Daily Tax Report Index-Summary

ACCOUNTING

– AICPA continues work on “clarity” project, new compliance auditing standard expected, 234:G–7 (12/5/08)
– Big Four weak on their own disclosure, co-chairman of Treasury audit panel says, 235:G–8 (12/8/08)
– Boards and advisory groups

See ACCOUNTING BOARDS

– Business combinations guidance

See MERGERS AND ACQUISITIONS

– Codification of GAAP principles, FASB to release in July, 234:G–3 (12/5/08)
– Complexity, recommendations of Pozen panel (CIFR) likely to lead to SEC rule proposals, official says, 211:G–5 (10/31/08); SEC senior accountant hints agency might issue policy on use of judgment, 225:G–5 (11/21/08); SEC accounting fellow presents examples of using CIFR goals, 237:G–7 (12/10/08)
– Conceptual framework

– – Assets and liabilities, FASB and IASB make progress on chapter, 203:I–2 (10/21/08); FASB, IASB debate common ground in approaches to accounting for liabilities, 204:I–3 (10/22/08); FASB approves staff approach on measuring assets and liabilities, 215:G–1 (11/6/08)
– – Lack of progress, IASB's Leisenring cites, comments on credit crisis, 237:I–3 (12/10/08)
– – Objective and qualitative characteristics of reporting, boards receive 140 comment letters, 238:G–7 (12/11/08); IASB aims to finish Phase A of project by June, 243:I–3 (12/18/08)
– – Phase-in of framework chapters, FASB staff report concerns, 238:G–7 (12/11/08)
– – Reporting entity, IASB staff set out redeliberation plan, 223:I–2 (11/19/08)

– Consolidations projects

See Securitizations and consolidations, this heading

– Convergence

– – Canadian chartered accountants release guidance on move to international reporting, 226:I–5 (11/24/08)
– – European Comm'n to offer legislation on oversight of non-EU audit firms, 238:I–4 (12/11/08); EU grants accounting equivalence to companies from 6 countries, 243:I–3 (12/18/08)
– – Fair value controversy stalls drive to establish global accounting convergence, 222:I–2 (11/18/08)
– – Global financial crisis underscores need for harmonized standards, IASB and FASB chiefs say, 207:I–3 (10/27/08)
– – Insurance contracts, FASB, IASB plan joint project, 211:G–4 (10/31/08)
– – Japan's ASBJ and FASB meet in sixth session on global standards, 231:I–7 (12/2/08)
– – Mutual recognition, speakers back push but warn of possible negative effects on U.S. registrants, 195:G–7 (10/8/08)
– – National implementation differences, SEC's Tafara identifies potential pitfalls to successful convergence towards IFRS, 225:G–8 (11/21/08)
– – U.S. roadmap for IFRS use

See U.S. adoption of IFRS, this heading

– Credit market crisis

– – Accounting world changed forever, SEC Chief Accountant Hewitt tells AICPA, 236:G–5 (12/9/08)
– – Bank capital infusions, SEC and FASB draft letter to allow equity treatment for government warrants, 203:G–4 (10/21/08)
– – Derecognition model, IASB staff unveils approach that faces widespread board disagreement, 203:I–1 (10/21/08); IASB edges forward on development of financial assets derecognition model, 226:I–2 (11/24/08)
– – FASB Chrm. Herz has mixed views on whether accounting standards worked, cites lack of fair value, failure to comply with rules, 205:G–5 (10/23/08); member Linsmeier blasts critics for blaming crisis on fair value, 244:G–4 (12/19/08)
– – G-20 proposes accounting actions to ease global crisis, restore growth, 222:G–2 (11/18/08); IASCF updates status of work on G-20 goals, 243:I–3 (12/18/08)
– – IASB and FASB

– – – Close cooperation pledged by Chrm. Tweedie and Herz during current global crisis, 222:I–3 (11/18/08)
– – – Global advisory group planned to coordinate response, 201:I–1 (10/17/08); Hoogervorst and Goldschmid to co-chair new group, 221:I–2 (11/17/08); Bogle, Ludwig, Nicolaisen among those named as advisers, 250:I–1 (12/31/08)
– – – Roundtables on issues arising from financial crisis planned, 203:I–4 (10/21/08); first roundtable Nov. 14 in London, 213:I–1 (11/4/08); roundtables in Conn., Japan announced, 216:I–2 (11/7/08); impairment tops concerns of roundtable participants, 226:I–4 (11/24/08); restoring trust in financial reporting theme at Conn. roundtable, 228:I–4 (11/26/08); Tokyo roundtable focuses on financial crisis impact on convergence, 234:I–1 (12/5/08)

