A&A news February 2012

A&A

PCAOB Proposes Auditing Standard on Related Parties

On February 28, the PCAOB issued for public comment a proposed auditing standard - Related Parties. The proposed standard would improve the auditor's evaluation of a public company's identification of, accounting for, and disclosure about its relationships and transactions with related parties.
AccountingWEB Life

Paychex Expands Retirement Services Offering to Fee-Based Financial Advisors

Paychex, Inc., ranked as one of the nation's largest 401(k) recordkeepers according to PLANSPONSOR magazine's 2011 Recordkeeping survey, has announced the launch of Paychex Advisor Select 401(k) Plan, a new offering that is specifically designed for fee-based financial and investment advisors.
A&A

FAF: Post-Implementation Reviews on FASB and GASB Accounting Standards

Accounting standards governing financial reporting for business combinations, operating segments, and government deposit and investment disclosures will be the next subjects of post-implementation reviews conducted by the FAF, the oversight body of the FASB and the GASB, the FAF announced.
A&A

Global Trade Drying Up, Says Economic Survey of Finance Professionals

Finance professionals believe there will be a renewed global economic downturn in 2012, as the largest-ever quarterly survey of professional accountants shows that international trade continued to dry up at the end of last year.
A&A

IC Opportunities Event – A Forum for Industry Innovation and Change

Jason Blumer, of Blumer and Associates CPAs, has no problem admitting to the conservative nature of the accounting profession. Its reverence of tradition and legacy, its hierarchical leadership style, and its reliance on "tried-and-true" business practices, are what once made the profession great.
A&A

Study Shows Benefits of Shareholder Involvement in Auditor Selection

In December 2011, the SEC gave GE, Alcoa, and others leave to exclude from their 2012 annual meetings the proposals of shareholders calling for rotation of the companies' external auditors. This was counter to a decades-old rule excluding from proxy materials proposals that will affect firms' "ordinary business."
Practice

Treasury Proposes New Rules for Annuity Options in Retirement Plans

The U.S. Treasury and the IRS have proposed a package of regulations and rulings intended to encourage retirees to invest some proceeds of their retirement accounts in annuities. Retirees have shown no interest in this type of investment because they are reluctant to invest their entire retirement account in an annuity.
Practice

Pippins v. KPMG LLP - What It Could Mean for Your Company

Employers who have faced potential class action wage-and-hour lawsuits know what a headache they can be. Due to a recent case, employers have a lot more to worry about. That case, Pippins v. KPMG LLP, has caused tremendous turmoil and confusion among those who follow employment litigation and electronic discovery.
AccountingWEB Life

Helping Clients Protect What They Have

Robert Keebler CPA, MST, AEP, works with clients with a net worth of $5 million to more than $100 million. Many have complex financial situations, and all want to protect what they have. While his firm doesn't offer any asset protection products, they do help guide clients along in the process of getting protected.
A&A

E&Y to Pay $2 Million to Settle Audit Failure Charges

On February 8, the PCAOB announced a settled disciplinary order censuring E&Y LLP. It imposed a $2 million civil money penalty against the firm, which is PCAOB's largest civil money penalty to date. The PCAOB also sanctioned four of E&Y's current or former partners for violating PCAOB rules and standards.
A&A

Fixes to Form 1099-R Could Boost Compliance, Inspector General Says

Changes to IRS tax form 1099-R could eliminate taxpayer confusion, improve compliance, and generate "substantial" revenue for the federal government, according to a report released Tuesday by TIGTA - "Opportunities Exist to Identify More Taxpayers Who Underreport Retirement Income."
A&A

IRS Casts Bait to Reel in Taxpayers with Offshore Accounts

The IRS has reopened its Offshore Voluntary Disclosure Program (OVDP). Similar programs were initiated in 2011 and 2009, from which the IRS has collected more than $4.4 billion. The OVDP is aimed at encouraging taxpayers who have stashed assets offshore to declare their outstanding tax liabilities.
Tax

Lessons from Lehman: It's All about Confidence

The entire financial crisis of 2008 was about credit and confidence, and the same holds true today. That was the message delivered by the former general counsel of Lehman Brothers, Kevin Genirs, during his keynote address February 1, 2012, at the LegalTech® conference in New York City.
A&A

CGMA: Global Management Accounting Designation Launched by AICPA and CIMA

In a joint venture, the AICPA and the CIMA have launched a new global accounting designation – Chartered Global Management Accountant (CGMA) – that recognizes the unique skills of professional management accountants working in business.