Weekly News Round Up: SEC Urges Closer Look at Cash Flow Statements; FASB Guidance for Intangible Assets; and Tax-Free IRA Transfers
December 29, 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 a story about how the SEC is urging companies to take a fresh look at how they prepare their cash flow statements. In addition, the FASB has issued guidance on how private companies should account for intangible assets, and the IAASB wants organizations to improve the quality of their audits.
SEC Official Urges Closer Look at Cash Flow Statements
Citing an increase in restatements due to errors in the statement of cash flows, a Securities and Exchange Commission official has suggested that companies take a fresh look at how they prepare and review the statement.
FASB Issues Guidance for Private Companies on Intangible Assets in Biz Combos
The Financial Accounting Standards Board has released an Accounting Standards Update to improve the way private companies account for intangible assets in a business combination.
SEC: Don’t Ignore Mortality Tables at Year-End
If your company is planning to set aside new mortality tables in arriving at assumptions about pension and other post-employment benefit obligations because they are simply too new, that might be a mistake.
Tax-Free IRA Transfers to Charity Renewed
The recently enacted Tax Increase Prevention Act extends the provision that allows certain IRA owners to make tax-free distributions to charity. However, there is a limited time to make the transfers, the IRS reminded taxpayers.
TIGTA Report Highlights IRS Response to ACA
The Treasury Inspector General for Tax Administration has released its Semiannual Report to Congress, with a special focus on how the Internal Revenue Service has handled its responsibilities under the Affordable Care Act.
IAASB Sets New Strategy and Work Plan for Audit Quality
The International Auditing and Assurance Standards Board has released a strategy and work plan for improving audit quality in the next few years.