INDUSTRY NEWS
Product and service updates from leading vendors
and suppliers to the accounting profession.

July 29, 2010
Video: The Role of the U.S. in IFRS
IASB Chairman David Tweedie emphasizes the importance of U.S. involvement in IFRS.  He says completing IASB-FASB convergence projects is his top priority in his last year on the international board.

FASB Issues Proposed Accounting Standards Update on Amendments for Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
The Financial Accounting Standards Board (FASB) has issued an Exposure Draft of a proposed Accounting Standards Update (Update) intended to develop common requirements for measuring fair value and for disclosing information about fair value measurements in U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs).

A Closer Look: Attaining Accountability in the Development Sector
This KPMG report examines the implementation and oversight of development assistance programs, and provides understanding of common denominators of accountability for a positive impact on recipient countries.

User Questionnaire – Exposure Draft on Measurement Uncertainty Analysis
On July 28 the International Accounting Standards Board (IASB) published a questionnaire for financial statement users on its June 2010 exposure draft Measurement Uncertainty Analysis Disclosure for Fair Value Measurements.

Lease Proposals Could Change How Lessors and Tenants Approach Lease Financing
GlobeSt.com reports on how the joint FASB/IASB project on leases could change the future of lease transactions for landlords and tenants.

Using Scenario Planning Techniques to Prepare for IFRS
CFO.com contributor Bruce Pounder uses scenario planning to look at the future of financial reporting in the U.S. and finds more opportunities than threats.

July 28, 2010
KPMG Survey: Financial Executives Lack Formal Procedures to Manage IRS Exams, Despite Facing Increased Audits
Senior financial executives and tax directors say they lack formal policies and procedures to manage the IRS exam process effectively, despite reporting a noticeable uptick in IRS corporate audit activity over 2008 levels, according to a recent survey by KPMG LLP, the audit, tax, and advisory firm.

July 27, 2010
AICPA Supports Repeal of Burdensome Tax Information Reporting Measure
The American Institute of Certified Public Accountants told members of Congress recently they should repeal the section of the new health care law that requires businesses to report to the Internal Revenue Service any purchase from a vendor of goods or services worth $600 or more during the calendar year.

AARP Endorses Bipartisan Legislation to Prevent Medicare Fraud
AARP supports Congressional efforts to prevent fraud in Medicare and throughout the health care system.

BNA Panelists Debate Sales Tax Notification Reporting Laws, Cite Need for Federal Action
The physical presence rule established by the U.S. Supreme Court in Quill v. North Dakota is still the requirement states must satisfy before they can impose a use tax collection obligation on an out-of-state retailer — or, for that matter, impose an onerous reporting requirement in its place, according to Stephen Kranz, partner with Sutherland, Asbill & Brennan LLP, a presenter last week during a BNA Tax & Accounting webinar, “Colorado's New Sales and Use Tax Reporting Requirements: A Model for Other States?”

July 26, 2010
Thomson Reuters Announces Sabrix Report on Changes to State and Local Sales and Use Tax Codes
Over 91 percent of tax changes were increases or new taxes correlating data from U.S. Census Bureau.

IRS Commissioner Doug Shulman's Remarks from the 990 Filing Extension Conference Call on July 26, 2010
Read the Commissioner's remarks about the IRS offering a two-part program to bring small tax-exempt organizations back into compliance so they can preserve their exempt status.

IIF Statement to G-20 Ministers Urges Regulatory Action to Mitigate Fragmentation
This statement has been sent as a letter by the IIF today to the Group of 20 Ministers of Finance, Central Bank Governors and Regulators.

Convergence Milestone
FASB and the IASB wrapped up the first of three rounds of issuing proposed standards in their final push toward U.S. GAAP-IFRS convergence, even as they gave themselves an extra six months to complete the ambitious project.

IRS Offers One-Time Special Filing Relief Program for Small Charities; Oct. 15 Due Date to Preserve Tax-Exempt Status
Small nonprofit organizations at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008 and 2009 can preserve their status by filing returns by Oct. 15, 2010.

July 22, 2010
FASB's Fair Value Crusade
Accountancy Age reports on comments from FASB board member Lawrence Smith in a recent speech. He said, "Fair value, to some of us, is almost like a religious war out there and we are trying to deal with that as best we can."

Interview With William Rhodes – Global Risk Regulator
Accounting crisis could break G20 reform deal. World leaders must make accounting problems a priority or global financial reforms will fail. Top banker voices concern.

Robert Half Management Resources Survey: CFOs Say Benefit of Consulting is Staying Active Professionally
They may be ready to hand over the keys to the company car, but they aren't ready to hit the links full time. For this group, a career in consulting can hold appeal, suggests a Robert Half Management Resources survey.

Protecting the IASB’s Future
Accountancy Age analyzes recent statements from new IFRS Foundation chairman Tommaso Padoa-Schioppa. The chairman raised concerns about U.S. adoption of IFRS and future challenges of the IASB.