Lawmakers Grapple with Ramifications of Delisting Chinese Companies
Lawmakers during an October 26, 2021, House Financial Services subcommittee hearing mulled over the ramifications of delisting U.S.-traded Chinese companies …
Thomson Reuters Tax & Accounting News
Gensler Prefers Corporate Climate Change Disclosure in Annual Reports
SEC Chair Gary Gensler would prefer that climate change disclosures be placed in the annual reports on Form 10-K. This means …
IS PCAOB in Limbo as SEC Drags Its Feet in Naming Board Members?
More than four months after SEC Chair Gary Gensler said he would seek to fill all five voting members of …
IRS Encourages E-Filing for Payroll Tax Returns
In an information release, the IRS has reminded employers that the next quarterly payroll tax return is due November 1, …
Senate’s SEC Budget Removes Political Spending Rule Block
The Senate Appropriations Committee on October 18, 2021, released a current-year budget for financial regulators that would fund the SEC …
Independent Joint Ventures Getting Specific Disclosure Rules, FASB Says
The FASB on October 13, 2021, continued to hammer out a proposal for joint venture formations, voting on disclosures stand-alone …
FASB to Require Same Segment Expense Disclosures for Single and Multiple Segment Companies
The FASB on October 13, 2021, continued to build a proposal for segment disclosures, discussing follow-on issues related a principle …
SSA Announces 5.9% Benefits Increase for 2022
On October 13, 2021, the Social Security Administration (SSA) announced that in 2022 benefits will increase by 5.9%. In addition, …
AICPA Issues New Audit Standards on Risk Assessment
The AICPA’s Auditing Standards Board (ASB) on October 12, 2021, issued revised audit standards that enhance the requirements and guidance …
Tax Court Issues Health and Safety Protocols for In-Person Proceedings at DC Courthouse
In a Press Release and Administrative Order, the Tax Court has provided health and safety protocols for in-person proceedings at …
House Bill Would Create New ‘Micro-Offering’ Exemption
The top Republican on the House Financial Services Committee on September 30, 2021, introduced legislation to create a new “micro-offering” …
SEC Official: We hear You on Requests for FASB Accounting Standard-Setting on Crypto
When the FASB put out an agenda request in the summer, hundreds have asked the accounting standard-setter to tackle accounting …
TC: Partner Taxed on Distributive Share, Whether or Constructively Received
The Tax Court has held that a partner was liable for tax on her distributive share of income from the …
House Republican Accuses SEC of Ignoring GOP Request for Materials on Duhnke Firing
A senior Republican on the House Financial Services Committee on October 5, 2021, accused the SEC of ignoring a GOP …
‘Big Increase’ in Consultation Request Following Auditor Independence Rule Changes, Senior SEC Official Says
When the SEC led by then-Chairman Jay Clayton proposed and adopted revisions to its auditor independence rule in Rule 2-01 of Regulation S-X, …
FASB Advisers: Be More Specific in Investor Outreach
The FASB’s main advisers on September 30, 2021, said the board should be more specific in its investor outreach, citing …
House Panel To Discuss Speedier Delisting for U.S.-Listed Chinese Companies
A House Financial Services subcommittee in October will discuss a draft bill to hasten a delisting deadline for public companies …
SEC Proposes Increased Proxy Vote Reporting by Investment Mangers
The SEC on September 29, 2021, voted 4 to 1 to issue a proposal that would increase the reporting of …