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• FAF Will Now Maintain XBRL GAAP Taxonomy

  February 5, 2010

  The Financial Accounting Foundation has a new responsibility: ongoing maintenance of the U.S. GAAP Financial Reporting Taxonomy using the data-tagging format mandated by the SEC.

• E&Y Releases White Paper on Greenhouse Gas Reporting Practices

  February 3, 2010

  Ernst & Young has released a new report focusing on carbon emissions management, encouraging companies to address climate change issues in their business strategies.

• More Companies Preparing for XBRL Adoption

  January 15, 2010

  Many companies are getting a jump on preparing for adoption of interactive data-tagging technology on their financial statements, even before they are subject to SEC requirements.

• AICPA Issues Compilation and Review Standard

  January 11, 2010

  The American Institute of CPAs has issued a new standard on compilation and review engagements that represents one of the biggest changes to its Statements on Standards for Accounting and Review Services since 1978.

• Tomorrow's News

  January 11, 2010

  It's a new year. We've got a new logo. We've got a new tagline.

• ASSURANCE NEWS

  January 11, 2010

  SEC charges firm that faked KPMG audit; Overstock CEO escalates battle with Grant Thornton; Madoff techies charged.

• Biggest Tax and Accounting Stories of 2009

  December 30, 2009

  Everybody has to have a Top 10 list around the New Year, and looking back over the past year, we found that WebCPA readers clicked the most on stories about taxes and accounting firm rankings.

• ASSURANCE NEWS

  December 14, 2009

  AICPA, FEI object to federal accounting oversight board

• Kroeker: Don't wait for the roadmap

  December 14, 2009

  New York-Securities and Exchange Commission Chief Accountant James Kroeker said that the Financial Accounting Standards Board and the International Accounting Standards Board should proceed with efforts to converge U.S. and international accounting standards, even though the SEC has not yet formally approved the proposed roadmap to International Financial Reporting Standards.

• Accounting Staff Cutbacks Expected to Slow

  December 11, 2009

  The employment outlook in accounting and finance is expected to stabilize in the first quarter, according to a new survey of CFOs, although the hiring environment remains challenging for now.

• Accounting Groups Call for Climate Change Standards

  December 10, 2009

  The American Institute of CPAs joined with over a dozen other accounting organizations around the world to call for a single standard for climate change reporting.

• IASB’s Leisenring: Pay No Attention to IFRS 9

  December 10, 2009

  James Leisenring, a member of the International Accounting Standards Board, told attendees at an accounting conference in New York to disregard the board’s recently issued standard for recognizing and measuring financial instruments, acknowledging that political pressures had forced the board to publish the standard.

• CFA Institute Backs Decoupling of Accounting Standards

  December 9, 2009

  The CFA Institute expressed its support for Financial Accounting Standards Board Chairman Robert Herz’s statements on the need to “decouple” accounting standard-setting from bank regulation.

• Herz: Not All Assets Need to Be at Fair Value

  December 8, 2009

  FASB Chairman Robert Herz and AICPA Accounting Standards Executive Committee Chairman Jay Hanson separately acknowledged that many assets and financial instruments do not need to be measured at fair value on the balance sheet.

• SEC Chief Accountant Tells CPAs to Consider Investors

  December 8, 2009

  Securities and Exchange Commission Chief Accountant James L. Kroeker told leaders of the accounting profession that independent auditors will be expected to consider the interests of the “investing public” — not just their audit clients — when performing their duties.

• BDO Takes Financial Hit from World Markets

  December 3, 2009

  The BDO International network of accounting firms blamed difficult market conditions for a slight decrease in annual revenues in dollar terms, although the network actually came out ahead in terms of euros.

• Paper Addresses Sustainability of Public Finances

  November 24, 2009

  The International Public Sector Accounting Standards Board has published a paper questioning how financial statements can provide more information about the long-term sustainability of current government programs.

• Accountants Think Companies Aren’t Ready for Recovery

  November 19, 2009

  A new survey of corporate accountants found that 46 percent said their company could do more to prepare for recovery and another 8 percent believe their company is poorly prepared for recovery.

• Global Economy Impacts Deloitte FY09 Revenues

  October 26, 2009

  Despite growth in its Asia-Pacific region, as well as in its consulting unit, wobbly economic conditions both domestic and abroad resulted in Deloitte Touche Tohmatsu reporting a 4.9 percent decline in fiscal 2009 global revenues in U.S. dollars, to $26.1 billion, and just 1 percent growth in local currency terms.