– – IASB notes steps it is taking in response to market turmoil, 194:I–3 (10/7/08); IASB votes to add financial instrument recognition, measurement project to agenda, 226:I–3 (11/24/08)
– – Independence in setting accounting standards

See Independence, this heading

– – Mortgages, CAQ audit white paper addresses restructured loans and assets, 250:G–2 (12/31/08)
– – PCAOB advisory panel urges PCAOB to issue audit guidance in light of current economy, 205:G–6 (10/23/08); PCAOB staff issues alert to auditors, 235:G–11 (12/8/08)
– – PwC, Ernst & Young hired to assist Treasury in bailout (TARP), 204:G–9 (10/22/08)
– – Regulatory gaps, PCAOB Chrm. Olson says crisis “post-mortem” should emphasize, 236:G–7 (12/9/08)
– – SEC's Corporate Finance unit readies assorted guidance for year-end filings, 223:G–9 (11/19/08); SEC senior accountant advises companies to address impairment, risk in statements, 224:G–12 (11/20/08); Kroeker discusses defaulting loans, “streamlined” assessment, 225:G–5 (11/21/08); SEC official says crisis should prompt companies to rethink MD&A disclosure, 237:G–4 (12/10/08)

– Debt instruments

See DEBT

– Fair-value measurement

– – Bank capital requirements, accounting standards serve different purposes, U.S. and international officials agree, SEC's Hewitt tells FEI, 224:G–6 (11/20/08)
– – Bankers urge SEC to override FASB's fair value guidance, former FASB member Schipper defends board, 199:G–8 (10/15/08); ABA says changes to fair value accounting needed to preserve bank capital, 230:G–1 (12/1/08); FASB Chrm. Herz says fair value applies only to small proportion of bank assets, 237:G–13 (12/10/08)
– – Business groups ask FASB to act swiftly on added delay in fair value rules for nonfinancial items, business combinations, 229:G–2 (11/28/08)
– – Call options, SEC accountant points to sleeper issue, encourages clarity, 237:G–7 (12/10/08)
– – Clarifications issued, hierarchy established by SEC Chief Accountant and FASB staff, 190:G–1 (10/1/08); FASB member says guidance does not soften rules, 209:G–9 (10/29/08)
– – Congress will consider rule changes next year, AICPA chief predicts, 213:G–1 (11/4/08)
– – Debate continues over role in credit crisis, BNA Analysis & Perspective, 191:J–1 (10/2/08); FASB members and advisors discuss FAS 157 impact on crisis, 240:G–7 (12/15/08)
– – European Comm'n to back relaxing rules for fair value to ease pressure on banks, 192:I–1 (10/3/08); EU finance ministers agree to adapt U.S. fair value rules in effort to stabilize markets, 195:I–2 (10/8/08); EC will ease mark-to-market requirements, not wait for IASB, 198:GG–2 (10/14/08); EU member states and Parliament quickly approves changes, 200:I–5 (10/16/08); financial regulators will actively participate to further refine standards, 204:I–2 (10/22/08); EC asks IASB to make more changes, allow reclassification of more financial instruments, 220:I–1 (11/14/08)
– – Exemption under §475(b)(3), IRS attorney says more guidance likely on reclassifying assets, 210:G–11 (10/30/08)
– – FAF warns Congress not to meddle in setting accounting standards, 192:G–3 (10/3/08); FAF urges SEC Chrm. to reject appeals to suspend fair value accounting, 209:G–2 (10/29/08)
– – IAASB publishes practice alert as guide for auditors to existing standards, 195:I–2 (10/8/08)
– – IASB reaches some agreement on criteria for recognizing day-one gains and losses, 225:I–1 (11/21/08)
– – IASC Found. urges G-20 to resist hasty changes to fair value rules, 219:I–3 (11/13/08)
– – Inactive markets

– – – FASB to fast-track guidance on valuing assets in, 191:G–4 (10/2/08); FASB staff drafting proposed guidance on fair value disclosures for 2008 reports, 192:G–5 (10/3/08); FASB seeking comments on clarifications, 194:G–2 (10/7/08); FASB issues final guidance, 198:GG–1 (10/14/08); FASB member says guidance does not soften rules, 209:G–9 (10/29/08); FASB and IASB plan no further guidance, 222:I–3 (11/18/08); FASB proposes expanding disclosures for financial instruments, 249:G–2 (12/30/08)
– – – Flexible estimating, SEC accounting fellow Carr offers advice, AICPA conference, 238:G–5 (12/11/08)
– – – French financial sector authorities issue recommendations, 202:I–1 (10/20/08)
– – – IASB publishes updated panel report, 199:I–3 (10/15/08); IASB seeks comment on amendments to disclosure rules on financial instrument fair value, liquidity, 200:I–2 (10/16/08); reaction to IASB report “supportive,” staff say, 200:I–3 (10/16/08); staff to send IASB advisers options on cutting complexity in reporting, 204:I–4 (10/22/08); educational guidance issued, 212:I–3 (11/3/08); IASB seeks comment on changes to debt instrument disclosure standards, 248:I–2 (12/29/08)
– – – IFRIC declines to write IAS 39 guidance on credit, liquidity in response to German request, 219:I–2 (11/13/08)

