Weekly News Round Up: U.S. Durable Goods Orders Drop; FASB and Disclosures; and Facebook Tax Problems
August 1, 2016
Welcome to the Weekly News Round Up from the SC&H Group blog. Each week, we showcase audit, tax, and consulting news to keep you informed about the current stories and events impacting the accounting and business landscape – and ultimately your financial obligations.
This week, we highlight how orders of U.S. durable goods have dropped, and the FASB is looking to beef up disclosure requirements. In addition, Facebook is dealing with some tax troubles these days, and the era of sky-high valuations for rising tech companies may soon be over.
U.S. Durable Goods Orders Drop 4 Percent in June
New orders for U.S. durable goods dropped sharply in June, dragged down by weaker demand for civilian aircraft and defense products, according to the Commerce Department.
FASB Proposes to Beef Up Disclosures on Business Income Taxes
The Financial Accounting Standards Board has proposed a new accounting standards update that would require public and private companies to change the way they report income taxes on their financial statements.
PCAOB Announces 2016-2017 Scholarship Program Recipients
The Public Company Accounting Oversight Board (PCAOB) recently announced the 72 recipients of its 2016-2017 Academic Year PCAOB Scholarship program.
IIA Announces Global Board of Directors for 2016-2017
The Institute of Internal Auditors (IIA) recently announced the election of Angela Witzany as chairman of the organization’s 2016-2017 Global Board of Directors.
Facebook Fails to Show Up for Seventh Tax Summons from IRS
Facebook officials failed to show up after getting seven summonses from the Internal Revenue Service demanding internal corporate records on one of its offshore tax strategies, according to an IRS court filing.
New Data on IRAs, Nonprofits and More from IRS
The IRS Statistics of Income program has released data on taxpayers who hold IRAs, private foundations, tax-exempts and other categories.
Money, Exit Options Drying Up for Unicorns
Venture investors and public markets are starting to balk at the sky-high valuations of some tech startups, according to this CFO Magazine editorial.