Daily Tax Report Index-Summary

ACCOUNTING

– Audit firm reporting rules to take effect Dec. 31, PCAOB announces postponement, 189:G–2 (10/2/09)
– Boards and advisory groups

See ACCOUNTING BOARDS

– Canadian standards

See CANADA

– Clarity of audit standards, special reports, AICPA group redrafts 5 standards, 196:G–2 (10/14/09)
– Convergence

– – FASB Chrm. Herz stresses need for improved standards, financial instruments work cited, 192:G–6 (10/7/09); IASB Chrm. Tweedie cites rapid global movement toward IFRS, 193:I–4 (10/8/09); IASB and FASB chairmen reiterate dedication to convergence efforts, 208:I–3 (10/30/09)
– – Japan's standard board, FASB hold eighth meeting, 203:I–4 (10/23/09)
– – SEC road map

See U.S. adoption of IFRS, this heading

– Discontinued operations, FASB mulls IFRS, 205:I–5 (10/27/09)
– Fair value measurement

– – Alternative investments, hedges, FASB issues new guidance, 189:G–1 (10/2/09)
– – Convergence, FASB, IASB will seek to eliminate fair value differences, 207:I–1 (10/29/09)
– – IASB outlines changes to IAS 39 made in response to European Union concerns, 201:I–3 (10/21/09); IASB rejects calls for prominent display of level-three fair values, 201:I–2 (10/21/09); constituents register support for IASB effort on single source for guidance, 201:I–5 (10/21/09)
– – PCAOB encouraged to separate fraud risk from uncertain measurements, 199:G–4 (10/19/09)
– – Private companies need one-year deferral, AICPA technical group says, 195:G–1 (10/13/09)

– FASB to launch section called “For the Investor” on its website, 199:G–3 (10/19/09)
– Financial crisis

– – Europe's top regulatory and financial entities approve board's responses, IASB Chrm. says, 193:I–4 (10/8/09); correction, 194:I–4 (10/9/09)
– – Reserve accounting, SEC enforcement official says new type of case emerging from crisis, 200:G–5 (10/20/09)
– – Volcker heartened by rulemakers' reaction to crisis, former Fed Chrm. warns about dangers of “isolation,” 208:I–4 (10/30/09)

– Financial instruments

– – Auditing complex instruments, IAASB seeks views, 199:I–5 (10/19/09)
– – CFA Inst. panel praises FASB's approach on reporting, 199:G–6 (10/19/09)
– – Classification and measurement, IASB members question viability of proposals to replace IAS 39, 188:I–1 (10/1/09); IASB moves on “own credit risk,” derivatives make converged solution with FASB unlikely, 192:I–1 (10/7/09); business model change to trigger reclassification, 198:I–2 (10/16/09); IASB agrees on transition options, 202:I–2 (10/22/09); 3 IASB members plan to dissent on draft standard, 205:I–2 (10/27/09); IASB, FASB plan to explore new approach for classifying instruments with equity traits, 206:I–3 (10/28/09)
– – Convergence

– – – E&Y recommends ways to develop single set of standards, 188:I–3 (10/1/09)
– – – IASB favors principles suggested by FASB staff to help harmonize on instruments, 205:I–7 (10/27/09); IASB, FASB to meet monthly, plan aligning rulemaking schedules, substance, 207:I–5 (10/29/09)

– – Debt instruments

See DEBT

– – Derecognition, IASB agrees to investigate alternative model, 205:I–3 (10/27/09)
– – Embedded derivatives

See DERIVATIVES

– – Foreign currency rights issue, IASB publishes IAS 32 amendment, 194:I–2 (10/9/09)
– – Impairment

– – – FASB chooses model for calculating, fair value-other comprehensive income category, 202:G–3 (10/22/09)
– – – IASB model for amortized cost, customized transition approach sought, 188:I–2 (10/1/09); IASB clears staff to begin drafting second exposure draft, 198:I–2 (10/16/09); IASB invites membership applications for expert advisory panel, 203:I–3 (10/23/09)

– – Initial measurement, FASB advances on day-one model, 197:G–2 (10/15/09)
– – Mark-to-market rules

See Fair value measurement, this heading

– – Securitization structures suggest more FASB, IASB divergence areas, 199:I–3 (10/19/09)

