Exposure Draft Proposes Amendments to AICPA Peer Review Standards
Offering amendments to its Standards for Performing and Reporting on Peer Reviews (Peer Review Standards), the American Institute of Certified Public Accountants’ (“AICPA”) Peer Review Board has published the exposure draft , Preparation of Financial Statements Performed under SSARS and the Impact on Enrollment in and the Scope of Peer Review. The exposure draft’s amendments would not require firms that solely perform engagements under the Statement on Standards for Accounting and Review Services (SSARS) Preparation of Financial Statements, but do not perform other engagements to register for the AICPA’s peer review program. Proposed revisions to the Peer Review Standards include updates to. Read More.
FASB Issues Amendments on Pushdown Accounting
On Tuesday, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) No. 2014-17, Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force). The ASU allows an acquired entity to choose to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The entity would have the option to use push down accounting. Prior to the ASU, all guidance relating to push down accounting was found in SEC guidance. Effective immediately, the amendments in ASU No. 2014-17 allow an acquired. Read More.
Recent Protest Decisions Concerning Joint Ventures and Teaming Agreements
Within the last several months, the Government Accountability Office (“GAO)” has issued decisions in bid protests that affect offerors submitting proposals as joint ventures and in accordance with the terms of a teaming agreement. This article will briefly discuss the significant points concerning those decisions and the lessons to be learned from them. We start with Aljucar, Anvil-Incus & Co., B-408936 (January 2, 2014). This decision involved a protest against the terms of General Services Administration’s (“GSA”) One Acquisition Solution for Integrated Services (OASIS) solicitation. The OASIS Request for Proposal (RFP) consisted of two portions: an unrestricted portion and a. Read More.
Reduce Your Personal Property Taxes by Focusing on What Your Company Capitalizes
At most companies, paying personal property taxes is simply a fact of life. Your taxes go up as you acquire property and drop as that property depreciates. If the equipment and other property on your books are overvalued, however, you are almost certainly paying too much tax. While each company faces different tax challenges, you can utilize a number of strategies to reduce your company’s property taxes. Intangible Costs When you purchase new equipment, ask your vendor to provide an itemized bill that details the tangible and intangible costs. In some jurisdictions, you may not owe property tax on the. Read More.
Identity Theft from a Tax Perspective
“It won’t happen to me…” “My information is under lock and key…” “That sort of thing only happens to other people…” Identity theft has become a multi-billion dollar racket to which more and more people are falling prey. It’s big business for the criminals who seek to steal your identity for profit. From 2008 to 2013, the number of identity theft-related crimes investigated by the Federal Bureau of Investigation (“FBI”) resulted in more than 1,600 convictions, $78.6 billion in restitutions, $4.6 billion in recoveries, and $6.8 billion in fines. The purpose of this post is to focus exclusively on tax-related. Read More.
Department of Defense Attempts to Mitigate the Effects of Multiple Compensation Caps
Over the last few years, Congress has changed the law regarding contractor compensation twice. First, Section 803 of the 2012 National Defense Authorization Act (NDAA), P.L. 112-81, expanded the executive compensation cap found in Federal Acquisition Regulation (FAR) 31.105-6(p) to all compensation costs charged to Department of Defense (“DoD”) contracts. This expansion was to be implemented in the FAR within 180 days after enactment of the NDAA, and “shall apply with respect to costs of compensation incurred after January 1, 2012, under [DoD] contracts entered into before, on, or after the date of the enactment of this Act.” Despite that. Read More.