• Private Company Committee Wants Standards Clarified

  October 23, 2009

  The Private Company Financial Reporting Committee met to discuss the impact of recent changes in accounting standards on private companies, including some confusion in the Financial Accounting Standards Board’s new Codification updates.

• FASB Creates Not-for-Profit Advisory Committee

  October 22, 2009

  The Financial Accounting Standards Board has established a Not-for-Profit Advisory Committee to offer input to the board on guidance, current and future technical projects, and longer-term issues affecting nonprofits.

• Accounting Firms Succeed Despite Economic Slump

  October 21, 2009

  Accounting firms are managing overall to maintain their rates, client services and staff even as the economy continues to challenge them and their clients, according to a new survey.

• ACCA: Accountants Should Work on Climate Change Reporting

  October 5, 2009

  The Association of Chartered Certified Accountants recommends in a new report that environmental regulators should work with international accounting standard-setters to develop a universally applicable climate change reporting standard for organizations of all sizes.

• Grant Thornton Execs Talk Work/Life Balance

  October 5, 2009

  Stephen Chipman, incoming chief executive of Grant Thornton LLP and Ed Nusbaum, incoming chief executive of Grant Thornton International, talk to Accounting Today Editor-in-Chief Bill Carlino about why a recent college grad should choose their firm. We also learn that, yes, Nusbaum has his own iPod.

• PwC Updates IFRS vs. GAAP Guide

  September 29, 2009

  PricewaterhouseCoopers has released the 2009 edition of its free downloadable guide comparing International Financial Reporting Standards with U.S. GAAP.

• G-20 Leaders Call for Accounting Convergence

  September 29, 2009

  The Group of 20 Leaders included a call for accounting convergence in their statement at the conclusion of their summit in Pittsburgh last weekend.

• Young CPAs Wanted!

  September 29, 2009

  I know, I know you’re used to being in demand. But if you’re a young CPA (let me clarify, if you’re under the age of 40, “young” is a state of mind for many, I was kindly reminded of recently) and have broken out of the traditional firm mentality, contact me for a story I’m working on.

• Protiviti Unveils Crisis Advisory Board

  September 21, 2009

  Business consulting and internal audit firm Protiviti Inc said it has formed an advisory board to assist its clients with navigating the unstable economic and regulatory environment.

• Moss Adams Presses G-20 on Accounting Issues

  September 17, 2009

  Moss Adams CEO Rick Anderson has written to Treasury Secretary Timothy Geithner urging him and other world financial leaders at the G-20 meeting next week to act more quickly on global accounting and corporate governance issues.

• Putting the buzz in biz dev

  September 14, 2009

  Adam Wolf is the type of guy you’d want to bring along to a networking event or have as a guest at a dinner party. He’s got a plethora of stories to tell, is a fast (and smooth) talker, and naturally knows how to bring people who would benefit from each other together. Not to mention, he likes wine. We recently caught up with the busy director of marketing and business development for CPA and business advisory form Grassi & Co. and he shared a few tricks he’s got up his sleeve.

• Financial Execs See Likelihood of IFRS

  September 11, 2009

  Eighty-nine percent of financial executives view mandatory conversion to International Financial Reporting Standards to be either highly likely or somewhat likely in the U.S., according to a new survey by Deloitte.

• Bankers Want G-20 to Rein in FASB, IASB

  September 10, 2009

  The American Bankers Association has written to Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke asking them to raise accounting issues at the upcoming G-20 meeting in Pittsburgh in order to curb efforts by standard-setters to expand mark-to-market accounting to loans and debt instruments.

• IASB Could Be Renamed IFRS Board

  September 9, 2009

  The International Accounting Standards Board’s oversight body has proposed a series of changes aimed at providing better governance of the standard-setter, including renaming the organization the International Financial Reporting Standards Board.

• CAQ Develops IFRS Guide

  September 8, 2009

  The Center for Audit Quality has created a free online Guide to International Financial Standards to educate people about the uncertain state of the IFRS roadmap.

• It's Delicious!

  September 8, 2009

  If you haven’t heard of the social bookmarking site, Delicious, you may be living in a cave.

• FASB Updates Guidance on Income Tax Uncertainty

  September 4, 2009

  The Financial Accounting Standards Board has published implementation guidance on accounting for uncertainty in income taxes and disclosure amendments for nonpublic entities.

