The Daily

News and daily posts about CPAs, the accounting and financial industries, and more.

  • FASB Plans to Look to the Future with Upcoming Survey

    By:
    Chris Gaetano
    |
    May 4, 2015
    The FASB is on the look out for new "big ticket" projects, on par with leases or revenue recognition, and wants stakeholders to fill them in on issues that affect multiple industries in dramatic ways for their standards setting agenda going forward. 
  • Researchers Find SOX Creates Perverse Incentives

    By:
    Chris Gaetano
    |
    Apr 29, 2015
    A new study in the The Accounting Review has found that companies that report an internal control weakness as required by SOX and then later make a restatement are more likely to see SEC enforcement and class action lawsuits than if the weakness had only been disclosed after a restatement. 
  • NFL to Drop Tax Exempt Status

    By:
    Chris Gaetano
    |
    Apr 30, 2015
    The National Football League plans to drop is status as a tax-exempt organization, with the owner saying the debate in Washington over this designation had become a distraction. 
  • IASB Votes to Propose Delaying Rev. Rec. Effective Date

    By:
    Chris Gaetano
    |
    Apr 29, 2015
    The International Accounting Standards Board voted to propose delaying the effective date of its revenue recognition standard, less than a month after the FASB voted to propose its own delay. 
  • SEC Preparing to Release Executive Compensation Proposal

    By:
    Chris Gaetano
    |
    Apr 29, 2015
    The Securities and Exchange Commission will soon release long-awaited proposed rules on executive compensation disclosures as mandated by the Dodd-Frank Act. 
  • Deustche Bank Fails to Become Pure Investment Bank After ECB Stress Test

    By:
    Jason Wong
    |
    Apr 28, 2015

    Deutsche Bank has dropped its plan to become a pure investment bank and corporate lender after stress tests imposed by the European Central Bank found that the new model would not survive a severe financial crisis, according to Reuters. 

  • Gov. Cuomo Nominates Jerry Boone for Tax Commissioner

    By:
    Chris Gaetano
    |
    Apr 28, 2015
    New York Governor Andrew Cuomo has nominated Jerry Boone to be the new Commissioner of the Department of Taxation and Finance. 
  • Appeals Court Revives Dismissed Madoff Suit Against PwC

    By:
    Chris Gaetano
    |
    Apr 27, 2015
    An appeals court in New York has, four years after it was initially dismissed, has said that a lawsuit launched by victims of Bernie Madoff's multi-billion dollar fraud against PricewaterhouseCoopers and Citigroup can proceed. 
  • U.S. Investors May or May Not Owe Chinese Taxes

    By:
    Chris Gaetano
    |
    Apr 27, 2015
    Investors in the U.S. who made big money in Chinese stocks may owe the People's Republic a 10 percent capital gains tax... Or not. This ambiguity has some sitting on edge as they await clear answers. 
  • In Ecuador, a Huge Demand for ‘Lucky’ U.S. 2 Dollar Bills

    By:
    Chris Gaetano
    |
    Apr 24, 2015
    In Ecuador—where, in response to hyperinflation, its currency has been pegged to the U.S. dollar for the past 15 years—there is a strong demand for $2 bills to the point where black markets offer them up for sometimes two or three times their face value. 
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