– – Other than temporary impairment, SEC deputy chief accountant discusses, 225:G–5 (11/21/08); PCAOB Chrm. Olson cites audit concern, 236:G–7 (12/9/08)
– – Retirement plan assets, FASB to discuss fair value disclosures at Oct. 29 meeting, 206:G–4 (10/24/08); FASB advances staff guidance on disclosures about plan assets, 210:G–9 (10/30/08)
– – SEC launches study of fair value's impact on credit crisis, 195:G–1 (10/8/08); SEC solicits comments on fair value, 199:G–9 (10/15/08); 4 groups warn against calls for SEC to override FASB, 200:G–2 (10/16/08); SEC announces Oct. 29 roundtable, 201:G–6 (10/17/08); panelists to include lawyers, industry reps, accountants, 208:G–4 (10/28/08); SEC urged to distinguish between liquidity, credit impairments, 210:G–9 (10/30/08); requirements of EESA study described, 211:G–5 (10/31/08); correction to report on 210:G-9, 212:G–7 (11/3/08); SEC announces Nov. 21 roundtable, 221:G–2 (11/17/08); KPMG partner urges distinguishing impairment caused by liquidity from impairment caused by credit, 226:G–3 (11/24/08); Chief Accountant Hewitt discusses study, CAQ Dir. lists themes from roundtables, 236:G–5 (12/9/08); CPA judgment, consensus on improvements, SEC accountant Kroeker hints at direction of study, 236:G–8 (12/9/08); SEC likely to advise Congress that more guidance is necessary, Chrm. Cox says, 236:G–8 (12/9/08); report will be posted Jan. 2, 240:G–7 (12/15/08); Kroeker says report will show fair value not cause of bank failures, 241:G–2 (12/16/08)
– – Senate Banking Chrm. Dodd (D-Conn) opposes congressional interference, former SEC Chrm. Levitt supports fair-value disclosures, 201:G–6 (10/17/08)

– FASB agenda, staff to propose projects on impairments and CDOs, 237:G–12 (12/10/08); FASB votes on financial reporting project, impairment, 241:G–6 (12/16/08); FASB launches 4 short-term projects, 244:G–4 (12/19/08)
– Financial instruments

– – Debt with equity traits

See DEBT

– – Derivatives

See DERIVATIVES

– – Disclosure amendments edge closer to publication by IASB, 194:I–3 (10/7/08); IASB plans financial instruments disclosure amendments via quick-fix project, 247:I–2 (12/24/08)
– – FASB moves forward on reporting project, 241:G–6 (12/16/08); FASB launches 4 short-term projects, 244:G–4 (12/19/08); FASB proposes expanding disclosures for instruments at fair value, 249:G–2 (12/30/08)
– – Mark-to-market

See Fair-value measurement, this heading

– Financial statements

– – MD&A section, SEC official says economic crisis should prompt companies to present analysis for investors, 237:G–4 (12/10/08)
– – PCAOB member calls for more meaningful disclosure, says current climate ineffective, 240:G–10 (12/15/08)
– – Presentation of information, FASB and IASB seek comments on proposed changes, 201:I–3 (10/17/08)
– – SEC Financial Reporting manual available, senior accountant provides fair value tips, suggests risk analyses, 238:G–4 (12/11/08)
– – Simplification, SEC advisory panel

See Complexity, this heading

– – Use of judgment, SEC might issue policy, senior accountant hints, 225:G–5 (11/21/08)
– – XBRL coding, SEC to vote on proposal at Dec. 17 meeting, 240:G–4 (12/15/08); SEC requires XBRL use by public companies and mutual funds, 243:G–6 (12/18/08)

– Fraud

– – Adverse consequences for firms cited for fraud, Deloitte Forensic Center issues analysis, 242:G–2 (12/17/08)
– – Audit firm liability

See Professional conduct, this heading

– – Backdated stock options

See STOCK OPTION BACKDATING

– – Delphi Corp., court rebuffs dismissal challenges by 5 defendants (E.D. Mich.), 207:K–2 (10/27/08)
– – Drug store chain, former executives charged on civil and criminal counts (S.D.N.Y.), 197:K–1 (10/10/08)
– – Enron trials