• WebCPA Twitter Page

  May 20, 2009

  Check out WebCPA's Twitter page, WebCPAtweets

• Crowe Horwath Offers Chapter 11 Services

  September 2, 2009

  Accounting firm Crowe Horwath is responding to the wave of companies filing for Chapter 11 bankruptcy protection with a set of services to help them navigate the reorganization process.

• SEC Distributes $35M to Cardinal Health Investors

  September 1, 2009

  The Securities and Exchange Commission is distributing more than $35 million to over 98,000 investors who were harmed by accounting fraud at Cardinal Health.

• Clifton Gunderson Women’s Initiative Takes Off

  August 31, 2009

  What's it take to create a successful women's initiative? Gale Crosley, principal of Crosley + Company in Atlanta, talks to Rick Goldenson, partner and initiative co-chair at Clifton Gunderson, about their award-winning program.

• Basel Committee Doesn’t Want Fair Value for Loans

  August 28, 2009

  The Basel Committee on Banking Supervision, an influential group of international banking regulators, has released a set of guiding principles to help the International Accounting Standards Board set new standards for financial instruments to deal with the aftermath of the financial crisis.

• The Benefits of Community Service

  August 24, 2009

  The economy has left many people, and the nonprofit organizations they rely on, in crisis. As a result, community service is more critical than ever.

• IASB Proposes Amending Benefit Discount Rate

  August 20, 2009

  In response to the global financial crisis, the International Accounting Standards Board has published a set of proposals to amend the discount rate for measuring employee benefits.

• Senior Accountants Expect to Do Less Accounting

  August 18, 2009

  CFOs and senior-level accountants anticipate spending more of their time five years from now on non-accounting functions, according to a new survey.

• Reflections From the Leadership Academy (Part III)

  August 17, 2009

  I recently read an article challenging the reader to sum up one’s leadership in six words. I decided to apply this same challenge in describing my experience at the AICPA Leadership Academy. My six words: Amazing professionals. Thought provoking. Life Changing.

• Bankers Object to Standards-Setting Process

  August 13, 2009

  The American Bankers Association has released a letter and white paper raising concerns over the process taken by the Financial Accounting Standards Board and the International Accounting Standards Board in their financial instruments projects.

• Revenge of the Accounting Authorities?

  August 12, 2009

  The Financial Accounting Standards Board took plenty of heat in April for loosening mark-to-market guidelines, a move that critics assailed as a gift to the financial industry and a nod to political pressures.

• FASB Mulls New Fair Value Disclosures

  August 11, 2009

  The Financial Accounting Standards Board plans to draft proposed updates to fair value accounting standards with new disclosure requirements.

• Reflections from the Leadership Academy (Part II)

  August 10, 2009

  All too often, professional leadership seminars fail to live up to their potential for lively, intellectually engaging discussions about current issues and those on the forefront. I recently returned from the AICPA’s Inaugural Leadership Academy in Chicago where 28 young CPAs discussed topics affecting accountants everywhere.

• Bankers Protest Latest Mark-to-Market Proposals

  August 6, 2009

  The American Bankers Association is objecting to the newest proposed accounting standards for financial instruments, claiming that they would dramatically expand the use of the much-maligned mark-to-market accounting.

• IASB Proposes Rights Issue Standards

  August 6, 2009

  The International Accounting Standards Board has published a set of proposals on the classification of rights issues to clarify their accounting treatment when they are in a currency other than the issuer’s.

• Plante & Moran Offers Liquidity Stress Test

  August 4, 2009

  Accounting firm Plante & Moran has introduced a “Liquidity Stress Test” tool that manufacturing businesses can use to assess their working capital needs.

• Grant Thornton Offers Business Bankruptcy Service

  August 4, 2009

  Grant Thornton has introduced a service designed to speed companies through the bankruptcy and workout process.

• Accounting Icon Mason Dead at 88

  August 4, 2009

  Eli Mason, whose career in public accounting spanned more than seven decades as a practitioner, and a proponent of the profession, has died after a long illness.

• GE to Pay $50M to Settle Accounting Fraud Charges

  August 4, 2009

  General Electric has agreed to pay $50 million to settle Securities and Exchange Commission charges that the company reported false and misleading results in its financial statements.

• Reflections from the Leadership Academy (Part I)

  August 4, 2009

  In Fall 2008, I read about AICPA Board Chair Ernie Almonte’s vision for the Leadership Academy with great interest. Fast forward eight months, where I had the opportunity to travel to Chicago and attend the Academy.

