Weekly News Round Up: FASB Cloud Computing Proposal; SALT for Businesses Hit $671 Billion; and PCAOB Seeks Input
August 25, 2014
Welcome to the Weekly News Round Up from the SC&H Group blog. Each week, we showcase a series of news stories that span everything from government contracting to personal finance to state and local tax issues.
This week, we have compiled stories about how the FASB has issued a new proposal to simplify accounting in a cloud computing arrangement, as well as the PCAOB seeking input on auditing accounting estimates and fair value measurements. A new study also highlights how U.S. businesses paid $671 billion in total state and local taxes 2013.
FASB Issues Proposal to Simplify Accounting for the Cloud
The Financial Accounting Standards Board recently issued a proposed Accounting Standards Update intended to simplify the accounting for a customer’s fees paid in a cloud computing arrangement.
PCAOB Seeks Input on Auditing Accounting Estimates, Fair Value Measurements
The Public Company Accounting Oversight Board (PCAOB) is seeking input on auditing accounting estimates and fair value measurements.
SALT for Businesses Hit $671 Billion in 2013
U.S. businesses paid $671 billion in total state and local taxes in fiscal year 2013, according to an annual study prepared by the Council on State Taxation.
New SEC Initiative Examines Municipal Advisor Compliance
An examination initiative recently launched by the U.S. Securities and Exchange Commission (SEC) will enable the agency to evaluate whether municipal advisors are complying with new SEC rules that went into effect last month.
Ethics Board Aims to Strengthen Auditor Independence during Long Client Associations
The International Ethics Standards Board for Accountants has proposed to strengthen the auditor independence standards in the ethics code to address long associations with audit and assurance clients.
IRS Provides Low-Income Housing Credit Disaster Relief
The newly issued Revenue Procedure 2014-49 is providing temporary relief from certain requirements of Section 42 of the Tax Code (the low-income housing credit), in the context of a “major disaster.”