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United Kingdom: Tax Implications Of A Change From Existing UK GAAP To FRS102 - Smith & Williamson

Tue, 18 Jun 2013 14:01:10 GMT

FRS102 is the new accounting standard that will replace UK GAAP and become the accounting standard applicable in the UK and Ireland.

Canada: Controls Assurance Reports In Outsourcing Transactions: Knowing What To Ask For - McCarthy Tétrault LLP

Tue, 18 Jun 2013 11:44:06 GMT

Outsourcing and cloud computing service engagements are fraught with financial, security and other risks, especially if dealing with an unproven service provider.

United States: Comment Letter On FASB's Proposed Amendment To ASU Subtopic 825-15: Financial Instruments - Credit Losses - BerryDunn

Mon, 17 Jun 2013 16:49:03 GMT

BerryDunn has issued a comment letter on FASB’s proposal to update the accounting rules for the allowance for loan losses.

European Union: Show Me The Money - New European Disclosure Requirements Announced For Companies In Extractive Industries - Field Fisher Waterhouse

Mon, 17 Jun 2013 00:00:00 GMT

The European Union has recently proposed new accounting and disclosure rules that will oblige European listed and other large companies in extractive industries to disclose material payments to the governments in countries where they operate.

United States: PCAOB Announces Agreement With China On Production Of Audit Work Papers – A Step Forward Or Lip Service? - Shearman & Sterling LLP

Thu, 13 Jun 2013 17:29:28 GMT

On May 24, 2013, the Public Company Accounting Oversight Board announced that it had signed a Memorandum of Understanding with Chinese securities regulators that would enable the PCAOB under certain circumstances to obtain audit work papers of China-based audit firms.

United States: Risky Business In Worker Misclassification Cases: Treating A Worker As A Dual Independent Contractor And Employee - Pepper Hamilton LLP

Thu, 13 Jun 2013 17:22:24 GMT

Businesses that dual-classify workers as both ICs and employees run a higher than ordinary risk of audit and legal challenge.

United States: On The Horizon - June 4, 2013 - Grant Thornton LLP

Thu, 13 Jun 2013 15:01:51 GMT

All decisions reached at Board meetings are tentative and may be changed at future meetings. Decisions are included in an Exposure Draft only after a formal written ballot.

United States: IRS Requests Comments On Bad Debt Rules - Grant Thornton LLP

Thu, 13 Jun 2013 12:58:18 GMT

Section 166(a)(1) permits a deduction for any debt that becomes worthless in a taxable year, and Section 166(a)(2) provides that Treasury may allow a deduction for debt when it is partially worthless to the extent that the debt is charged-off within the taxable year.

Ireland: Audit Exemption Checklist - Mason Hayes & Curran

Thu, 13 Jun 2013 12:16:37 GMT

Any shareholder or shareholders who hold shares representing 10% or more of the total voting rights of the company can still ensure that the company produces audited financial statements by serving a notice on the company requesting that it not avail of an audit exemption.

United States: Don't Miss The FBAR Filing Deadline - Duane Morris LLP

Thu, 13 Jun 2013 10:43:11 GMT

Despite the Department of the Treasury's Financial Crimes Enforcement Network publishing final regulations for reporting bank accounts, securities accounts and other financial accounts located in a foreign country on Form TD 90-22.1, Report of Foreign Bank and Financial Accounts, many taxpayers remain confused regarding the filing requirements, including the fast-approaching and accelerated filing deadline.

United States: Preparing For And Navigating Complex IRS Examinations - Caplin & Drysdale

Wed, 12 Jun 2013 09:49:53 GMT

Perhaps you just learned from the IRS that your tax-exempt organization has been selected for examination.

United States: PCAOB Reproposes Auditing Standard And Amendments - Holland & Knight

Tue, 11 Jun 2013 11:21:16 GMT

On May 7, 2013, the PCAOB reproposed for comment: (1) an auditing standard on related parties; (2) proposed amendments to certain PCAOB auditing standards regarding significant unusual transactions; and (3) other proposed amendments to PCAOB auditing standards.

