Intel has been hit with a request from Denmark for $651 million in back taxes and related interest, reports Barron’s citing the Danish news site Politkien. According to the story, the case by Denmark’s Tax Authority involves transfer pricing, the under-pricing of exports between affiliated companies in different countries in order to transfer profits out [...]
XBRL, or eXtensible Business Reporting Language, could assist government auditors in monitoring spending under the more than $700 billion financial bailout plan. That’s the message Mark Bolgiano, President and CEO of XBRL US, delivered to Capitol Hill this month. According to Bolgiano, XBRL is “real, ready and relevant in the current financial crisis.”
XBRL is a [...]
President Obama is making good on promises to crack down on corporate tax avoidance. In his 2010 budget, Obama is proposing a tough new enforcement campaign directed at taxes owed both domestically and abroad, according to tax-news.com. Moreover, in his recent Fiscal Responsibility Summit, Obama discussed the possibility of lowering the statutory corporate tax rate [...]
Although the backlash against IFRS appears to be picking up steam, the conversion is seen as having a positive impact on foreign investment in U.S., according to a recent KPMG survey. The senior finance executives and institutional investors polled by KPMG, however, stress the need to prepare. U.S. companies need to gear up for the [...]
Freddie Mac announced it is suspending foreclosure sales on mortgages eligible for the Home Affordable Modification Program as part of the Obama Administration’s Making Home Affordable plan. Freddie Mac’s previously announced suspension of foreclosure sales on occupied properties expired on March 6th. Ingrid Beckles, Senior Vice President of default asset management at Freddie Mac says [...]
The focus on…and criticism of…fair value accounting standards has intensified over the past two years as more than $1 trillion of writedowns and losses have contributed to what as emerged as the worst financial crisis since the 1930s. Also known as FAS 157, fair value accounting forces companies to use complex methods to assign a [...]
Recession or not…companies must file financial and tax reports. That’s good news for accountants as economic uncertainty continues to plague countries around the globe. Here in the U.S., as layoffs seem to dominate headlines, accounting firms are expected to buck the hiring trend, according to Dow Jones/AP.
Right now, as a growing number of companies attempt [...]
The SEC has finally delivered its mandate that corporations start filing financial statements using XBRL technology. The final version of its rule mandating eXtensible Business Reporting Language (XBRL) for public companies has been posted. The 500 largest public companies must start XBRL compliance this June, followed by other large filers in 2010, and all remaining [...]
Forensic accounting is one of the fastest-growing practice niches among CPA firms. The trend, which began several years ago, has evolved into an era in which CPAs are in constant demand as expert witnesses and litigation specialists. Today, amid the recession, forensic accounting has also become an integral part of “recovery teams” organized by CPA [...]
CPAs are seeing increased demand to assist companies survive the recession. Accounting firms are being called upon to help re-define risk management structures, achieve better cash management, sell assets, optimize costs, restructure debt, and improve the depth and transparency of financial reporting.
Accounting and finance executives must also prepare for changing tax laws and the coming [...]
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