See ENRON

– – General Re former CEO given 2-year sentence over role in AIG revenue scheme (D. Conn.), 242:K–2 (12/17/08)

– Future of audit profession

See Sustainability of audit profession, this heading

– Going concern, subsequent events, FASB seeking comments on related proposals, 197:G–2 (10/10/08); PCAOB will closely monitor assessments, Chrm. Olson says, 236:G–7 (12/9/08)
– Governments, GASB guidance

See STATE AND LOCAL GOVERNMENT

– Independence

– – Credit crisis shows need for independent rulemaking, FASB staff director, Moody's vice-president say, 209:G–5 (10/29/08)
– – FAF warns Congress not to meddle in setting accounting standards, 192:G–3 (10/3/08); FAF urges G-20 leaders to support keeping standard setting free of politics, 221:I–1 (11/17/08)
– – Government agency roles in guidance process, FASB supports creating forum to clarify, 212:G–3 (11/3/08)
– – Investors' panel ITAC urges FASB to protect, defend its independence, 219:G–2 (11/13/08)
– – Web site for all independence rules, SEC and PCAOB staff create, convergence discussed, 237:G–2 (12/10/08)

– Inspections of audit firms

– – Foreign firms, PCAOB to defer certain inspections, seeks input on how to address such delays, 234:G–4 (12/5/08)
– – Frequency, PCAOB to consider rule amendments, 231:G–4 (12/2/08)
– – KPMG Canada cited in PCAOB reports, 6 other Big 4 affiliates rate well, 199:G–7 (10/15/08)
– – PCAOB releases 13 more reports, 210:G–3 (10/30/08); PCAOB find no faults at 10 firms, 222:G–5 (11/18/08); PCAOB releases 28 reports, updates reports for firms with uncorrected issues, 236:G–3 (12/9/08); audit defects found at Deloitte Chilean unit, 5 other firms, 250:G–3 (12/31/08)
– – Top audit firms still have room to improve, PCAOB finds fair value audits wanting, 235:G–10 (12/8/08)

– Insurance contracts, FASB, IASB plan joint project, 211:G–4 (10/31/08)
– Internal controls

See CORPORATE GOVERNANCE

– International standards

– – Chemical industry, IFRIC tells staff to refine scope of interpretative project on EU safety standard, 217:I–1 (11/10/08)
– – Conceptual framework project

See Conceptual framework, this heading

– – Convergence issues

See Convergence, this heading

– – Customer contributions, IFRIC guidance for utilities much changed, nearly final, 216:I–1 (11/7/08)
– – Customer-related intangible assets, IFRIC rejects requests for guidance, 218:I–2 (11/12/08)
– – Derivative instruments

See DERIVATIVES

– – Financial instruments

See Financial instruments, this heading

– – First-time IFRS adoption standard, IASB announces updated version, 230:I–2 (12/1/08); IFRS 1 takes effect July 1, 245:I–2 (12/22/08)
– – IFRIC rejects 3 requests for more guidance, confirms 2 earlier rejections, 219:I–3 (11/13/08)
– – Noncash asset distributions to owners, IFRIC publishes guidance, 230:I–1 (12/1/08)
– – Real estate sales, noncash distributions, IASB approves interpretive guidance, 227:I–2 (11/25/08)
– – Regulatory assets and liabilities, IFRIC rejects request to develop interpretive guidance, 219:I–2 (11/13/08); IASB votes to add project on rate-regulated industries to its agenda, 244:I–2 (12/19/08)
– – Related-party transactions, IASB staff to seek new round of comments on IAS 24 amendments, 224:I–1 (11/20/08); second round of comments opens, 239:I–2 (12/12/08)
– – Technical corrections frequent, IASB members says board's record “embarrassing,” 245:I–2 (12/22/08)

– Inventories

See INVENTORIES

– Leases, FASB and IASB staffs seek working group's views on draft paper, 195:G–5 (10/8/08); FASB to do more analysis on subleases before issuing discussion paper, 224:G–8 (11/20/08)
– Nonprofits should not report residual excess debit as goodwill asset, FASB says, 196:G–2 (10/9/08); redeliberation of M&A rules completed, 219:G–3 (11/13/08)
– Oversight law

See SARBANES-OXLEY ACT

– Partnerships, investor rights discussed by SEC official at AICPA conference, 238:G–3 (12/11/08)
– Pension plans

See PENSIONS

– Professional conduct

– – AIG audits, PwC will pay Ohio pension plans $97M to settle claims (S.D.N.Y.), 194:K–4 (10/7/08)
– – Disciplinary order issued against Deloitte accountant by PCAOB, 217:G–4 (11/10/08)
– – Ellentuck honored with AICPA award, 217:G–9 (11/10/08)
– – Liability limits, Treasury's advisory panel could not agree on, AICPA panel discussion, 238:G–5 (12/11/08)
– – N.Y. Senate approves first major state regulatory reform in 60 years, 244:H–1 (12/19/08)
– – PCAOB inspections