– Financial statements

– – Cash flow, IASB and FASB agree on use of direct method for presentation, 207:I–2 (10/29/09); correction, 208:I–6 (10/30/09)
– – Comprehensive income, FASB agrees to retain tentative decision on tax allocation, 197:G–8 (10/15/09)
– – Consolidations, FASB and IASB to pursue VIE project jointly, 205:I–5 (10/27/09)
– – Forecasts, FASB hears details of benefits of direct method on operating cash flows, 194:G–4 (10/9/09)
– – Other comprehensive income, FASB, IASB to issue proposals this year, 206:I–2 (10/28/09)
– – Quarterly reporting more “robust,” better quality, FASB advisers focus on statements of the future, 191:G–2 (10/6/09)
– – XBRL elements accessible on FASB codification website, 191:G–5 (10/6/09)

– Fraud

– – Auditor liability

See Professional liability, this heading

– – Backdated stock options

See STOCK OPTION BACKDATING

– – Bonus “clawback,” SEC suit shifts calculus on financial restatements, BNA Analysis & Perspective, 191:J–1 (10/6/09)
– – Enron executive Skilling's fraud conviction (U.S., rev grant), 196:K–1 (10/14/09)
– – Enterasys former officials, most SEC claims dismissed, judge critical of pleading clarity (D.N.H.), 195:K–2 (10/13/09)
– – Risk areas, PCAOB advisory group reviews, 199:G–4 (10/19/09)
– – Software executive for sued claiming fake licensing agreements in revenue scam (M.D. Fla.), 188:K–2 (10/1/09)

– Income tax accounting

– – FIN 48

See Uncertain tax positions, this heading

– – IASB to defer project, pursue interim reporting improvements, 207:I–6 (10/29/09)

– Insurance contracts

See INSURANCE

– Internal controls

See CORPORATE GOVERNANCE

– International standards

– – Contingent liabilities, IASB plans limited exposure document on measurement, 203:I–2 (10/23/09)
– – Convergence issues

See Convergence, this heading

– – Financial instruments

See Financial instruments, this heading

– – U.S. use of IFRS

See U.S. adoption of IFRS, this heading

– Inventories, IRS seeks public comment on LIFO guidance, 205:G–9 (10/27/09)
– IRS guidance issues discussed at AICPA forum, 208:G–7 (10/30/09)
– Leases, FASB and IASB to propose right-of-use approach for lessees, lessor performance obligation, 208:I–6 (10/30/09)
– PCAOB unveils agenda for upcoming audit standards, 197:G–10 (10/15/09)
– Pension plans

See PENSIONS

– Professional liability, suit over alleged audit fraud falls to materiality, scienter challenges (D. Idaho), 191:K–3 (10/6/09)
– Research and development, FASB seeks comment on EITF positions on asset acquisitions, combinations, 189:G–2 (10/2/09)
– Revenue recognition, FASB, IASB agree on how entities would apply model, 205:I–6 (10/27/09)
– Securitization

See Financial instruments, this heading

– Software sales, FASB issues new guidance on revenue recognition, multiple deliverables, 194:G–3 (10/9/09)
– Stock distributions, FASB publishes proposed ASUs seeking comment on EITF positions, 189:G–2 (10/2/09)
– Uncertain tax positions

– – Effective date for deferring accounting for uncertainty, FASB clarifies, 190:G–2 (10/5/09)
– – Private entities might not be ready for FIN 48, BNA Analysis & Perspective, correction, 188:G–14 (10/1/09)

– U.S. adoption of IFRS

– – Educating staffs biggest IFRS challenge for firms, AICPA survey finds, 202:G–2 (10/22/09)
– – Executives support SEC's road map, welcome decisive action, Deloitte survey, 194:G–5 (10/9/09)
– – G-20 statement on convergence not affecting SEC decision, official says, 203:G–6 (10/23/09)
– – Private companies, AICPA group urges FASB not to cede authority to IASB, 195:G–1 (10/13/09)
– – SEC Chrm. Schapiro tells IOSCO road map is priority, pledges work plan this fall, 194:G–12 (10/9/09); new Chief Accountant Kroeker focuses on road map, convergence, and independence issues, Interview, 200:J–1 (10/20/09)

ACCOUNTING BOARDS

– FASB

– – Investor outreach, FASB hosting webcast on Oct. 15, 191:G–6 (10/6/09)
– – Not-for-profit advisors, FASB to establish panel, 203:G–1 (10/23/09)

– IASCF

– – European Union urged to join IASB monitoring board, 201:I–3 (10/21/09)
– – “Fast track” due process raises concerns, roundtable participants say, 192:I–2 (10/7/09)

– PCAOB

See PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (PCAOB)

ADVANCE PRICING AGREEMENTS (APAs)

– IRS completes 23 APAs in latest quarter, 203:G–1 (10/23/09)

