FASB Expected to Participate in New IASB Accounting Standards Group

The U.S. Financial Accounting Standards Board is expected to be one of the standard-setters participating in a multilateral group that will be advising the International Accounting Standards Board, but it will be among at least a dozen standard-setters from around the world participating in the group.



You can see the article here.

IRS Increases Standard Mileage Rates a Penny in 2013

The Internal Revenue Service has raised the standard mileage rates by 1 cent per mile for next year when calculating the deductible costs of operating an automobile for business, charitable, medical or moving purposes.





You can see the article here.

Calendar Year End Prep

Preparing for Year End

Now is the time for calendar year-end companies to begin preparing to meet their year-end reporting
requirements. Several parallel efforts should be initiated as the year begins to wind down. These are:

•  Identify transactions that require current value accounting or derivatives treatment

•  Perform preliminary ratio analysis and cash forecasting so that year end transactions can be timed to present a positive balance sheet or income statement.

•  Review legal documents and transaction documentation

•  Prepare questionnaires and templates necessary to update non accounting information in your
annual report, such as beneficial ownership and director information.

•  Reconcile balance sheet accounts and prepare roll forward schedules and gather the
documentation supporting transactions.

The key to a smooth year end reporting process is preparation and planning. For example, if your
company entered into a transaction during the year that requires fair value accounting, begin gathering
the executed transaction documents, the fair value inputs and resources, such as a valuation expert,
now.

Clear Financial Solutions, Inc. can assist you with these tasks. Call us today for a free one hour consultation.