See Inspections of audit firms, this heading

– – Russian court ends suit against PwC over tax advice to oil giant Yukos, 207:I–2 (10/27/08)
– – Supreme Ct. lets stand ruling reversing damage award to banker (U.S., rev den), 231:K–3 (12/2/08)
– – Tax shelter litigation

See TAX SHELTERS

– Qualified intermediary audits

See WITHHOLDING TAXES

– Quality of audits, PCAOB advisory group mulls how to measure, 206:G–5 (10/24/08)
– Revenue recognition, EITF agrees on proposed guidance on multiple deliverables, 220:G–6 (11/14/08); FASB seeks comment on EITF agreements, 227:G–2 (11/25/08); IASB, FASB issue discussion draft, 245:I–1 (12/22/08)
– Risk found during audit, PCAOB to consider auditing standards, 201:G–9 (10/17/08); PCAOB proposes new audit standards for risk assessment, 204:G–7 (10/22/08)
– Securities

– – Deficiencies in Sarbanes-Oxley reporting requirements, SEC official discusses filing data, 235:G–8 (12/8/08)
– – IASB clears preferred treatment of group cash-settled, share-based payment, 245:I–3 (12/22/08)
– – Mark-to-market rules

See Fair-value measurement, this heading

– – Preferred securities, SEC staff eases reporting of impaired PPS as interim step, 200:G–5 (10/16/08); investors panel ITAC opposes impairment changes, 219:G–2 (11/13/08)
– – Prepaid forward contracts, ABA tax section urges IRS to retain recognition method, 224:G–5 (11/20/08); comments on Notice 2008-2, 224:TaxCore (11/20/08); guidance a priority for IRS in 2009, 227:G–5 (11/25/08)
– – Reclassified securities under §475(b)(3), more guidance likely, IRS attorney says, 210:G–11 (10/30/08)

– Securitizations and consolidations

– – FASB's effort to limit off-balance sheet activities goes too far, MFS's Pozen suggests credit-rating agency oversight, 238:G–9 (12/11/08)
– – Footnote disclosures, FASB plans to require on securitizations and VIEs before year's end, 219:G–10 (11/13/08); further delay not likely, FASB technical director cites G-20 communique, 224:G–6 (11/20/08)
– – IASB staff provide update for board on consolidations draft, 202:I–2 (10/20/08); Chrm. Tweedie says project among top 3 on IASB's priority list, 203:I–3 (10/21/08); Oct. 21 report corrected, 209:I–3 (10/29/08); IASB to publish updated consolidations model in Dec., 228:I–3 (11/26/08); IASB issues revamped model, seeks comment, 244:I–2 (12/19/08)
– – Overconsolidation debated at FASB forum on proposed amendments to securitizations and VIEs, 217:G–6 (11/10/08)
– – SEC senior accountant Kroeker, analysts favor near-term securitizations, VIE changes, FASB forum, 216:G–4 (11/7/08); Kroeker supports FASB on Statement 140/FIN 46R, 224:G–12 (11/20/08)
– – Special purpose entities, FASB to require more risk disclosures for nontransferors with QSPE involvement, 227:G–2 (11/25/08); FASB final guidance requires robust disclosure of financial asset transfers, VIEs, 239:G–3 (12/12/08); FASB stays course on planned changes, 243:G–1 (12/18/08)
– – Subsidiaries, EITF to seek comments on transfers of interest, 220:G–6 (11/14/08); FASB seeks comment on EITF agreements, 227:G–2 (11/25/08)

– Service organizations, report timing, AICPA issues proposed standards for comment, 228:G–3 (11/26/08)
– Subsequent events, FASB seeking comments on proposals, 197:G–2 (10/10/08)
– Sustainability of audit profession

– – Auditor liability limits, Treasury's advisory panel could not agree on, AICPA panel discussion, 238:G–5 (12/11/08)
– – Big Four weak on their own disclosure, co-chairman of Treasury audit panel says, 235:G–8 (12/8/08)
– – PCAOB sets Oct. 22-23 public meeting with advisory group on Treasury panel's suggestions, 197:G–5 (10/10/08); panel mulls measurement of audit quality, 206:G–5 (10/24/08); advisers debate value, relevance of requiring signatures on audit reports, 207:G–3 (10/27/08); PCAOB's reach should go beyond U.S. shores given global economy, Chrm. Olson says, 210:G–13 (10/30/08)

– Tax risk management, E&Y survey shows tax executives worldwide spending more time on, 244:I–3 (12/19/08)
– Uncertain tax positions

