Accounting

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5 Tips for Choosing the Right Accounting Expert

Math intimidates many lawyers. And yet, in almost every large commercial lawsuit, math is unavoidable because it is integral (pun intended) to damages. Given the complexity of the damages models in some cases and the...more

Accounting Is Not Only Important - It's Mandatory

Imagine how you would feel if you walked into your bank, asked for a summary of your account activity and the bank told you that it had no idea how much money was in your account or how it had been spent. Of course, this...more

Tax Talk -- Volume 7, No. 2 -- July 2014

In This Issue: - As FATCA Begins, IRS Rolls out Withholding Forms, Increases IGA Count - IRS Issues Final Circular 230 Rules Simplifying Written Tax Advice Requirements - Mortgage CCA Raises More...more

Evolving International Regulations on Client Data Put More Pressure on Accounting Firms

The world may be getting smaller, but the number of ways various countries approach confidentiality is growing. A mosaic of disparate regulations should give any auditor or accountant pause when providing services for clients...more

Proposals May Signal Direction of Future Tax Reform

After several years of hearings and forums intended to develop broad-based support for comprehensive tax reform, on February 26, 2014, House Ways and Means Committee Chairman David Camp (R-Mich.) released a draft tax reform...more

Public Meeting Does Not Clarify Direction of PCAOB’s Proposal to Expand the Auditor’s Report

While most commenters at the PCAOB’s April 2–3 public meeting on the Auditor’s Reporting Model proposal expressed support for additional reporting by auditors, the views as to the nature of such reporting were disparate and...more

SEC Administrative Judge Censures Accounting Firms Over Failure To Produce Work For China-Based Companies

On January 22, an SEC administrative law judge (ALJ) prohibited the Chinese affiliates of four major accounting firms from practicing or appearing before the SEC for six months for allegedly failing to turn over certain...more

U.S. Administrative Law Judge Suspends Chinese Affiliates of “Big Four” Accounting Firms

In a surprising turn in the long-running and widely reported dispute between the Securities and Exchange Commission (“SEC”) and the Chinese affiliates of the “Big Four” accounting firms, on January 22, 2014, a U.S....more

SEC Task Force Scrutinizing Non-GAAP Measurements

A new Financial Reporting and Audit Task Force formed by the Securities and Exchange Commission is scrutinizing companies’ use of measurements that do not comply with generally accepted accounting practices (GAAP), according...more

Quirky Question #212, Montana Non-Competes

We are an accounting firm and recently fired an employee at will. We have always understood that Montana law disfavors non-competition agreements, therefore, our employment agreement provides that if the accountant provides...more

The SEC’s Renewed Focus on Financial Reporting and Accounting Fraud

In several recent public speeches, the Securities and Exchange Commission (SEC) has announced a renewed focus on financial reporting and accounting fraud, vowing to devote substantial resources to enforcement activities in...more

Managing Professional Liability Litigation Against Accounting Firms (Part 3)

This is Part 3 of a three-part series discussing the basic components of a professional liability lawsuit brought against an accounting firm and its partners and factors a firm’s managing partner should consider before and...more

Managing Professional Liability Litigation Against Accounting Firms (Part 2)

This is Part 2 of a three-part series discussing the basic components of a professional liability lawsuit brought against an accounting firm and its partners and the factors a firm’s managing partner should take into...more

PCAOB Offers Guidance for Accounting Firms and Accountants Preparing Written Statements of Position

On September 19 and 20, 2013, the American Law Institute presented its annual course, Accountants’ Liability: Managing Risks in a Changing Environment. One highlight of the conference was a Public Company Accounting...more

"The SEC’s Renewed Scrutiny on Accounting Cases: Expected Focus Areas and How Companies Can Prepare"

The U.S. Securities and Exchange Commission (SEC or Commission) has announced plans to reinvigorate its enforcement efforts with respect to accounting issues. These plans include adding dedicated personnel and using data...more

Managing Professional Liability Litigation Against Accounting Firms (Part 1)

This is Part 1 of a three-part series discussing the basic components of a professional liability lawsuit brought against an accounting firm and its partners, and the factors a firm’s managing partner should consider before...more

Accounting for Sustainability

A number of U.S. states have created new corporate forms that let companies focus on sustainability and other social goals, as well as shareholder value. Now, we are seeing the “logical next step” in corporate sustainability,...more

New Accounting Rules for Gift Cards Redeemable by Unrelated Entities

IRS modifies rules allowing the deferral method of accounting for advance payments received for the sale of gift cards that are redeemable by an unrelated party. On July 24, the Internal Revenue Service (IRS) released an...more

The Federal Circuit Has Jurisdiction over Appeals in Which Damages and Willfulness Remain Unresolved

The Federal Circuit green-lights earlier and more appeals. 28 U.S.C. § 1292(c)(2) confers to the United States Court of Appeals for the Federal Circuit (the "Federal Circuit") the jurisdiction to hear appeals in civil actions...more

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