ADVERTISING

– Web banner ads not subject to N.Y. sales tax, 208:H–2 (10/30/09)

AFRICA

– Tax administrations, new initiative to strengthen, Viewpoint, 202:J–1 (10/22/09); OECD's Owens says transfer pricing to figure prominently in initiative, 202:I–1 (10/22/09)

AGRICULTURE

– Biofuels

See ALTERNATIVE FUELS

AIR TRANSPORTATION

– Climate change, UN talks in Bangkok address new international tax on airlines, maritime transport, 192:I–2 (10/7/09)
– Foreign aircraft, IRS updates list of reciprocating countries for excise tax exemption, 199:G–1 (10/19/09)
– Taxes, 3-month extension

See LEGISLATION, FEDERAL, HR 3607*

ALABAMA

– HealthSouth's fraudulent overstatements of income, interest on refund denied, ALJ ruling, 203:H–2 (10/23/09)

ALASKA

– IRS reminds Alaskans on reporting of permanent fund dividend, 192:G–4 (10/7/09)

ALCOHOLIC BEVERAGE INDUSTRY

– European Union drops threat of WTO challenge as Uruguay revamps tax scheme for imports, 191:I–3 (10/6/09)
– Pa. high court bars referendums on “drink tax” from ballot (Pa.), 192:K–1 (10/7/09); decision text, 192:TaxCore (10/7/09)
– TTB forms and records

See TAX FORMS

ALIENS

See EXPATRIATES

ALTERNATIVE FUELS

– Ethanol production, GAO says Congress should review credit, Grassley (R-Iowa) disagrees, 190:G–3 (10/5/09)

ALTERNATIVE MINIMUM TAX (AMT)

– Foreign tax credit limit, AMT statute takes precedence over U.S.-Canada tax treaty (D.C. Cir.), 199:K–1 (10/19/09); decision text, 199:TaxCore (10/19/09)
– Private activity bonds, coalition of transportation, education groups seek permanent PAB exemption, 195:G–1 (10/13/09)

AMERICAN INDIANS

See NATIVE AMERICANS

AMERICAN RECOVERY AND REINVESTMENT ACT (ARRA)

– Advanced energy credits

See MANUFACTURING

– Build America Bond program

See BONDS, TAXABLE

– Car sales, tax break to expire by year end, IRS reminds taxpayers, 193:G–9 (10/8/09)
– Housing stimulus

See HOUSING

– Partnership COI income, IRS weighs remaining §108(i) issues for new guidance, official says, 202:G–4 (10/22/09)
– Small business tax incentives

See SMALL BUSINESSES

– “Tax Talk” to feature incentives under ARRA, 188:G–13 (10/1/09); IRS officials, preparers examine credits, deductions, raise concerns, 192:G–6 (10/7/09)
– TIGTA oversight activities included in FY2010 audit plan, 189:G–4 (10/2/09)
– WOTC expansion, IRS reminds businesses certification deadline Oct. 17, 194:G–12 (10/9/09)

AMERICAN SAMOA

– Tsunami victims given tax relief, 189:G–11 (10/2/09)

ARGENTINA

– Tax information exchange, Argentina signs TIEA with Monaco, concerns with Uruguay financial firms remain, 201:I–7 (10/21/09); TIEA with Andorra signed, Argentina says several others pending, 205:I–4 (10/27/09)

ARIZONA

– NOL carrybacks, state tax treatment not same as federal law provision, 197:H–2 (10/15/09)

ARKANSAS

– New markets tax credit, CDFI announces $70M award for Ark. communities, 205:G–8 (10/27/09)

ARMED SERVICES

– Combat zone indicators on taxpayer accounts often inaccurate, TIGTA says, 202:G–3 (10/22/09)
– Housing tax benefits

See LEGISLATION, FEDERAL, HR 3548, HR 3590, S 1728

ASSOCIATIONS

– AICPA gives Lifson achievement award, 207:G–9 (10/29/09)

ATTORNEYS

– Attorney-client privilege

– – Broadcom CFO's statements to outside counsel can be used in securities fraud trial (9th Cir.), 189:K–2 (10/2/09)
– – Textron ruling could impact SEC litigation, panelists say, 200:G–5 (10/20/09)

– Tax shelters, opinion letters

See generally TAX SHELTERS

AUDITS, IRS

See TAX AUDITS

AUSTRIA

– Cross-border savings, European Comm'n says Luxembourg, Austria backtrack on withholding commitment, 201:I–2 (10/21/09)

AUTOMOBILES

See MOTOR VEHICLES