Weekly News Round Up: Obama Pushes for Tax Laws Against “Corporate Deserters;” FASB Technical Agenda Web Page; and Young People and Personal Finance
July 28, 2014
Welcome to the Weekly News Round Up from the SC&H 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 on how President Obama is pushing for laws against companies that use cross-border mergers to avoid paying U.S. taxes. In addition, a new study found that financial restatements have decreased after Sarbanes-Oxley.
Obama Says Tax Law Must Change to Stop ‘Corporate Deserters’
President Barack Obama attacked companies that use cross-border mergers to escape U.S. taxes, accusing them of being “corporate deserters who renounce their citizenship to shield profits.”
FASB Unveils ‘More Visual’ Technical Agenda Web Page
The Financial Accounting Standards Board (FASB) has re-launched its technical agenda web page, which aims to inform visitors at a glance on where any given FASB project stands.
IASB Finalizes New Standard on Financial Instruments
The International Accounting Standards Board (IASB) has issued the final element of its own long-awaited financial instruments accounting standard after failing to reach a consensus with the U.S. Financial Accounting Standards Board on key elements related to credit losses and loan impairment.
Study Finds Financial Restatements Declined after Sarbanes-Oxley
Financial restatements declined substantially in the decade after the passage of the Sarbanes-Oxley Act of 2002, according to a new study.
Small Business Owners Reluctant to Take on Debt Despite Access to Credit
Despite reports that small business loans are becoming easier to obtain, a majority of small business owners don’t ever apply for them, according to a survey.
Young Americans Average on Personal Finance Knowledge
When it comes to personal finance, a new survey shows high school students in the U.S. may not have the knowledge they need to manage money, according to a new study.