• Barney Frank: ‘We Will Never Legislate Accounting’

  August 3, 2009

  Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, reassured attendees at the American Accounting Association’s Annual Meeting that he had no intention of legislating accounting standards.

• BDO Seidman Mourns Ben Neuhausen

  August 3, 2009

  BDO Seidman said the firm’s national director of accounting, Ben Neuhausen, has passed away after a prolonged illness.

• Witness Tells Senate to Crack Down on Accountant Fraud

  July 31, 2009

  The push for a “lowest common denominator” set of international accounting standards, along with the failure of Sarbanes-Oxley reforms to curb last year’s financial meltdown, are among the factors contributing to the ongoing global recession, experts in corporate governance told Congress.

• BDO Seidman Revenue Falls Due to Recession

  July 30, 2009

  BDO Seidman said its revenue for the fiscal year ended June 30 fell 5.9 percent to $620 million from last year’s revenue of $659 million.

• Financial Crisis Group Exonerates Accounting

  July 28, 2009

  The Financial Crisis Advisory Group has published a report concluding that accounting standards are not to blame for the economic crisis.

• Getting Started in the World of Social Media

  July 28, 2009

  As a new or young accountant there are a number of responsibilities and challenges on your plate.

• Just Say No to Shuffleboard

  July 20, 2009

  Seven in ten Americans ages 45-74 say they plan to work in retirement or never retire, according to AARP. In stark contradiction to the single paradigm of retirement as an end to work, older Americans are redesigning the whole notion of life and work.

• Alliance Tries to Make Financial Reporting Simpler

  July 17, 2009

  The task of making financial reporting simpler and more useful isn’t so simple as one might hope, according to several influential accounting officials who met to discuss the problem.

• IASB Proposes Financial Instrument Accounting Changes

  July 15, 2009

  The International Accounting Standards Board has proposed changing the accounting standards for measuring and classifying financial instruments in response to concerns raised by the financial crisis.

• Financial Crisis Creates Fair Value Skeptics

  July 13, 2009

  Turmoil in the financial markets has negated the value of fair value accounting, according to more than half the respondents to a new survey.

• FASB Fights Disclosure Overload

  July 10, 2009

  The Financial Accounting Standards Board has added a new project to its agenda aimed at making financial disclosures more organized and less redundant.

• Samuel A. DiPiazza Jr. Podcast

  July 8, 2009

  PricewaterhouseCoopers International CEO Samuel A. DiPiazza comments on the role of the accounting profession in the midst of the recession, the IFRS roadmap, predictions for the economy, and future challenges for the profession.

• WebCPA’s Newest Addition

  July 8, 2009

  Ever since we launched a redesigned Web site in late April, we’ve been eager to add new features and we can finally roll out the first major one.

• Brown Smith Wallace Aces Peer Review

  July 2, 2009

  Brown Smith Wallace said it has successfully completed all of its peer review examinations and received the best possible rating for its third consecutive review.

• PCFRC Works on Revenue Recognition

  June 29, 2009

  The Private Company Financial Reporting Committee met to discuss topics ranging from revenue recognition to FIN 48-d and loan-loss contingencies.

• Herz: Accounting Did Not Cause the Crisis!

  June 29, 2009

  Financial Accounting Standards Board Chairman Robert Herz refuses to accept the inevitability of another financial system collapse.

• Goodwill Impairments Doubled in 2008

  June 24, 2009

  A study by KPMG found that goodwill impairments more than doubled during 2008 from 2007 levels at a cross-section of U.S.-based public companies.

• Off-Balance-Sheet Accounting Changes Offer Challenges

  June 23, 2009

  Credit-rating agency Fitch Ratings said in a new report that it does not expect FASB’s recent amendments to off-balance-sheet accounting standards to result in negative rating actions, but it believes there will be challenges for issuers and analysts in transitioning to the new standards.

• Trade Groups Aim to Influence Accounting Standards

  June 22, 2009

  Nine trade groups representing the financial, insurance, banking, real estate and other industries have united to create a coalition with the goal of influencing accounting standard-setters who are working on revising the rules for financial instruments.

• New York CPAs Prepare for Accountancy Reform Law

  June 22, 2009

  New York’s new accountancy reform law, which goes into effect July 26, 2009, broadens the definition of the scope of practice of public accountancy to include all professional services provided by a CPA.

