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News Archive
- Legislative Status Sheet
- 128th Session of the Ohio General Assembly Governmental Affairs Legislative Report Week in review: Friday, November 13, 2009 This legislative report is intended to keep section members up to date on legislation pending before the Ohio General...
- CPA exam contract renewed through 2024
- The contract for the Uniform CPA Examination nationwide administration has been extended from 2014 to 2024. “The CPA exam is the gateway to the accounting profession and, under this arrangement, we have seen the exam improve and grow,” AICPA...
- U.S. executives want option for early IFRS adoption
- Nearly 50% of U.S. executives surveyed want the option for early adoption when (and if) the SEC decides to move forward with IFRS convergence. KPMG’s IFRS Institute polled executives two days after the SEC’s announcement to delay convergence. The...
- Senate fails to reach compromise on proposed consumer protection agency
- Members of the Senate Committee on Banking, Housing and Urban Affairs were unable to reach a compromise on the highly controversial Consumer Financial Protection Agency (CFPA) during recent deliberations. OSCPA worked with AICPA in past months...
- Attorney General Cordray champions financial fraud protection in Ohio
- Ohio Attorney General Richard Cordray is calling on local, state and federal forces to battle predatory financial practices and fraud as he aims to give Ohioans more resources to protect themselves. Cordray and the Better Business Bureau have...
- Proposed AMT fix, tax extenders could cost $3 trillion
- The President’s proposals to index the Alternative Minimum Tax (AMT) for inflation and to extend expiring tax provisions could add another $3 trillion to the national debt by 2020. The Congressional Budget Office (CBO) is warning that the AMT fix...
- PCAOB focuses on emerging audit issues for small public companies
- The PCAOB plans to concentrate on several case studies and topics that address audit issues for small business public clients at the 2010 Forum on Auditing in the Small Business Environment. Held at seven locations across the country, the forums...
- June 1 is new deadline for IRS Uncertain Tax Positions proposal
- The IRS has extended the comment period for the controversial uncertain tax positions reporting proposal to June 1 to allow taxpayers and practitioners time to provide more comprehensive feedback on the proposal, the implementation schedule and...
- IRS extends moratorium on tax shelter penalties
- The IRS extended its moratorium on collecting penalties on listed tax shelter transactions from small businesses until June 1, 2010. Congress again pressured the IRS to temporarily suspend its efforts to collect penalties on some listed tax...
- Should the Comptroller General be a CPA?
- AICPA has contacted members of the House of Representatives supporting new legislation requiring the Comptroller General of the United States to be a CPA. AICPA President and CEO Barry C. Melancon, CPA and AICPA Chairman of the Board Robert R....
- FASB issues updates clarifying investment funds and subsequent events
- FASB has issued Accounting Standards Update (ASU) No. 2010-10 , Consolidation (Topic 810): Amendments for Certain Investment Funds . For many reporting entities (calendar year companies in particular) these amendments are effective immediately....
- New Blue Ribbon Panel will focus on Private Company Accounting standards
- The names of the 18 individuals who will comprise the Blue Ribbon Panel on Private Company Accounting were released this week. The AICPA, the Financial Accounting Foundation (FAF), and the National Association of State Boards of Accountancy...
- New report outlines 39 steps Ohio can take to compete in global economy
- Echoes foundation laid by OSCPA’s Budget Advisory Task Force Report Ohio can leverage the assets found in its 16 metropolitan regions to be successful in a global economy, according to a new report from the Greater Ohio Policy Center and the...
- New Ohio bill could expand federal provisions for advance notice of layoffs
- A new bill in the Ohio General Assembly could expand federal provisions for advance notice of mass layoffs and plant closings on Ohio small businesses. The federal Worker Adjustment and Retraining Notification Act (WARN Act) currently requires...
- IFRS Taxonomy 2010 open for public comment
- The IFRS Taxonomy 2010 is available in an exposure draft for public comment until April 22. Significant architectural improvements for 2010 include: Integrates IFRS and the IFRS for Small and Medium-sized Entities (SMEs) Extends use of axes...
- SEC delays IFRS convergence until 2015 (or later)
- At an open meeting on Feb. 24, the SEC will discuss releasing a statement regarding a potential convergence of IFRS with U.S. GAAP. The second item on the agenda reads: The Commission will consider whether to publish a statement regarding its...
- Taxpayers favor regulation of tax preparers
- A majority of taxpayers support regulating tax preparers, according to the IRS Oversight Board’s annual Taxpayer Attitude Survey . Since 2007, the annual survey has shown overwhelming support for requiring tax preparers to meet competency and...
- Recovery Act highlighted IRS reporting and enforcement problems
- Significant reporting and enforcement concerns emerged as the IRS made tradeoffs in implementing more than 50 provisions contained in the American Recovery and Reinvestment Act in 2009, according to a report from the GAO . The GAO report...
- IRS seeks new Electronic Tax Administration Advisory Committee members
- The IRS is accepting applications to fill vacancies for its Electronic Tax Administration Advisory Committee (ETAAC). The committee provides a public forum for electronic tax administration issues. It supports the overriding goal that paperless...
- Senators seek compromise on financial regulation reform legislation
- A bipartisan effort is under way to break the impasse in the U.S. Senate on financial regulation reform legislation. Sen. Christopher Dodd, D-Conn., and Sen. Bob Corker, R-Tenn., are crossing party lines to work together on a compromise to the...
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