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Events Calendar
| Upcoming Events 2008 (Open for Registration - Click Event for Details) | Scheduled Date |
Final FACTA Affiliate Marketing Rules Issued
Certain federal banking agencies issued final rules on the implementation of FACTA to take effect January 1, 2008. Financial institutions such as banks will now be obliged to give their clients notice of and an option to opt out any solicitation from an affiliate institution.
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9/9/2008 |
Transfer Pricing: Crucial Strategies
Transfer pricing has become a big challenge to companies who are conducting operations in different countries in which their subsidiaries transact business with each other. Without proper documentation that would justify an arm’s length price of transactions, double taxation, imposition of stiff penalties and significant losses might result.
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9/10/2008 |
The Many Repercussions of Section 6694
IRS issued Revenue Procedure 2008-14 for the purpose determining the sufficiency of tax returns resulting in avoidance of penalties for underpayments of tax, and penalties against tax preparers for irregularities in tax returns.
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9/16/2008 |
Effective Guidelines on Improving the Monitoring Quality of Your
Internal Control Systems COSO has developed a new guidance that would improve the quality of the internal control systems of organizations including those that are using the financial reporting system in compliance with Section 404 of the Sarbanes-Oxley Act of 2002.
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9/17/2008 |
Cross-Border Antitrust Enforcement Efforts
Antirust enforcement authorities around the world are increasingly coordinating their efforts with other countries. As a result, corporations who are investigated in the United States for anti-competitive behavior face numerous other investigations in the European Union, Canada, and other countries. These corporations also face class action lawsuits in the United States.
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9/23/2008 |
Securities Exchange Act Rule 15a-6
Rule 15a-6 was adopted in 1989 to grant foreign banker dealers exemption from registration for certain securities activities within the U.S. Recently, amendments have been proposed to make it more synchronized with the modern times since business entities are now using modern technology in its operations.
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9/24/2008 |
The Impact of IFRS: Getting Ready for the Major Change to Tax Operations
Since IFRS have become widely accepted around the world, U.S. companies have been cognizant on the effects of a possible pending adoption. Among these are issues concerning the transition from GAAP to IFRS, tax reporting, tax accounting, and other matters pertaining to an organization’s financial reporting system.
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9/25/2008 |
Understanding IRC section 199 & IRS Audits
Many companies have sought deductions under IRC Section 199. Recently, the IRS has been cracking down on these deductions. The impact of section 199 has become a top priority issue for many companies.
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9/29/2008 |
Statement 157 Fair Value Accounting and Its Critical Impact on Your Business
Introduced in September 2006, FAS No. 157 helped to more clearly define measuring fair value in GAAP and has also expanded fair value measurement disclosures.
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10/15/2008 |
Accounting for Convertible Debt Instruments (CDIs)
The Financial Accounting Standards Board has recently completed its guidance regarding accounting for convertible debt instruments. The new guidance has in many cases changed certain advantages that convertible debt instruments used to offer.
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10/16/2008 |
117-a Endowments, Net Asset Clarification & Enhanced Disclosures
Recently, The Financial Accounting Standards Board issued proposed guidance for non- profit companies addressing the net classification of donor restricted endowment funds for organizations that fall under the 2006 Uniform Prudent Management of Institutional Funds Act (UPMIFA).
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10/20/2008 |
Statement 142 Mergers and Acquisitions for Non Profits
The Financial Accounting Standards Board recently issued a proposed guidance that would help non-profit organizations apply Statement No. 142 to certain acquired assets that are required to be accounted for.
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10/21/2008 |
IRC Section 409A: Deadline Looming - Are You Prepared?
The Treasury Department and the Internal Revenue Service (IRS) issued final 409A regulations which substantially contribute changes in the way non-qualified deferred compensation (NQDC) are treated for income tax purposes.
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10/24/2008 |
FASB Statement 5 and 141R Loss Contingency Disclosures
The Treasury Department and the Internal Revenue Service (IRS) issued final 409A regulations which substantially contribute changes in the way non-qualified deferred compensation (NQDC) are treated for income tax purposes.
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10/28/2008 |
New Antitrust & Competition Policy Guidelines
The American Antitrust Institute is poised to publish its transition report on competition policy. It is forecasted to be one of the most comprehensive and sweeping policies in decades and will cover a substantial portion of the economy.
