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September 23, 2023

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.

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