A&A news

A&A

Bramwell’s Lunch Beat: Veto Threat Looms Over Section 179 Vote

The menu for June 11 features specials on European Union investigates tax breaks for multinationals, Wall Street loses an ally in Eric Cantor, IRS issues ruling on hedge fund fees, and more.
A&A

FASB Launches New Initiative to Reduce GAAP Complexity

The new effort involves the FASB adding narrow-scope projects to its agenda that were identified by stakeholders as areas where US accounting rules could be simplified in a relatively short period of time.
A&A

FASB Simplifies Rule on Development Stage Entities

New guidance issued on Tuesday reduces the overall cost and complexity associated with financial reporting for development stage entities, without lessening the availability of relevant information.
A&A

PCAOB Backs New Auditing Standard on Related Parties

The new guidance adopted on Tuesday focuses on related-party transactions, significant unusual transactions, and a company’s financial relationships and transactions with its executive officers – key factors in many financial reporting frauds.
A&A

Bramwell's Lunch Beat: IFRS in the US? Maybe. Maybe Not

The menu for June 10 features specials on House GOP alleges IRS data dump was illegal, Senate lawmakers squabble over use of repatriated tax holiday, ex-BDO vice chairmen get jail time over tax scheme, and more.
A&A

Companies Shelling Out More Money to Finance Executives

Salaries for finance leaders in private and public companies in 2014 have increased 3.3 percent and 3.4 percent, respectively, according to a new survey released by Grant Thornton and the Financial Executives Research Foundation.
A&A

Bramwell’s Lunch Beat: Meet Mike McGuire, Grant Thornton’s Next CEO

The menu for June 9 features specials on accountants and artwork, Israeli bank to pay US $289 million in tax-evasion deal, Illinois Tool and IRS to battle in US Tax Court, and more.
A&A

Bramwell’s Lunch Beat: FASB ‘Redoubling Our Efforts’ on US GAAP

The menu for June 6 features specials on Senate tax writers slate summer hearings on tax reform, more larger companies turning to smaller audit firms, Tax Foundation refutes report on corporate taxes, and more.
A&A

Economic Optimism Among CPAs Climbs Upward: AICPA

The number of CPAs and financial executives who are optimistic about the US economy has surpassed the 50 percent mark for the first time since the recession, according to a new AICPA survey released on Thursday.
A&A

Bramwell’s Lunch Beat: PCAOB Will Consider Standard on Related Parties Next Week

The menu for June 5 features specials on the SEC extending settlement schedule with Big Four firms in China, a health insurance strategy the IRS may not approve of, Fortune 500 companies’ tax shelters, and more.
A&A

Auditing Special Purpose Frameworks: Planning Document, Part 1

A Planning Document is a cost-efficient way to document inquiries from the planning phase and to coordinate and summarize the results of various risk assessment procedures.
A&A

Many Companies Slow to Implement 2013 COSO Framework

According to a new Protiviti survey, 48 percent of the more than 600 audit executives and professionals surveyed reported that their organization had not yet applied the new internal control framework as of the first quarter of 2014.
A&A

Bramwell’s Lunch Beat: BEPS Rollout Won’t Be a Piece of Cake

The menu for June 4 features specials on Senate tax extenders bill stalled until November, tax-evasion probe targets another Swiss bank, tactic Walmart uses to slash its tax bill, PwC resigns as Annie’s auditor, and more.
A&A

Revenue Recognition Transition Group to Convene Next Month

The group will be tasked with informing the FASB and the IASB about potential implementation issues that could arise when companies and organizations implement the new accounting standard.
A&A

Scott London’s Golf Buddy, Bryan Shaw, Gets 5 Months in Jail

The Los Angeles-area jeweler, who was sentenced on Monday, received confidential client information and stock tips from London that helped him make at least $1.6 million in illicit profits over a two-year period.
A&A

Bramwell’s Lunch Beat: Big Four in China Talk Settlement with SEC

The menu for June 3 features specials on KPMG standing by Phil Mickelson, rankings of top audit firms in China, IBM avoiding accounting penalty from SEC, new buzz phrase in audit failures, and more.
A&A

Lawmakers Oppose Proposed Changes to Accounting Method

In a letter last week, a bipartisan group of more than 110 House legislators urged Ways and Means Committee Chairman Dave Camp not to repeal the last in, first out inventory accounting measure in his tax reform plan.
A&A

Bramwell’s Lunch Beat: Would KPMG Bail On Phil Mickelson?

The menu for June 2 features specials on how taxes could curb consumption of sugary drinks, tax question looms over Illinois governor’s race, roads – not gas – should be taxed, Donald Sterling’s huge tax bill, and more.
A&A

Deal with Rothstein Kass Makes KPMG US Hedge Fund Leader

KPMG officials said the acquisition, which will be finalized in the coming weeks, will boost the Big Four firm’s presence in the alternative investments industry and capital markets, including hedge funds.
A&A

Bramwell’s Lunch Beat: Bonus Depreciation Gets House Backing

The menu for May 30 features specials on Hong Kong’s concern over auditing ban proposal, California lawmakers pass film and TV tax credit bill, Moss Adams helps Washington mudslide victims, and more.

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