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  • Taxpayer found liable for a million dollar FBAR penalty December 11, 2017 The U.S. Court of Appeals for the Ninth Circuit upheld a district court ruling, finding that a taxpayer had willfully failed to file a Report of Foreign Bank and Financial ...
  • Should non-GAAP measures be audited? December 11, 2017 U.S. Generally Accepted Accounting Principles (GAAP) are a set of rules and procedures, created by the Financial Accounting Standards Board (FASB), that accountants typically follow to record business transactions. Private ...
  • How the revenue recognition standard will affect bad debts in health care December 11, 2017 Revenue, the top line of the income statement, gets a lot of attention. But it’s about to receive even more attention starting in 2018 for public companies and 2019 for ...
  • FASB abandons proposed changes to definition of materiality December 11, 2017 In November, the Financial Accounting Standards Board (FASB) ended work on its controversial proposal to redefine “materiality” as it applied to U.S. Generally Accepted Accounting Principles (GAAP). The changes would ...
  • IRS outlines penalty for not filing international information return November 13, 2017 In a recently updated international practice unit (IPU), the IRS explained the penalty for U.S. taxpayers who fail in their obligations to file Form 5471, “Information Return of U.S. Persons ...
  • Introducing the new-and-improved hedge accounting rules October 18, 2017 The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The updated standard makes ...
  • Assets and liabilities: Will FASB redefine the basics? October 18, 2017 A recent Financial Accounting Standards Board (FASB) meeting addressed updating the so-called “building blocks” of financial statements. Board members want to simplify the definitions of assets and liabilities and make ...
  • Balancing the needs of private businesses vs. financial statement users October 18, 2017 The formation of the Private Company Council (PCC) has created “cultural evolution” at the Financial Accounting Standards Board (FASB). The FASB has found that balancing the needs of private companies ...
  • Court bars tax deduction on sham transaction October 18, 2017 A U.S. District court has determined that a United States–based bank, having been denied foreign tax credits for UK taxes paid in connection with a Structured Trust Advantaged Repackaged Securities ...
  • Global NewsBits October 18, 2017 EU Commission wants tech companies to pay fair share of taxes Digital companies in the European Union (EU) pay less than half the amount of tax that other companies pay, the ...