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AICPA Issues Optional Financial Reporting Framework for Small and Medium-Sized Entities
Posted by John Cronin on Wed, Nov 27, 2013 @ 09:20 AM

The AICPA recently issued the "Financial Reporting Framework for Small- and Medium-Sized Entities" (“FRF for SMEs”) as an option to International Financial Reporting Standards (“IFRS”) for SMEs. Because IFRS for SMEs is recognized as a set of generally accepted accounting principles and the AICPA's framework is not, use of the AICPA framework is strictly optional.

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Topics: GAAP, John Cronin, AICPA

Addition of Specialized IRS Resources Means Transfer Pricing Audits will Increase in Frequency and Sophistication
Posted by David Bussius on Tue, Nov 26, 2013 @ 09:10 AM

With additional funding and resources, new reporting requirements, and a reorganization of  Its  Large Business & International (LB&I) division, the IRS now has a more centralized and enhanced focus on transfer pricing enforcement and compliance. These changes also give the IRS the depth to redirect some of its attention to transfer pricing practices at middle-market businesses with assets between $10 million and $250 million.

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Topics: Transfer Pricing Audits, David Bussius, IRS, IRS Updates

Get Ready for Changes to the Single Audit Data Collection Form (DCF)
Posted by Michelle Spriggs on Fri, Nov 22, 2013 @ 09:17 AM

The Office of Management and Budget (OMB) is expected to issue a new Data Collection Form (DCF) that will be applicable to audit periods ending in 2013, 2014 and 2015. The launch of the updated DCF, originally anticipated in October, was delayed due to the government shutdown.  It is expected that the DCF will now be finalized and available for input on the Federal Audit Clearinghouse (FAC) online system by mid-December.

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Topics: Michelle Spriggs, Single Audit Data Collection Form, DCF

Are You Aware of the Benefit Plan Limitations for 2014?
Posted by Bernard Kaplan on Wed, Nov 20, 2013 @ 09:04 AM

The IRS recently announced the cost-of-living adjustments applicable to dollar limitations for retirement plans and other items that will be effective as of January 1, 2014. We have summarized the below updates for 401k Plan Limits and Non-401k Limits as follows. 

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Topics: IRS, IRS Updates, Bernard Kaplan, Benefit Plan Limitations for 2014

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