• Ohio CPAs Create Free Online Job Board

  June 17, 2009

  The Ohio Society of CPAs has launched a free online job-listing service to connect businesses with contract CPAs during the recession.

• FASB Changes Standards on Securitizations and Special-Purpose Entities

  June 12, 2009

  The Financial Accounting Standards Board has issued new standards aimed at fixing the way banks account for securitizations and off-balance-sheet special-purpose entities.

• IASB Plans Further Revisions to Impairment Standards

  June 11, 2009

  The International Accounting Standards Board is readying new revisions to its standards for accounting for impaired assets in response to pressure from European regulators who have threatened to upset support for International Financial Reporting Standards.

• IASB Tries to Simplify Fair Value Measurement

  May 29, 2009

  The International Accounting Standards Board has published draft guidance to try to settle the controversial issue of fair value measurement and calm some of the recent political pressure.

• Beyond the Magic Number

  May 22, 2009

  Americans today are being forced to review their retirement planning goals with greater scrutiny.

• Audit Committee Members Get Involved in Crisis

  May 20, 2009

  Three out of four audit committee members say they have increased their hands-on involvement with management, and are reassessing risk management and oversight as a result of the economic crisis, according to a new survey.

• ACCOUNTING NEWS

  May 20, 2009

• Some Take-Aways From 2008 M&A Activity, With a Look to 2009

  May 20, 2009

• FASB Finalized Fair Value Positions

  May 20, 2009

• CAQ Chimes in on IFRS

  May 20, 2009

• Global Standards Supported

  May 20, 2009

• IN THE BLOGS

  May 20, 2009

• Monster Pays $2.5 Million to Settle Backdating Charges

  May 19, 2009

  Employment search provider Monster Worldwide agreed to pay the SEC $2.5 million in penalties to settle stock option backdating charges.

• Sustainability looms as a bigger issue

  May 18, 2009

  Ten years ago, the Dow Jones Sustainability Index began to track the financial performance of leading sustainability-driven companies around the world.

• Groups Push for Further Loosening of Mark-to-Market

  May 15, 2009

  Five trade groups representing banks, financial service firms and insurance companies sent a joint letter to Congress registering continued displeasure with fair value and mark-to-market accounting and impairment rules, despite recent changes.

• BDO Seidman Mourns Bill Seidman

  May 14, 2009

  BDO Seidman memorialized the passing of former managing partner and FDIC Chairman L. William “Bill” Seidman, a member of the firm’s founding family.

• Grant Thornton Suggests Bank Capital Rules Fix

  May 11, 2009

  Grant Thornton has sent a letter to federal officials proposing that banking regulators adjust capitalization requirements to take into account the broader economic environment.

• FASB explains fair value changes

  May 4, 2009

  The Financial Accounting Standards Board issued a summary of the board's actions when it modified the standards for fair value and mark-to-market accounting in response to congressional demands:

• Economy heightens the challenges of cost management

  May 4, 2009

  The realities of volatile capital markets and a struggling global economy confront management decision-making at every turn.

• FASB Offers Guidance on Fair Value of Liabilities

  May 4, 2009

  The Financial Accounting Standards Board has issued a proposed standard on the fair value measurement of liabilities, seeking to clarify the thorny issue of fair value a bit further.

• PCAOB Issues Alert on Fair Value and Impairments

  May 1, 2009

  The Public Company Accounting Oversight Board has published a staff audit practice alert explaining the potential auditing and review implications of the Financial Accounting Standards Board’s recently revised standards on fair value accounting.

• The Path to Convergence

  April 28, 2009

  The inevitable convergence of U.S. GAAP and International Financial Reporting Standards promises to be an involved and protracted process with various domestic and global regulatory organizations scrambling to include their guidelines and principles in the final mix.

• ACCOUNTING NEWS

  April 25, 2009

• Ernst & Young Picks TAS Vice Chair for Americas

  April 23, 2009

  Ernst & Young has selected a new leader in the Americas for its Transaction Advisory Services team, which advises companies on mergers and acquisitions.

• Economy, legislation threaten to impact S corps

  April 19, 2009

• They need help!

  April 19, 2009

  It's safe to say there hasn't been a time in recent history when small-business owners needed guidance from their accountants as much as they do now. It's becoming clear that for all their knowledge and energy, most entrepreneurs can't go it alone in these difficult times

• Shooting for the stars

  April 19, 2009

  The Internal Revenue Service now has a new interest in sports and entertainment - and not just as a spectator.

