July 12, 2011
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Investors Defend FASB Role on IFRS
July 8 2011 International accounting standard-setters may lack the political backbone of their U.S. counterparts, users of financial statements fear. Representatives of large institutional investors told the Securities and Exchange Commission on Thursday that they had serious qualms about the London-based International Accounting Standards Board replacing the U.S. Financial Accounting Standards Board as the […]
Read more- July 11, 2011
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AICPA Offers Guidance on Registered Preparer Competency Exam
July 8th, 2011 In a July 7 letter to IRS Commissioner Doug Shulman, the AICPA offered its perspective on the agency’s development of the registered tax return preparer examination. The IRS anticipates that it will begin offering the exam this fall to prospective candidates. In general, CPAs and employees under their supervision will be exempt from taking […]
Read more- July 08, 2011
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Sights Set on Grand Debt Deal
Obama, Congressional Leaders Eye Sweeping Bargain to Cut Deficit by $4 Trillion President Barack Obama and congressional leaders agreed Thursday to strive for a blockbuster deficit-reduction deal and will spend the weekend determining whether political support is possible for a sweeping plan to curb entitlements and make major tax-code changes. The package to reduce […]
Read more- July 07, 2011
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Tax Preparers’ Comments Run Gamut on IRS Competency Testing
July 6th, 2011 Some tax preparers who will be affected by official competency testing with the Internal Revenue Service take the most extreme view that IRS should force return preparers to get an accounting degree, while others say anyone preparing taxes for five years without problems should be grandfathered, according to recent comments to the […]
Read more- July 06, 2011
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Business owners baffled by financial statements
July 5th, 2011 Many small business owners are befuddled by complex financial statements. And it could be costing them. Each month, small business owners receive invoices from financial companies detailing their companies’ credit and debit card transactions. Few owners, however, have the time or inclination to make sense of the documents, which can be pages […]
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