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 materid published on Checkpoint, its online news and research platform. The Update is a quickreference guide to the most pressing issues coming down the regulatory and administrative pipeline. Visit https://tax. thomsonreuters.com/daily-newsstend/ for further information and daily updates.

Tax News

IRS issues final regulations for employer contributions to pension plans. The 1RS has issued final regulations that provide guidance on the determination of minimum required contributions for single-employer defined benefit pension plans. Under IRC section 430, the minimum required contribution is determined by reference to the plan's fimding target for the plan year (i.e., the present value of all benefits accrued, earned, or otherwise allocated to years of sendee before the first day of the plan year). Under IRC section 4971(a), an excise tax is imposed on the employer for a failure to meet applicable minimum funding requirements.

SEC News

Judge orders SEC to finish resource payments disclosure rule. A federal judge ordered the SEC to resume work on a Dodd-Frank rule that is more than four years past a deadline set by Congress. Previously, a federal court had thrown out the rule that required oil and mining companies to publicly disclose the payments they make to governments to do business, but this latest ruling by Judge Denise Casper told the SEC that the previous setback in court did not justify such an extended delay for finishing the rule. "The SEC's delay in promulgating the final extraction payments disclosure rule can be considered unlawfully withheld as the duty to promulgate a final extraction payments disclosure rule remains unfilled more than four years past Congress's deadline," said Judge Casper.

FASB News

Investors require better explanation of new credit losses standard. FASB's Investor Advisory Committee (IAC) requested more information about how the FASB's planned standard to revamp loanloss accounting will work once it is implemented. FASB aims to publish the much-anticipated final standard by the end of the year, but the panel's members say they do not have enough information to sufficiently judge the standard and advise the board on its requirements. "We need specificity in terms of what questions you specifically have and what additional examples you need to be provided with," FASB member Lawrence Smith said. "Because right now, I participated in that session, and I don't quite understand what you're asking."

Revenue disclosures lacking for longterm aerospace and defense contracts. …

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