South Africa: KPMG IFRS Banking Newsletter – Issue 8 - KPMG, South Africa

Tue, 11 Jun 2013 09:52:33 GMT

This issue of KPMG’s IFRS banking newsletter provides updates on IFRS development that directly impact banks and considers the potential accounting implications of regulatory requirements.

United Kingdom: FRS102 The Financial Reporting Standard Applicable In The UK And Ireland - Smith & Williamson

Mon, 10 Jun 2013 12:40:50 GMT

Following the exposure drafts issued in 2010 and 2012, The Financial Reporting Council has issued the final version of three Financial Reporting Standards.

United States: On the Horizon - May 28, 2013 - Grant Thornton LLP

Fri, 07 Jun 2013 13:20:05 GMT

The FASB met on May 23 to discuss its projects on revenue recognition, insurance contracts, and repurchase agreements and similar transactions.

Canada: IRS Hates Quiet Disclosures And They Really Mean It - Moodys Tax Advisors

Fri, 07 Jun 2013 12:10:50 GMT

The US Government Accountability Office recently released a report that encouraged the Internal Revenue Service to seek out off-shore filers who have circumvented the IRS’s recent Voluntary Disclosure programs in favor of "quiet disclosure."

United States: The Sky Is The Limit: Taxing The Cloud - BerryDunn

Fri, 07 Jun 2013 12:00:25 GMT

Does your business provide cloud-based computing services to customers in various states or outside the country?

Canada: Canada Revenue Agency Provides Update On Rulings And GAAR At Toronto Centre CRA & Professionals Group Breakfast Seminar - Dentons

Fri, 07 Jun 2013 11:54:35 GMT

On June 6, 2013, at the Toronto Centre CRA & Professionals Breakfast Seminar, the Canada Revenue Agency discussed (a) recent developments at the Income Tax Rulings Directorate and (b) the process through which the General Anti-Avoidance Rule in section 245 of the "Income Tax Act" may be applied in the course of an audit.

South Africa: IFRS Disclosure Checklist: Interim Financial Reports - April 2013 - KPMG, South Africa

Fri, 07 Jun 2013 10:40:25 GMT

This checklist assists in preparing interim financial reports in accordance with IAS 34 Interim Financial Reporting.

South Africa: New Consolidation Model For Fund Managers - KPMG, South Africa

Thu, 06 Jun 2013 14:22:26 GMT

In May 2011, the International Accounting Standards Board issued "IFRS 10 Consolidated Financial Statements" which provides guidance on when investments should be consolidated.

United States: US District Court Sides With Taxpayer On Protecting Many Tax Accrual Workpapers - Mayer Brown

Thu, 06 Jun 2013 11:46:44 GMT

The US District Court for the District of Minnesota recently issued its order in Wells Fargo & Co. v. United States, consolidated summons enforcement actions in which the taxpayer claimed that its tax accrual workpapers were privileged and therefore shielded from IRS discovery.

United States: IRS Simplifies OID Computations For Credit Card Receivables Pools - Grant Thornton LLP

Tue, 04 Jun 2013 16:44:40 GMT

The IRS issued guidance that allows taxpayers to use a simplified proportional method of accounting to compute original issue discount for pools of credit card receivables.

United States: On the Horizon - May 21, 2013 - Grant Thornton LLP

Tue, 04 Jun 2013 13:46:27 GMT

Some leases impose requirements on a lessee to restore a facility to its original condition at the end of a lease or to uninstall and remove leasehold improvements.

United States: Initial Window For Delaware Unclaimed Property VDA Opportunity Closes June 30, 2013 - Morrison & Foerster LLP

Tue, 04 Jun 2013 00:00:00 GMT

Delaware is offering a voluntary disclosure program, touted by its secretary of state as a "good deal," to businesses that may not be in compliance with all of Delaware’s unclaimed property reporting requirements.

United Kingdom: Accounting In The Cloud - Web Based Access To Your Financial Management Information - Smith & Williamson

Fri, 31 May 2013 13:35:32 GMT

A discussion on cloud accounting.