PCAOB’s 2022 Budget is Set to Increase 8 Percent to $310.3 Million
The PCAOB on November 23, 2021, voted 3 to 0 to approve its 2022 budget of $310.3 million, an increase …
Thomson Reuters Tax & Accounting News
Apples and Avocados: Pay Ratio’s Limitations Undercut Progressive Aims
The SEC’s Dodd-Frank pay-ratio rules are central to a flurry of Democratic legislation designed to expand executive compensation disclosures or …
Proposed Regs Would Amend Definition of Minimum Essential Coverage
The IRS has released proposed regs that would amend Reg §1.5000A-2 by adding Medicaid coverage for COVID-19 testing and diagnostic …
FASB Publishes New Accounting Rules for Disclosing Government Incentives
The FASB on November 17, 2021, issued a new accounting standard to create consistency in the way companies disclose certain …
SEC Commissioner Crenshaw Urges Companies to Improve XBRL Tagging
SEC Commissioner Caroline Crenshaw in a speech said that requiring public companies to use structured data format in certain filings has been …
House Financial Services Committee Advances SPAC Reforms
The House Financial Services Committee on November 16, 2021, advanced two bills that would impose new constraints on Special Purpose …
FASB to Finalize Proposed Hedge Accounting Model, With Revisions
The FASB on November 10, 2021, voted to finalize a revised version of its May hedge accounting proposal – narrow …
FASB Votes Against Delaying Lease Accounting Rules a Third Time for Private Companies
The FASB on November 10, 2021, unanimously voted against delaying lease accounting rules a third time for private companies, citing …
New PCAOB Short-Term Priorities Include Investor Engagement
One of the most important changes that the new Public Company Accounting Oversight Board (PCAOB) will bring is increased effort …
IRS Provides Guidance on Tax Treatment and Information Reporting of HAF Payments
The IRS has provided guidance on the federal tax treatment and information reporting requirements for payments made to, or on …
Big Four, AIPCA Lobbying Includes FASB Independence, PCAOB Enforcement Transparency
Big Four audit firms and the AICPA reported lobbying on a wide range of accounting-related matters in the third quarter …
PwC and Deloitte Get High PCAOB Inspection Marks as EY and KPMG Lag in Comparison
Big Four accounting firms overall appear to be doing a good job of auditing public company’s financials, according to 2020 …
Pelosi Adds Back Paid Leave and Increased Salt Deduction to Build Back Better Bill
Speaker of the House Nancy Pelosi, D-Calif., on November 3 added paid family and medical leave back into the $1.75 …
FASB Proposes Modest Revisions to Interim Disclosure Rules
The FASB on November 1, 2021, proposed modifications to interim disclosure rules aimed at helping companies to provide more meaningful …
IRS Reorganizes Form 1023 FAQs
The IRS has reorganized a series of FAQs regarding Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of …
Senate Republican Introduces Venture Exchange Bill
Sen. John Kennedy, a Louisiana Republican, on October 28, 2021, introduced legislation that would facilitate the creation of venture exchanges. …
New FASB Rules Issued on Revenue Contracts Acquired in Business Combinations
The FASB on October 28, 2021, issued a narrowly drawn standard that aims to stem reporting differences that have bubbled …
White House issues revised Build Back Better Framework
In a White House briefing, President Biden has outlined a framework to help guide the drafting of legislative language for …