Please ensure Javascript is enabled for purposes of website accessibility

ANR: Insurance Accounting Revamp Nears End; The IRS Scandal Mutates (or Something); Accountants Need Trainin’ and Retainin’ | 06.21.13

Insurance Accounting Overhaul Moves Toward Final Phase [CFOJ]
New rules on insurance accounting are expected to make fundamental changes to the way companies account for insurance contracts, and add more principle-based rules to one of the most industry-specific areas of accounting. The new draft from the IASB is part of a joint project with the U.S. Financial Accounting Standards Board, which expects to release its own draft of new insurance accounting rules as soon as next week.

Benjamin Lawsky Fills in for AWOL Feds [Bloomberg]
Jonathan Weil likes this Lawsky fella.

IRS Inquiry Focus Turns Away From Origins Toward Delays [Bloomberg]
Congressional investigators are focusing less on the origins of the Internal Revenue Service’s scrutiny of Tea Party groups and more on how flagging one application led to delays for hundreds of groups. In the next phase of inquiries, U.S. lawmakers will seek to figure out why the applications of groups seeking tax-exempt status were stalled throughout 2011, who developed questions the agency later said were inappropriate and why senior IRS executives didn’t tell Congress what they knew.

The IRS Scandal Is Ultron [Slate]
Makes sense: "[Ultron] is a robotic archvillain who torments the Avengers. When the team defeats him, he does not die. He reconstructs himself, eventually, having eliminated whatever weakness it was that allowed him to lose."

Acting IRS chief heads to Ways and Means next week [The Hill]

House Ways and Means Chairman Dave Camp (R-Mich.) has officially announced that the acting IRS chief will testify before the panel next Thursday about a top-to-bottom review conducted by the agency after it admitted targeting conservative groups. The testimony from Danny Werfel – whose official title is principal deputy commissioner – will come the same day that review is expected to be released. Treasury Secretary Jack Lew directed Werfel, who started at the IRS on May 22, to conduct the review during his first month at the agency.
IRS controversy could cause tax-exempt processing slowdown [JofA]
Top Priorities for CPA Firms: Retaining and Training Staff [AWEB]
That may be quite a task considering the demand.

Video shows woman tossing perceived rival off cliff [CBS]
Perhaps this is an action of last resort when your performance evaluations don't go as well as you hoped.

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

a dog wearing VR

Monday Morning Accounting News Brief: Deloitte on Microtransactions; More EY Split Roadblocks; Have You Become Irritable? | 11.28.22

Happy Monday! Here’s some stuff that’s going on. Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. KPMG […]

woman working on a laptop with a dog beside her

Monday Morning Accounting News Brief: The Leadership Void; KPMG Gets Fined (Again); PwC Ups Leave | 10.3.22

Deloitte launches Global Sustainability & Climate learning program that aims to enhance skills and capabilities of Deloitte people to help address a global societal challenge. Dubai’s financial regulator has provisionally fined KPMG and one of its former partners $2 million over the firm’s auditing of Abraaj, the emerging markets private equity group that collapsed in […]