Professional Issues Webcast. Fred Timmons, TSCPA Chairman John Sharbaugh, TSCPA CEO Bob Owen, TSCPA Managing Director, Regulation & Legislation. The 83 rd Texas Legislature. TSCPA Results. What a Difference 2 Years Makes. Money to spend More new legislators More conservative legislators
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Fred Timmons, TSCPA Chairman
John Sharbaugh, TSCPA CEO
Bob Owen, TSCPA Managing Director, Regulation & Legislation
TSBPA SUNSET POSTPONED UNTIL 2019!
Sunset Model Development
“Just because you do not take an interest in politics doesn’t mean politics won’t take an interest in you.”
From Pericles (430 BC)
AICPA Council Meeting
May 19-21, 2013
Guiding Principles of Good Tax Policy
The U.S. Government’s Financial Statements and the Country's Fiscal Health
These Future obligations equal:
Additional social insurance deficit - $52 trillion
Cumulative deficit - $16 trillion
Total Deficit - $68 trillion
Analysis by the TSCPA Federal Tax Policy Committee
The Webcast will return after a short break – please rejoin us then
Budgets and Taxes
$715 Million Revenue Reduction
New Retail and Wholesale Industries
Separation of retail/wholesale utilities from other retail/wholesale entities
New flow-through revenue exemptions
New cost of goods sold deductions
Apportionment reporting eliminated
Repeals Sections 171.103(c) and (d), Tax Code, relating to the requirement that a taxable entity that is a combined group include in the group's initial and annual franchise tax reports information regarding the gross receipts of group members who do not have a nexus with Texas.
You can take your hand off your wallet!
They actually reduced taxes!
Update on the PCC at FASB
ID and make exceptions and modifications in 5 areas based on differential factors (types of users, access to management, etc.)
Recognition and Measurement
Apply to PCC look-back projects and to ongoing FASB projects
Tool for the PCC and the FASB
Why updatewhat works – The Framework has become the most widely adopted control framework worldwide.
COSO’s Internal Control–Integrated Framework (1992 Edition)
Articulate principles to facilitate effective internal control
Reflect changes in business & operating environments
Expand operations and reporting objectives
COSO’s Internal Control–Integrated Framework (2013 Edition)
Assess & Survey Stakeholders
Design & Build
Public Exposure, Assess & Refine
Board of Directors
Update considers changes in business and operating environments
COSO Cube (2013 Edition)
11. Selects and develops general controls over technology
Information & Communication
Uses relevant information
Conducts ongoing and/or separate evaluations
Evaluates and communicates deficiencies
- Is your organization considering new opportunities to apply internal control to cover additional objectives?
September 18, 2013