CPAs and Advisors with Your Growth in Mind

Final Auditing and Attestation Standards Published

After receiving approval from the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board (“PCAOB”) has posted its final auditing and attestation standards. Updated recently on its website, the standards include: Auditing Standard No. 17, Auditing Supplemental Information Accompanying Audited Financial Statements, and associated amendments; Attestation Standard No. 1, Examination Engagements Regarding Compliance Reports of Brokers and Dealers; Attestation Standard No. 2, Review Engagements Regarding Exemption Reports of Brokers and Dealers, and associated amendments; and Amendments conforming to the Dodd-Frank Act; which modify some PCAOB rules to the audits and auditors of broker-dealers listed with the SEC. Amendments to the PCAOB rules will be effective. Read More.

Topics: , , ,

Public Technology Companies Show Increased Market Performance

Positive news came to the technology industry, as performance of various sectors within the industry reveals growth performance, according to Hyde Park Capital. In a recent report on Technology M&A, all sectors of the technology industry experienced a positive public stock market performance. Of the largest gains, Internet was up 45 percent, Software-as-a-service (SaaS) grew 33 percent, and IT Services were up by 22 percent. This performance gain for technology companies might signal future M&A growth activities to come. Read more on the trends and activities in the technology industry by clicking here .

Topics: , ,

FAF’s Annual Report Shares Upcoming Plans

Released late last week, the Financial Accounting Foundation’s (“FAF”; “the Foundation”) 2013 Annual Report details future plans for the Foundation, the Financial Accounting Standards Board (“FASB”) and Governmental Accounting Standards Board (“GASB”). Named “The Road Ahead”, the report features a thorough overview of last year’s achievements by the FAF, FASB and GASB, and talks about their plans ahead. The Foundation’s plans for the FASB and GASB consist of: Guiding the FASB forward after its current projects with the International Accounting Standards Board (“IASB”) are done; Encouraging a global standard-setting environment where the FASB continues its efforts with the IASB and. Read More.

Topics: , , ,

Supplemental Request for Comment Issued by PCAOB

Regarding its proposal over the restructuring of auditing standards, the Public Company Accounting Oversight Board (“PCAOB”; “the Board”) has issued a supplemental request for comment. The PCAOB’s request explains how the proposed amendments to the Boards’ standards are necessary to carry out the proposal, as well as includes slight changes to Proposed Framework for Reorganization of PCAOB Auditing Standards and Related Amendments to PCAOB Auditing Standards and Rules, which was issued last year. Per the March 2013 proposal, the framework would structure the existing interim and Board-issued auditing standards into categories. The standards would be classified as: General auditing standards;. Read More.

Topics: ,

German Treaty Favors S Corporations

In its decision on June 26, 2013, the German Federal Fiscal Court (“the Court”), cited I R 48/12, IStR 2013, p.880, overruled a lower court case and found in favor of the taxpayer. Using logic similar to Canada Revenue Agency’s established position that an S corporation is a U.S. resident corporation that has elected not to be subject to tax, the Court concluded that an S corporation holding at least 10 percent interest in a German GmbH suffers withholding on dividends from the GmbH at a rate not to exceed 5 percent. Were the treaty not to apply, the rate. Read More.

Topics: , ,

Next FAF Quarterly Meeting Set for May 21st

Providing updates to the Foundation’s trustees, the Financial Accounting Foundation (“FAF”; “the Foundation”) will hold its quarterly meeting on May 21st. Taking place in Washington D.C., the meeting will discuss recent accounting standard-setting happenings by the Financial Accounting Standards Board (“FASB”) and Governmental Accounting Standards Board (“GASB”). FAF Chairman Jeffrey Diermeier, and President and CEO Teresa Polley, FASB Chairman Russell Golden and GASB Chairman David Vaudt are scheduled to share their reports, as well as the FAF’s Standard-Setting Process Oversight Committee Chairman and treasurer. Along with the updates, the Foundation plans to review concerns over its estimated $3 million donation. Read More.

Topics: , , ,