- Currently, there is no guidance in US GAAP about management’s responsibilities for evaluating or disclosing going concern uncertainties. There is also no guidance in US GAAP about when and how going concern uncertainties should be disclosed in an entity’s financial statement footnotes.
- Proposed amendments to certain PCAOB auditing standards regarding significant unusual transactions and other proposed amendments to PCAOB auditing standards. On May 7, 2013 the Public Company Accounting Oversight Board (PCAOB) reproposed the Proposed Auditing Standard – Related Parties; Proposed Amendments to Certain PCAOB Auditing Standards Regarding Significant Unusual Transactions; and Other Proposed Amendments to PCAOB Auditing Standards.
- US multi-national corporations doing business in foreign countries (and foreign based multi-national corporations doing business inside the US or foreign countries other than their own) are typically subject to the domestic tax laws of the countries where they engaged in business activities.
- The IRS issued Notice 2013-60, which has updated prior guidance (Notice 2013-29) relative to the "begun construction" requirement for facilities producing electricity qualified energy sources to qualify for the Production Tax Credit (PTC) and Investment Tax Credit (ITC).
- The IRS Large Business and International Division recently issued a memorandum providing that it will not challenge a taxpayer's application of this success-based fee safe harbor to certain milestone payments so long as specific criteria are met.
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