- The North American Electric Reliability Corporation (NERC) regional entity audit teams will be implementing a risk based audit program - the Reliability Assurance Initiative (RIA) in 2015.
- With the proliferation of nonprofit organizations comes the need for more individuals willing to step into the important role of a board director. A board director serves to shepherd the organization to long-term sustainability. The board director role carries risk if individuals are not aware of their obligations related to the issues and concerns that the Internal Revenue Service (IRS) has attempted to address in the newly designed information reporting form, the Form 990.
- In June 2014, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation issued an addendum to the “Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure”.
- Recently, project sponsors have combined New Markets Tax Credits with EB-5 financing in order to strengthen the overall financing structure of the projects. While significant benefits can be achieved, several structuring challenges need to be overcome.
- The Accounting and Review Services Committee (ARSC) has issued three exposure drafts of Proposed SSARS, 1) Preparation of Financial Statements, 2) Compilation Engagements and 3) Association with Financial Statements on October 23, 2013. The proposed SSARS would be effective on or after December 15, 2015 with early implementation permitted.
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