U.S. Investors’ Confidence Levels Reach New Highs
The Center for Audit Quality’s (“CAQ”) 2014 Main Street Investor Survey: Focus on Weathering Risk is reporting that U.S. investors’ confidence levels in U.S. public companies, capital markets and stock exchanges have reached new highs. According to the survey, 80 percent of retail investors showed confidence in U.S. public companies, marking the highest recorded percentage since 2007. Additionally, confidence in U.S. capital markets experienced a 12 percent jump from 2011, rising to 73 percent. When asked about various entities looking out for investors’ interests, the highest confidence numbers reported were for independent auditors (75 percent) and audit committees (71 percent). Stock exchanges also experienced a 70 percent level of. Read More.
FASB’s Proposals to Reduce Accounting Standards Complexities
As part of its efforts to simplify accounting standards, the Financial Accounting Standards Board (“FASB”) has issued the following Proposed Accounting Standards Updates (ASUs): Compensation—Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets. Entities whose fiscal year does not fall at the end of a month may experience more costs than others when determining the fair value of plan assets of a defined benefit pension or related post-retirement benefit plan. Most plans receive monthly statements as of the end of the month. When their fiscal year end doesn’t fall at. Read More.
FASB to Hold Two Meetings on Wednesday
With meetings planned for tomorrow morning, the Financial Accounting Standards Board (“FASB”) has released its Notice of Open Meetings for both events. Beginning at 9:00 a.m. EST, the day’s first event will be a videoconference meeting held in conjunction with the International Accounting Standards Board. For the meeting, both standard setters are expected to continue discussions of their Exposure Draft, Leases. In particular, talks will focus on the definition of a lease. Following the joint videoconference at 11:15 a.m. EST, FASB will hold a board meeting to discuss its Exposure Draft, Financial Instruments—Classification and Measurement. The board will also resume. Read More.
Super Circular 101 Webinar Recording Now Available
For those who missed the October 9th webinar, “Super Circular 101—Proposed New Regulations for Grant Requirements and Compliance”, the recording is currently available on-demand. Featuring Cherry Bekaert’s Melisa Galasso and Carlene Kamradt, the webinar discusses the Office of Management and Budget-issued “Super Circular” that combines requirements from eight grant circulars into one set of guidance. To watch the replay, click here and complete the form.
IFAC Offers Recommendations to G-20 Ahead of Leader Summit
Ahead of the Group of 20 (“G-20”) Leader Summit next month, the International Federation of Accountants (“IFAC”) has submitted for consideration several recommendations for encouraging global economic growth. Covering topics such as increased financial management, reporting and accountability by governments, and global consistency of financial regulation and standards, the IFAC’s recommendations are part of an effort to help the G-20 regain momentum lost after the most recent global financial crisis. Speaking on the matter, IFAC Chief Executive Fayez Choudhury called upon the necessity for globally consistent regulation to prevent the next crisis, and said the G-20 must reaffirm its position. Read More.
Inversion Legislation May Affect Government Contractors
In a summer dominated by foreign policy and global conflict, one of the few domestic issues to garner significant coverage from both the media and Washington has been the topic of corporate “inversion.” Inversion refers to the tax reduction strategy of reincorporating overseas to reduce the tax burden of foreign sourced income. Recent inversions, such as Burger King’s move to Canada, have prompted lawmakers on both sides of the aisle to not only re-examine our current inversion laws, but also the entire U.S. corporate tax structure. With a top nominal corporate tax rate among the highest in the developed world,. Read More.