– – Advance pricing agreements, FIN 48 reporting reveals significant number of APAs, BNA Analysis & Perspective, 250:J–1 (12/31/08)
– – Cash flows in accounting for liabilities, FASB, IASB debate uses, 204:I–3 (10/22/08)
– – Companies struggle with complex FIN 48, Deloitte officials discuss problem areas, 225:G–3 (11/21/08)
– – FASB tax reserve rules not being met by one-third of large firms, Seigel reports, 242:G–2 (12/17/08)
– – IRS use of FIN 48 data, senior officials respond to practitioner concerns, 210:G–11 (10/30/08)
– – Passthrough entities, FASB to propose rules deferring effective date for FIN 48 compliance, 191:G–3 (10/2/08)
– – Private firms, FASB votes to defer FIN 48 for all private firms, 200:G–3 (10/16/08); FASB seeks comments on guidance, 214:G–4 (11/5/08); FASB to add disclosure requirement, 243:G–1 (12/18/08)
– – Transfer pricing disputes reported in Sept. FIN 48 filings, 206:I–1 (10/24/08); IRS observing developments, no change in work paper policy expected, 210:G–10 (10/30/08); practitioners, tax officials discuss new era of transparency, 237:G–9 (12/10/08)

– U.S. adoption of IFRS

– – AICPA survey signals growing acceptance of shift to international rules, 233:I–3 (12/4/08)
– – Controllers say no to adopting IFRS without more accounting convergence, FEI conference, 222:I–4 (11/18/08)
– – Deloitte anticipates busy accountants as U.S. firms convert to IFRS, Webcast, 228:I–2 (11/26/08)
– – Early adopters, SEC not likely to order companies using IFRS to convert back to GAAP, chief accountant Hewitt says, 208:G–2 (10/28/08)
– – FASB's future role, discussion paper possible, 192:G–5 (10/3/08); member Seidman says FASB should concentrate on 8 priority areas, 212:G–3 (11/3/08); FASB reconsidering U.S.-IFRS convergence in light of year's events, SBAC views mixed, 240:G–7 (12/15/08)
– – FEI panel discusses significant changes in shift to IFRS, 209:G–5 (10/29/08)
– – IASB response to EU pressure may slow U.S. move to IFRS, former SEC chief accountant Turner says, 209:I–1 (10/29/08)
– – Largest firms urged to keep 2 sets of books as early as 2011, SEC senior accountant, 225:G–5 (11/21/08); LMSB Comm'r Ng says IFRS transition carries major implications for IRS, large firms, 240:G–1 (12/15/08)
– – Road map, SEC publishes proposal for U.S. adoption of IFRS for comment, 7 milestones unchanged, 222:GG–1 (11/18/08); SEC Chrm. Cox delineates IFRS principles, but again discourages global securities regulator, 223:I–3 (11/19/08); KPMG partners explore effect of milestones, 225:I–3 (11/21/08); road map may change after comment period, SEC official says, 237:G–6 (12/10/08)
– – SEC diligence the same of IFRS filings, senior accountant says, 238:G–4 (12/11/08)
– – State tax impacts of shift to IFRS, KPMG professional discusses, 242:H–3 (12/17/08); Deloitte white paper says conversion to IFRS will have broad impact on states, taxpayers, 245:H–1 (12/22/08)
– – TEI president urges tax professionals to stay involved in IFRS-related issues, 194:G–2 (10/7/08); panelists say small differences between GAAP, IFRS may have big impact, 195:G–3 (10/8/08)

– Variable interest entities

See Securitizations and consolidations, this heading

ACCOUNTING BOARDS

– AICPA officers

See ASSOCIATIONS

– FASB's future role, discussion paper possible, 192:G–5 (10/3/08)
– Financial market crisis, IASB and FASB to create global advisory group to coordinate response, 201:I–1 (10/17/08); Hoogervorst and Goldschmid to co-chair new group, 221:I–2 (11/17/08); Bogle, Ludwig, Nicolaisen among those named as advisers, 250:I–1 (12/31/08)
– GASB advisory council reappoints Ebersole as chairman, 233:G–7 (12/4/08)
– IASB

– – Advisory council, Canada's Cherry will chair in Jan., 233:I–1 (12/4/08)
– – Constitutional review, oversight board publishes proposals on second phase, 236:I–1 (12/9/08)
– – Members, IASCF trustees recruit IASB board members for 5-year terms, 225:I–2 (11/21/08); appointment of 2 new members announced, 227:I–2 (11/25/08)

– IASCF appoints investor Evans to IASB oversight foundation, 241:I–3 (12/16/08)
– PCAOB

See PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (PCAOB)

