Updated IRS Guidance on FBARs to be filed June 30th
The updated guidance is important for individuals holding interests in mutual funds through bank or brokerage accounts. On a recent webinar hosted by the Internal Revenue Service (“IRS”; “the Service”), Service representatives stated that mutual funds held in brokerage accounts generally do not have to be separately reported. Instead, taxpayers report foreign brokerage accounts in which the mutual funds are held. The physical location of the account determines whether it is foreign — not whether the bank itself is U.S.-based or foreign-based. For instance, an account at a branch of a foreign bank located in the U.S. is not a. Read More.
Ray Quintin featured in Tampa Bay Business Journal
In today’s “One Question, One Minute” segment on the Tampa Bay Business Journal website, Cherry Bekaert’s Ray Quintin was highlighted as the guest participant. Quintin, an Audit Partner in the Firm, recently moved to Cherry Bekaert’s Tampa office. Aside from his video appearance, Quintin’s transition and interest in biotech companies will be featured in the weekly magazine’s June 13th edition. To see Quintin’s appearance, click here .
AICPA Committee to Release Standards Later This Year
At its three-day meeting in Baltimore, Maryland, last month, the American Institute of Certified Public Accountants’ (“AICPA”) Accounting and Review Services Committee (“ARSC”) voted to finalize its proposed Statement on Standards for Accounting and Review Services (SSARS) Review of Financial Statements. Expected to be released later this year, the standard will be released as soon as the ARSC finishes other parts of its Clarity Project. Also at the meeting, the ARSC reviewed comment letters submitted regarding the proposed SSARS Preparation of Financial Statements; Compilation Engagements, and Association with Financial Statements. As a result, the ARSC removed proposed requirements in regards. Read More.
Topics: Accounting and Review Services Committee "ARSC", American Institute of Certified Public Accountants "AICPA", Framework, Statement of Standards for Accounting and Review Services "SSARS"' Clarity Project
Nominations Being Accepted for Roaring Twenties Program
Cherry Bekaert, along with SC Biz News and CertusBank, have announced that nominations are currently being accepted for the annual Roaring Twenties program. The program recognizes the top 20 small and middle-market South Carolina businesses that have aided the state’s economic growth. Once selected, nominated companies will be split into “Small” and “Large” categories, and ranked according to their revenue growth over a one-year period. To be eligible, companies must meet requirements such as be headquartered in South Carolina, maintained annual revenue of at least $500,000 for the 2011, 2012 and 2013 fiscal years, and have sustained revenue and employment. Read More.
FASB Releases Final UGT Implementation Guides
Currently available on its website, the Financial Accounting Standards Board (“FASB”) has issued two final UGT Implementation Guides. The first guide, U.S. GAAP Financial Reporting Taxonomy (UGT) Implementation Guide, Notional Amount Disclosures , gives examples for understanding the modeling for notional amount disclosures is organized within the UGT. The other guide, U.S. GAAP Financial Reporting Taxonomy (UGT) Implementation Guide, Segment Reporting , provides examples of the modeling for disclosures associated with segment reporting. Examples published in the Implementation Guides assume that the entity meets the reporting criteria for notional amount disclosures listed under U.S. GAAP, and/or the U.S. Securities and Exchange Commission’s authoritative literature. While the Implementation Guides are not authoritative, they are considered documents detailing how the UGT is. Read More.
Free Whistleblower Webinar Coming Next Month
On Tuesday, July 1st at 2:00 p.m. (EST), the Anti-Fraud Collaboration will host the free webinar, “How to Improve Your Whistleblower Program and Address Impediments to Reporting.” Scheduled for 90 minutes, the webinar will feature a panel discussion on useful whistleblower processes and how companies can incorporate the programs into corporate culture. The panelists consist of: Cynthia M. Fornelli, Executive Director of the CAQ; Patricia J. Harnad, President of the Ethics Resource Center; Janie Innis-Thompson, Senior Managing Director and Chief Compliance and Ethics Officer of TIAA-CREF; and Kristin D. Rivera, Partner, Forensic Services of PwC. Other topics of the webinar. Read More.