- Following are summaries of some of the more pertinent actions taken by various working groups throughout the NAIC Summer 2012 National Meeting.
- A Service Concession Arrangement (SCA) in the public sector generally refers to a negotiated contract which gives an entity the right to do business with government assets, with some specific requirements. Recently, Governmental Accounting Standards Board Statement No. 60, "Accounting and Financial Reporting for Service Concession Arrangements" became effective for periods beginning after December 15, 2011. This statement provides guidance on how to account for Service Concession Arrangements (SCAs) or what has been commonly called Public Private Partnerships (P3s) in the public sector. This article will discuss the potential that SCAs can have in helping governments with financing and transferring certain risks of large projects in your community.
- Baker Tilly is committed to achieving the highest quality audits. As you may already know, our firm is a member of the AICPA’s Governmental Audit Quality Center (GAQC), which entitles us access to key information and comprehensive resources that we use to help ensure our compliance with appropriate professional standards and laws and regulations that affect our audits. Through our membership in the GAQC, we also adhere to membership requirements designed to enhance the quality of our audit practice. We are pleased to inform you that the GAQC has recently launched a new Auditee Resource Center, which is intended to assist procurers of audit services (i.e., auditees). We hope that as an auditee, your organization will take advantage of this great resource.
- Under Internal Revenue Code Section 469, the treatment of a taxpayer's losses from rental real estate may be treated as passive or nonpassive, depending on the taxpayer's level of participation.
- An Internal Revenue Service (IRS) Large Business & International (LB&I) Directive, issued July 30, 2012, provides insurance companies the opportunity to take a partial worthlessness deduction under Internal Revenue Code section 166(a)(2).
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