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Regulators have put aside their differences and are scheduled to approve the new Volcker Rule next week, on Dec. 10, according to the Wall Street Journal. A major part of the Dodd-Frank Act, the Volcker Rule, named for former Fed Chair Paul Volcker, would put tight restrictions on the extent to which banks may engage in proprietary trading using commercial accounts, activity that was seen as a major contributing factor in the most recent financial crisis.
The Public Company Accounting Oversight Board (PCAOB) has formally re-proposed a rule that, if implemented, would require that audit reports to include the name of the engagement partner who led the audit for the most recent period and the names, locations and extent of participation ( as a percentage of total audit hours) of other public accounting firms that took part in the audit, and the locations and extent of participation of other persons, whether an individual or a company, not
A federal judge on Tuesday morning declared that Detroit is under no obligation to fulfill its pension obligations to city workers in full as he cleared the way for the government to formally enter Chapter 9 bankruptcy, according to the New York Times. The judge, Steven Rhodes, said that pensions do not have special protections when it comes to municipal bankruptcy, even though the state constitution of Michigan explicitly extends such protections.
The Public Company Accounting Oversight Board (PCAOB) announced today 17 new and reappointed members to its 42-member Standing Advisory Group, which advises the PCAOB on the development of auditing and related professional practice standards and includes experts in the fields of accounting, auditing, financial reporting, corporate finance and corporate governance, as well as experts in investing in public companies. Within this list are 5 NYSSCPA members:
New York City Comptroller-Elect Scott M. Stringer has posted a "help wanted" ad for a deputy comptroller to oversee the city's Bureau of Accountancy. He's looking for someone to "ensure a rigorous and comprehensive citywide system of accounting that enhances City government’s budgetary integrity, accountability and operational performance." A CPA is preferred.
The IRS needs to strengthen systems development controls for the Premium Tax Credit (PTC) Project, according to the Treasury Inspector General for Tax Administration (TIGTA). The announcement was made in a TIGTA press release, which also said that the TIGTA was issuing seven recommendations to the IRS. It called on the Service to develop an action plan for resolving security test issues and asked for updates to the Internal Revenue Manual in order to battle potential fraud risks.
Ever have trouble explaining how reconciliation between GAAP income and taxable income works? Sure you have. An accounting professor has made a YouTube video explaining the basic concept of what it is the process is meant to do using two salads: Greek and Mediterranean. Similar, but still different, distinct dishes. Using these two salads, the professor provides a way to explain, conceptually, what it is accountants talk about when they talk about reconciliation.