Watch for New Revenue Recognition Standard

by Ken Urish 27. December 2011 15:37
  As we witnessed recently in the buildup to Groupon’s IPO, the manner that revenue is recognized is a critical accounting issue. In Groupon’s case, they were forced to restate their financial statements. Revenue recognition has been the cause of audit failures and the focus of cor... [More]
Categories: Tax

There Could Be an Increase in Financial Restatements

by Hiller Hardie 27. December 2011 15:25
As noted by The Wall Street Journal on November 30, the number of financial statement restatements at large US companies had declined for the 5th year in a row. Restatements spiked upward significantly in the initial years of Sarbanes Oxley implementation (2004-2005). This was due largely to the inc... [More]
Categories: Tax

WILL THE IRS REALLY SPEED UP THEIR SYSTEMS? IT’S ABOUT TIME.

by Steven Sodini 27. December 2011 15:05
  Current IRS Commissioner Doug Shulman has indicated that he wants to create a real-time tax system.  That’s…umm…a great idea. If you have corresponded with the IRS via phone calls or through the USPS, you obviously know that their response time is painfully slow.&... [More]
Categories: Tax