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Legislative & Regulatory Issues

Be Prepared: DOL Adds Disclosure Requirements That Impact Most 401k Plans in 2012
As 2012 progresses, new regulations that fall under the Employee Retirement Income Security Act of 1974 (ERISA) will be implemented. Specifically, new disclosure requirements will be included under Section 408(b)(2) and Section 404(a)(5).
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FASB Issues July 31 Invitation to Comment on  Whether and When to Modify U.S. GAAP for Private Companies
The FASB yesterday issued an Invitation to Comment on a staff paper that outlines an approach for deciding whether and when to modify U.S. GAAP for private companies. The paper, Private Company Decision-Making Framework: A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies, contains initial FASB staff recommendations for criteria to determine whether and in what circumstances it is appropriate to adjust financial reporting requirements for private companies following U.S. GAAP.
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3% Withholding Rule Repealed
President Obama signed the 3% Withholding Repeal and Job Creation Act (HR 674) on November 21, 2011, permanently repealing a previous law’s onerous provision requiring federal, state, and local governments to withhold 3% of all payments for goods and services exceeding $10,000 to all contractors and vendors.
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Revenue Recognition Implementation Guide

The Book

Your guide to preparing for the latest changes and their impact on existing internal accounting systems, tax planning, and more.

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