You can count on us to bring you the latest news updates in the accounting and finance industry! Here’s what happened this week:
IASB Releases Interim Accounting Standards for Rate-Regulated Utilities
The International Accounting Standards Board has released an interim standard for businesses that engage in rate-regulated activities, such as gas, electric and water utility companies, even as a new report from two prominent accounting profession organizations outlines some of the challenges the IASB is facing.
Read more on Accounting Today.
Obama offers new ‘myRA’ retirement accounts
On Tuesday, President Obama offered up a new kind of “starter” retirement accounts aimed at employees of companies that don’t offer such plans. Obama is calling them the “myRA” and said he would, by executive order, direct the Treasury Department to create them. Details were scarce Tuesday night, but employees will be able to contribute part of their wages to the savings accounts, which would be backed by the U.S. government.
Read more on CNN Money.
Spreadsheet-Based Form 1040 Available at No Cost for 2013 Tax Year
Although the IRS is still madly preparing for the 2013 filing season, one man remains ahead of the curve. Glenn Reeves of Burlington, Kansas, has released his seventeenth spreadsheet-based version of the US Individual Income Tax Return, commonly known as Form 1040. Since 1997, Mr. Reeves has pursued this “labor of love,” which means he allows any taxpayer to download and use the spreadsheet for free.
Read more on AccountingWEB.