ACQUISITIONS, CORPORATE

See MERGERS AND ACQUISITIONS

ADVANCE PRICING AGREEMENTS (APAs)

– Australia finished 48 in FY2007, PwC completes review of APA program, 231:I–4 (12/2/08)
– Canada finished 8 APAs in 2007-2008, 214:I–1 (11/5/08)
– FIN 48 reporting reveals significant number of APAs, BNA Analysis & Perspective, 250:J–1 (12/31/08)
– IRS completes 22 APAs in latest quarter, 198:G–1 (10/14/08); 4th quarter FY2008 report, 198:TaxCore (10/14/08)
– Japan, APA applications hit record high in 2007 tax year, NTA report, 197:I–2 (10/10/08)

AGRICULTURE

– Biofuels

See ALTERNATIVE FUELS

– Dairies, Wis. extends emergency rule on manufacturing facility tax credit, 198:H–2 (10/14/08); final rule issued, 218:H–3 (11/12/08)
– Federal subsidies, Kind (D-Wis) seeks IRS-USDA cooperation on income eligibility, 233:G–3 (12/4/08)
– Income averaging, IRS corrects contact telephone number, 202:G–5 (10/20/08); text of 2 Ann., 202:TaxCore (10/20/08)
– Income tax, IRS revises instructions for Schedule F, Form 1040, 229:G–5 (11/28/08)
– 2008 tax guide for farmers, IRS revises Pub. 225, 230:G–4 (12/1/08)
– Water conservation, N.M. adopts final tax credit rules, 247:H–1 (12/24/08)

AIR POLLUTION

– Small refineries, hearing on §179B deductions canceled, 194:G–6 (10/7/08); IRS publishes cancellation notice, 207:G–5 (10/27/08); text of Ann., 207:TaxCore (10/27/08)

AIR TRANSPORTATION

– Bonds, airport groups seek tax status change to avoid AMT, 221:G–1 (11/17/08); Am. Ass'n of Airport Executives letter to House Transportation Chrm. Oberstar (D-Minn), 221:TaxCore (11/17/08)
– European airports, European Parliament backs expansion of tax-free shopping, 224:I–3 (11/20/08)
– Excise taxes, GAO audit confirms procedures used for reconciling tax receipts with trust fund distributions, 213:G–3 (11/4/08)
– FAA programs, extension

See LEGISLATION, FEDERAL, HR 6984*

– Fuel tax rate changes for Form 4136 fiscal year filers, 229:G–5 (11/28/08)
– Ticket and fuel tax extension

See LEGISLATION, FEDERAL, HR 6984*

– UK scraps “green” tax proposals as fiscal issues take precedence, 228:I–3 (11/26/08)

ALABAMA

– Diesel fuel, railroad denied preliminary injunction for tax challenge under 4-R Act (11th Cir.), 239:K–1 (12/12/08); decision text, 239:TaxCore (12/12/08)

ALASKA

– Seismic exploration expenditures qualify for state oil, gas exploration production credit, 208:H–1 (10/28/08)
– Stevens (R-Alaska) will face expulsion even if re-elected, Senate Majority Leader Reid (D-Nev) says, 213:N–1 (11/4/08); Stevens ahead in vote tally, 215:SplRpt (11/6/08); Begich passes Stevens, vote count continues, 220:N–3 (11/14/08); GOP delays decision until election results final, 223:N–4 (11/19/08); Stevens concedes to Begich (D), 224:N–1 (11/20/08)
– Valdez tax on large vessels docking in private ports challenged (U.S., rev grant), 240:K–1 (12/15/08)

ALCOHOLIC BEVERAGE INDUSTRY

– Archer Daniels Midland offers $3M to resolve alleged excise tax violations, TTB accepts OIC, 199:K–3 (10/15/08)
– Distilled spirits taxes, TTB extends comment period on rules to consolidate, update CFR provisions, 209:G–12 (10/29/08)
– India's import taxes, WTO appellate body will not issue ruling on U.S. challenge, 211:I–1 (10/31/08); India rejects U.S. claims of victory, 214:I–1 (11/5/08)
– Me. beverage tax hike, voters appear to approve repeal measure, 215:H–4 (11/6/08)
– Rum, excise tax

See LEGISLATION, FEDERAL, HR 1424*

– TTB forms

See TAX FORMS

– Wine operations, TTB debuts online seminar, 226:G–8 (11/24/08); TTB reminds wineries about Form 5120.17 filing requirement, 243:G–7 (12/18/08)

ALIENS

See also EXPATRIATES
– Elderly and disabled refugees, SSI extension

See LEGISLATION, FEDERAL, HR 2608*

– Employment, DHS issues final supplemental SSN “no-match” rule, 207:G–6 (10/27/08); SSA official confirms about 140,000 employers could receive letters for 2007, 208:G–4 (10/28/08)
– Income tax form 1042-S, e-filing instructions

