Magazine article The CPA Journal

Tax & Accounting Update

Magazine article The CPA Journal

Tax & Accounting Update

Article excerpt

Tax & Accounting Update is provided by Thomson Reuters, and based on material published on Checkpoint, its online news and research platform. The update is a quick-reference guide to the most pressing issues coming down the regulatory and administrative pipeline. Visit https://tax.thomsonreuters.com/dailynewsstand/ for further information and daily updates.

Tax News

Extensions available for some ACA reporting deadlines. Employers will be able to request an extension of the Affordable Care Act (ACA) deadlines for both filing information returns with the 1RS and furnishing ACA statements to payees, said the 1RS on July 2. The deadline extensions will be noted in an upcoming revision to 1RS Publication 1220, and will allow for a maximum of 30 additional days from the original due date.

SEC News

Compensation clawback proposal advances. On July 1, the SEC voted 3-2 to propose a rule directing stock exchanges to establish listing requirements mandating that executives give up compensation they received based on flawed financial reports. The proposed clawbacks would be triggered in the wake of a company's financial restatement. Current and former executives would be forced to return excess performance incentives they received based on the flawed numbers, covering a period of three years before the restatement. "Simply put, executive officers should not be permitted to retain incentive-based compensation that they should not have received in the first instance, but did receive because of material errors in their companies' publicly reported financial statements," SEC Chair Mary Jo White said prior to the vote. "The proposed mies are designed to prevent that from happening."

FASB News

Revenue standard delayed for a year. On July 9, FASB voted to delay the effective date of its new revenue recognition standard until 2018. A proposal to give companies an extra year to implement the board's wide-reaching revenue recognition standard has received wide support. Separately, FASB discussed disclosures related to fair value measurement, its project to clarify the definition of a business, and its effort to write new disclosure requirements for businesses about the types of government assistance they receive (i.e., tax credits and abatements).

PCAOB News

Ferguson reappointed to second term on PCAOB. …

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