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10/30/2008 |
FAS 109 & IAS 12 Explored
The FASB, together with the IASB is working on a new regulation that would modify several income tax accounting rules. This would reconcile the distinctions between FAS 109 and IAS 12 resulting in improved accounting methods for income taxes of companies.
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11/6/2008 |
Form 990 Update
A new version of Form 990 was issued by the IRS to be used for returns filed in 2009. It is said to offer more reliable information on an affected organization’s operations to determine non-compliance, minimize burden on the filing organization and enhance transparency.
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11/7/2008 |
Understanding Regulation S-P Privacy of Consumer Financial Information
The Securities & Exchange Commission issued Regulation S – P to help protect consumers’ personal information. The rule requires financial institutions to provide customers with a notice of its privacy policies and practices and in restricted disclosure of certain non-public information to third parties.
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11/19/2008 |
FAS 133-b and FIN 45-c
FAS 133-b and FIN 45-c will cover financial statements issued for fiscal years ending after November 15, 2008. This will apply to credit derivatives within the scope of Statement 133.
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* 10/29/08 |
Decision 9390 How to Avoid Revocation of Exempt Status
Treasury Decision 9390 was issued on March 28, 2008 by the Department of Treasury. Among its provisions include the final regulations that enumerate substantive requirements for tax exemption of organizations, including measures these organizations should adopt in order to maintain their tax exempt status.
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* 11/5/08 |
Anti-Fraud Guidelines for Financial Institutions
All financial institutions should take steps to deter fraud to protect their organization. This is one of the reasons why the AICPA, ACFE and the IIA have jointly released new guidelines to fight this threat.
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* 11/10/08 |
Foreign Corrupt Practices Act - Global Requirements
Over the past 5 years, the DOJ and the SEC have investigated a large number of violations of the Foreign Corrupt Practices Act as a result of the government’s intense campaign to wipe out corruption not only in the U.S. but also in countries where U.S. companies maintain branch offices.
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* 11/13/08 |
FAS 141 (R) and FAS 160 Update
The adoption of Statements 141(R) and 160 will continue to usher in a broad variety of important changes in the way companies account for Fair valuation, business combinations and non-controlling (minority) interests. 141/160 will even hold true for mergers and acquisitions.
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* 11/18/08 |
Understanding Rule 3526
The PCAOB has adopted Rule 3526. This new regulation will govern the relationship between audit committees and their independence. Specifically, registered firms will have to describe in detail the nature of their relationship with the company and any potential conflicts which would affect the firm's independence.
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* 11/20/08 |
EITF 07-5 Untangled
Recently, the Financial Accounting Standards Board released information regarding EITF 07-5 determining whether an instrument (or an embedded feature) is indexed to an entity’s own stock. Much of this regulatory activity has to do with dealing with uncertainties.
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* 12/5/08 |
AS No. 5
Recently, the PCAOB issued AS No. 5, which supersedes AS No. 2. This regulation will provide guidance to companies establishing internal control audits that are integrated with audits of financial statements.
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* 12/10/08 |
SQCS No. 7 Managing Your Quality Control Systems
The new Statement on Quality Control Standards (SQCS) No. 7 will establish standards and guidelines for CPA firms with respect to the quality control of its auditing and accounting practice.
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* 12/16/08 |
NASD 3110: Opening Gates for Optimal Corporate Performance
The SEC Rule 3110, provides specific requirements for how NASD members capture and store customer information. The rule applies to all records, mail, e-mail and instant messaging and most data collected from their customers.
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* 1/6/09 |
Click here for information on group registrations
| 2008 Events Coming Soon |
| The New Tax Return Preparer Rules (Circular 230) |
| Board Adopts New Auditing Standard No. 6: Evaluating Consistency of Financial Statements |
| Mutual Recognition |
| FIN 48 for Public Companies: State & Local Tax Issues |
| Statement 157 Fair Value Accounting for Non Profits |
| Self Assesments & Automating the Examination Process for Banks & Financial Institutions |
| Rule 163 New Rules for Bond Insurers |
| Foreclosure Prevention for Banks & Credit Unions |
| Statement 133 Accounting for Derivative Instruments and Hedging Activities |
| US Treasury Blueprint for a Modernized Financial Regulatory Structure |
| Avoiding Unfair & Decpetive Marketing Practices for Banks & Credit Unions (UDAP laws) |
| Strategic E-Discovery: Taking Steps to Avoid Litigation’s Black Hole |
| The Challenge of MiFID in the United States |
Click here for information on group registrations
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