See ELECTRONIC FILING

– Pensions, IRS provides fact sheet on tax treatment, 191:G–7 (10/2/08); text, 191:TaxCore
– U.S.-source income

See WITHHOLDING TAXES

ALTERNATIVE FUELS

– Biodiesel production

– – Certification standard, IRS notice describes ASTM changes, 229:G–1 (11/28/08); text of Notice, 229:TaxCore (11/28/08)
– – Credit, one-year extension

See LEGISLATION, FEDERAL, HR 1424*

– Ethanol

– – Cellulosic biofuel, IRS provides producer credit guidance, 229:G–1 (11/28/08); text of Notice, 229:TaxCore (11/28/08)
– – Corn based, diverse coalition urges new administration and Congress to repeal tax subsidies, 223:G–1 (11/19/08)

– Excise tax credits, IRS sets hearing on fuel mixture rules, definitions, 224:G–14 (11/20/08); REG-155087-05 hearing notice, 224:TaxCore (11/20/08); Announcement number provided, 235:G–11 (12/8/08); text of IRS Ann., 235:TaxCore (12/8/08)
– Iowa proposes changes to credit rules, 217:H–2 (11/10/08); final rule amendment adopted, 246:H–2 (12/23/08)
– Mich. enacts bills providing tax incentives for production, 249:H–1 (12/30/08)
– Or. adopts rule explaining raw material production tax credit, 250:H–2 (12/31/08)

ALTERNATIVE MINIMUM TAX (AMT)

– Bond interest

See LEGISLATION, FEDERAL, HR 7336

– Depreciation bonus alternative

See DEPRECIATION

– Repeal

See LEGISLATION, FEDERAL, HR 3970

– Stock options treatment

See STOCK OPTIONS

– 2008 exemption

See LEGISLATION, FEDERAL, HR 1424*

APAs

See ADVANCE PRICING AGREEMENTS (APAs)

ARGENTINA

– Budget, Argentina extends check tax, extra levies on personal assets, tobacco for one year, 239:I–4 (12/12/08)
– Capital repatriation, corporate tax moratorium pass Senate, 247:I–1 (12/24/08)
– Pensions, Congress nationalizes funding system, seizes $25B in assets, 229:I–2 (11/28/08)
– Structured financial trusts, tax exemption confirmed by tax agency, 214:I–1 (11/5/08)

ARIZONA

– Fla. tax incentives for new jobs prompts Ariz. company to relocate, 229:H–1 (11/28/08)
– Foreign subsidiary, gain from stock sale subject to corporate tax, revenue dep't rules, 231:H–2 (12/2/08)
– Pension income, only husband can claim exemption, revenue dep't rules, 231:H–3 (12/2/08)
– Real property sale or transfer, voters approve new tax prohibition, 216:H–3 (11/7/08)
– Taxes paid another state, guidance on calculating credit revised, 222:H–1 (11/18/08)
– Vehicle sales, guidance posted on documenting exempt sales to nonresidents, Native Americans, 197:H–1 (10/10/08)

ASSOCIATIONS

– AICPA, Almonte takes helm as chairman, 204:G–10 (10/22/08); Einhorn to chair Tax Executive Comm., 210:G–18 (10/30/08)
– IFAC, Bunting seated as new president, 221:I–3 (11/17/08)
– NASBA, Sadler becomes chair of Natl. Ass'n of State Bds. of Accountancy, 244:H–3 (12/19/08)

ATTORNEYS

– Damage awards, top 10 tax developments impacting litigation recoveries, Viewpoint, 214:J–1 (11/5/08); 10 things I love about qualified settlement funds, 231:J–1 (12/2/08)
– Employee classification determinations can be difficult in cases involving “of counsel” lawyers, Viewpoint, 246:J–1 (12/23/08)
– Tax sanction against firm, attorney lacks standing to seek pro rata refund (8th Cir.), 238:K–1 (12/11/08); decision text, 238:TaxCore (12/11/08)

AUDITS, IRS

See TAX AUDITS

AUSTRALIA

– Advance pricing agreements, 48 finished in FY2007, PwC completes review of APA program, 231:I–4 (12/2/08)
– Financial gains and losses, draft legislation released, 192:I–1 (10/3/08)
– Natural resources, OECD says Australia should raise taxes, 199:I–1 (10/15/08)

AUTOMOBILES

See MOTOR VEHICLES

AZERBAIJAN

– Reductions in VAT, corporate profit taxes, tax ministry to introduce bill, 244:I–1 (12/19/08)