International Section

Starting and operating a successful global business presents significant strategic, financial and operational challenges for CPAs. OSCPA’s International Section weekly newsletter keeps subscribers up-to-date on what’s happening with IFRS, IFRS for SMEs, the IASB, and U.S. public and private companies. Find out what you need to know to address the challenges of the dynamic global business environment – join the International Section now.

International section news

  • FASB votes to move forward with final standard on revenue recognition

    Nov 11, 2013
    FASB has voted to move forward with preparing a final standard on revenue recognition. The vote authorizes FASB staff to prepare and issue a ballot draft of the standard. The ballot draft will be submitted to FASB for final approval. The IASB will hold its vote to confirm balloting of the standard later this month.
    Full story
  • IRS revamping audit process to negotiate IDR deadlines beforehand

    Nov 05, 2013
    The IRS is revamping its audit process and will negotiate the deadlines for taxpayers to respond to information document requests ahead of time, an effort that could change examinations for the nation's biggest taxpayers.
    Full story
  • IRS program may offer penalty relief for missed FBARs, cross-border forms

    Oct 29, 2013
    Multinational taxpayers that missed filing reports of their foreign bank accounts and other key cross-border tax information forms may be able to avoid penalties under an IRS program allowing taxpayers to catch up on their offshore disclosures.
    Full story
  • IASB digs in heels over use of “prudence”

    Oct 22, 2013
    What’s in a word? A lot, apparently, if the word is “prudence” and you’re the IASB. Calls for the IASB to re-insert a specific reference to the concept of prudence in its conceptual framework have reached a fevered pitch, leaving some scratching their heads and wondering about rationale behind the Board’s resistance.
    Full story
  • IASB announces new staff group to focus on disclosure initiative

    Oct 18, 2013
    The IASB has formed a new staff group to work on its Disclosure Initiative. The IASB has been developing short- and medium-term strategies to address concerns about how financial information is disclosed. The work gained momentum after the IASB’s public Discussion Forum on Disclosure, which was held in London in January this year. In June IASB Chairman Hans Hoogervorst announced a 10-point plan as the first step in this initiative.
    Full story
  • Government shutdown could delay FATCA guidance, agreements

    Oct 17, 2013
    The recently concluded government shutdown may yet make it tough for taxpayers trying to comply with the Foreign Account Tax Compliance Act (FATCA) and delay both guidance and U.S. efforts to negotiate FATCA agreements with other countries, according to practitioners.
    Full story

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