]

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Going Concern Warnings Declined in 2013

Going Concern Warnings Declined in 2013

Going concern warnings dropped by an estimated 6 percent for the 12-month period that ended July 2013 compared to the same period in 2012. The decrease is smaller than the number of companies that filed terminations with the SEC after disclosing a going concern warning the year before. Auditors issued fewer warnings about struggling companies […]

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Chair White Defends Waiver Policy

Chair White Defends Waiver Policy

The SEC has been criticized for granting waivers from disqualifications too easily to big financial institutions that have committed fraud or settled complaints. In a lengthy defense of a policy that has divided the market regulator’s senior ranks, Chair Mary Jo White said the regular granting of waivers isn’t a sign of lax enforcement. She […]

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Comment letters say accredited investor threshold complicates Jobs Act registration proposal

Comment letters say accredited investor threshold complicates Jobs Act registration proposal

Investment industry groups want the SEC to set up safe harbor provisions for companies faced, for the first time, with tracking the accreditation status of hundreds of their shareholders. The requirement is part of increased registration thresholds under the JOBS Act that are designed to make it easier for some small companies and community banks […]

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Brokers challenge restrictions in small stock pilot program

Brokers challenge restrictions in small stock pilot program

Brokerage firms and investment industry trade groups said an SEC plan to test an increase in the trading increments for small company stocks includes trading restrictions that will undermine the purpose of running the test. The SEC said the restrictions are needed to stem the migration of trading volume away from the regulated exchanges. Brokerage […]

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Auditors Continued to Mishandle Internal Control Reviews in 2014

Auditors Continued to Mishandle Internal Control Reviews in 2014

Helen Munter, the director of the PCAOB’s Division of Registration and Inspections, said audit firms are still having problems when they review clients’ financial reporting controls. Some firms have addressed the issue, and audit regulators have noted some improvement. But the firms still have more work to do to fully address the problems. The PCAOB’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