Accounting

News & Analysis as of

Wage and Hour Basics Series: The "Fee Basis" and the Proposed FLSA Regulations

As we have discussed in the past, to be eligible for one of the “white collar” exemptions (executive, administrative, or professional) or as a highly compensated employee (HCE), Section 541.600 of the FLSA regulations...more

Proposed Changes to Financial Accounting for Not-for-Profit Entities

The Financial Accounting Standards Board (“FASB”) has issued an exposure draft of a Proposed Accounting Standards Update, Presentation of Financial Statements of Not-for-Profit Entities, which would make significant changes...more

UK Corporate Briefing - Summer 2015

Legislation update - Bearer shares banned - The first of the corporate transparency provisions in the Small Business, Enterprise and Employment Act 2015 came into force on 26 May 2015 with the banning of share...more

PCAOB Requests Supplemental Comment on Rules to Require Disclosure of Engagement Partners and Audit Participants

At an open meeting on June 30, 2015, the Public Company Accounting Oversight Board unanimously voted to publish a supplemental request for comment on potential rules to require the disclosure of certain audit participants on...more

SEC Proposes Controversial Rule Requiring Companies to Adopt No-Fault Clawback Policies

Recently, the U.S. Securities and Exchange Commission (SEC or the Commission) proposed a controversial new rule under the Dodd-Frank Act that instructs companies to establish policies that require “executive officers” to...more

No Attorneys’ Fee Award Based On Dismissed Counterclaim - Burford v. Accounting Practice Sales, Inc.

In an appeal between two parties to a contract for marketing and selling defendant’s accounting practices in various states, the U.S. Court of Appeals for the Seventh Circuit addressed whether the defendant breached the...more

Kruger: FX Derivatives Gains/Losses Taxed Only When Realized

In Kruger Incorporated v. The Queen (2015 TCC 119), the Tax Court held that the taxpayer could not value its foreign exchange options contracts on a mark-to-market basis, with the result that certain losses were not...more

[Event] The 2015 Accountant Liability Update, A Game of Risk: To Play or to Win? - June 25, Waltham, MA

LeClairRyan invites you to join us for a free half-day seminar The 2015 Accountant Liability Update, A Game of Risk: To Play or to Win? Predictability. Focus. Staying on Point. On a familiar playing field – you can make...more

Tax Due Diligence and Self-Checks of Tax Liabilities

A buyer who orders a tax due diligence review before acquiring a company wants to get information not only about the tax risks that may exist for that company, but also about its existing tax assets (both those assets that...more

"So You’ve Issued Convertible Notes: Now What?"

The U.S. market for new issuances of convertible notes was very active in 2014, with approximately $51.4 billion of convertible debt issued in 140 transactions. In the first quarter of 2015, approximately $15.5 billion was...more

Using Fiduciary Accountings as a Client Management Tool

When representing a fiduciary such as a conservator or personal representative, you’re often dealing with a lay person who may be feeling overwhelmed by unfamiliar responsibilities. One way to bring the situation under...more

Miss Marple Short Stories and SEC Enforcement of the FCPA, Part I

I am a huge Agatha Christie fan. I have read most of the Poriot novels and many of the Jane Marple novels as well. However, I was not aware of Christie’s work in the short story format until I recently read a volume entitled...more

FASB Eliminates Extraordinary Items Reporting

In January, the FASB adopted a final Accounting Standards Update that eliminates the requirement that preparers report events that meet the criteria for extraordinary classification separately in an income statement, net of...more

‘Horizon scanning’: is a ‘Top-Level’ Firm Required to See Further?

This case involved allegations of professional negligence in the context of tax planning advice, and saw the application of reasonably familiar principles. Whilst these cases always depend on their facts, the decision may...more

SEC Sanctions Chinese Accounting Firms for Refusal to Surrender Documents

On February 6, 2015, the U.S. Securities and Exchange Commission (SEC) imposed sanctions against four China-based accounting firms for their refusal to surrender documents in conjunction with an investigation of potential...more

This Week In Securities Litigation

The Commission resolved its actions against the PRC based affiliates of five major accounting firms for failure to produce audit work papers. The settlement contains a series of procedures designed to facilitate production in...more

Cash Based Business? Have Good Books and Records

What happens when a taxpayer operates a cash based business and lacks adequate books and records according to the IRS? The IRS can use any reasonable method to reconstruct the taxpayers income and expenses. (See, Estate of...more

OCC Issues Bank Accounting Advisory Series Update

On December 12, the Office of the Comptroller of the Currency issued an updated version, dated October 2004, of its Bank Accounting Advisory Series (BAAS). ...more

SEC Accounting Staff Speeches at Annual AICPA Conference

On December 8 and 9, staff members of the SEC’s Office of the Chief Accountant, including the SEC chief accountant in his first published speech since he arrived at the SEC, discussed various accounting and financial...more

Marketing an International Law or CPA Firm Network (Post 2 of 3):

This is the second part of a three-part post regarding how to market an international law or accounting firm network. Based upon a speech Ross Fishman delivered to Legus International’s Fall Conference, the first post...more

SEC Releases Accounting Bulletin to Update Guidance on Pushdown Accounting

On November 18, the SEC released a Staff Accounting Bulletin (SAB) to rescind portions of the interpretive guidance included in its SAB Series for what is known as pushdown accounting. ...more

What Every Business Owner Needs to Know About Implementing the New Tangible Property Regulations

Over the last several years, the IRS has published a series of regulations and rulings that dramatically change how taxpayers must account for the costs of acquiring, repairing, improving and even disposing of tangible...more

Securities Enforcement Forum 2014 — Financial Reporting and Accounting Fraud

Today I’m blogging from Securities Enforcement Forum 2014, Bruce Carton’s excellent one-day conference, this year being held at the Four Seasons hotel in Washington, D.C. The posts will be fairly raw, and certainly not...more

How will the 11th edition of the Uniform System affect your management agreement?

Hotel Lawyer: New Uniform System of Accounts will affect your hotel management and franchise agreements. Are you ready? Commencing January 1, 2015, the hotel industry will have a new, significantly revised set of...more

IRS Updates Accounting Method Procedures for Repair Regs

In new Rev. Proc. 2014-54, the IRS modified the procedures to obtain the IRS consent to a change in method of accounting for dispositions of tangible depreciable property. This relates to the ”repair regulations“ finalzed...more

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