- In the wake of the US government's crackdown on undisclosed foreign bank accounts, the Internal Revenue Service has recently imposed additional reporting requirements that will obligate US taxpayers to annually disclose specified foreign financial assets when they file their personal income tax returns for 2011 and thereafter. The new foreign asset reporting rules, which are part of the Foreign Account Tax Compliance Act (FATCA), significantly expand the disclosure requirements well beyond what was previously required to be reported.
- The most recent news headline from Dixon, Illinois, has pushed the issue of fraud in the public sector into the spotlight. To date, the prosecutors allege that the City comptroller stole more than $53 million since the 1990s from public funds through a secret bank account. While this story would seem like an isolated incident, the truth is, fraud is more widespread than you might think. According to a just-released report, “2012 Report to the Nations - Association of Certified Fraud Examiners, Inc.," the cost of fraud amounts to $3.5 trillion on a global scale.
- On May 12, the Financial Accounting Standards Board (FASB) issued new standards for public and private companies on fair value measurement and disclosures.
- These insights will help you manage your employee benefit plan audit process and ensure an audit that is efficient, low-stress, and has no surprises.
- The existence of fraud in business is more common than we’d like to think.
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