• Chicago CPA Firm Gets High Marks on Peer Review

  April 16, 2009

  Porte Brown earns bragging rights.

• Nader Calls CPAs 'MIA' in Financial Crisis

  April 14, 2009

  Consumer advocate Ralph Nader lashes out at accountants.

• CAQ Makes Recommendations on IFRS Adoption

  April 14, 2009

  Group encourages a firmer deadline for roadmap.

• Final Mark-to-Market Rules Make Subtle Changes

  April 14, 2009

  Some critics begin to see positive signs.

• Texas CPAs: Fair Value Changes Hurt CPA Credibility

  April 13, 2009

  Society urges FASB to take more time.

• Deloitte Wins Ruling Against Former Vice Chairman

  April 13, 2009

  Firm allowed to sue ex-vice chair over alleged inside trading.

• States Hike Sales Tax Rates to New Records

  April 9, 2009

  The economic crisis is forcing many states and cities to increase their sales tax rates to the highest average level ever, according to a new report.

• IFAC Backs G-20 Financial Reforms

  April 8, 2009

  The International Federation of Accountants has endorsed a set of proposals made at last week's G-20 Summit of world leaders that aim to reform the global financial regulatory system.

• Canada Accounting Board Delays Fair Value Decision

  April 8, 2009

  Canada's Accounting Standards Board said that it has not yet made a decision on whether to change its fair value standards to match up with U.S. standards.

• Estate Tax Planning for 2009 and Beyond

  April 7, 2009

  With the repeal of the federal estate tax set for 2010 and its reinstatement scheduled just one year later, estate tax planning has become more complicated than ever.

• Protecting businesses from fraud

  April 5, 2009

  As the economy continues its downturn and the financial pressure on business increases, the risk of fraud becomes higher than ever.

• In brief

  April 5, 2009

• Madoff investors: Tax victims, too?

  April 5, 2009

  Many are surprised to learn that while it sometimes appears that the Internal Revenue Code reaches into every aspect of our lives, it lacks focus in addressing the complex tax consequences that face the unfortunate victims of Ponzi schemes.

• A Toolkit for the Financial Planner

  April 5, 2009

  Given the current economic situation, conducting a financial planning practice isn't getting easier. With the financial uncertainty of the past several years, investors have become uncomfortable with the 'business as usual' planning approach.

• International Accounting Monitors Choose Leader

  April 6, 2009

  The Monitoring Board that was recently established to add more public accountability to the International Accounting Standards Board has held its inaugural meeting and picked its first leader.

• FASB Explains Fair Value Changes

  April 6, 2009

  The Financial Accounting Standards Board has issued a "plain English" summary of the board's actions when it modified the standards for fair value and mark-to-market accounting in response to congressional demands.

• Companies Foresee More Tax Audits

  April 6, 2009

  As governments desperately seek all kinds of additional revenue, senior business professionals see the increased possibility of an audit by taxing authorities as the most significant tax risk facing their organizations today, according to a new survey.

• Advising Younger Generations About Investing

  April 5, 2009

  Gen X and Y may reap some big benefits from the bear market, and advisors who target those generations could profit from helping them.

• Boomers Making Seismic Plan Changes

  April 3, 2009

  More than half of affluent 60-year-olds are revamping their retirement plans, according to Bell Investment Advisors' fourth annual Affluent Boomers at 60 Survey of 500 high net-worth 60-year-olds.

• Reactions Mixed to FASB Fair Value Compromises

  April 3, 2009

  Accounting experts and industry organizations alternately praised and panned the Financial Accounting Standards Board's decision to loosen the standards for fair value and mark-to-market accounting.

• Congress to IRS: Go Easy on Small Biz

  April 2, 2009

  Lawmakers at a congressional hearing Wednesday pressed Internal Revenue Service Commissioner Douglas Shulman to ease up on audits of small businesses.

• IRS Provides COBRA Guidance

  April 2, 2009

  The Internal Revenue Service has issued guidance to clarify the COBRA benefits offered under the recently passed stimulus bill.

• FASB Compromises on Fair Value

  April 2, 2009

  Under pressure from Congress to act quickly, the Financial Accounting Standards Board voted to approve substantial changes to fair value accounting.

• Tax Strategies for IRA Owners Affected by the Market

  March 31, 2009

  The sharp stock market decline we've experienced has no immediate tax effect on pre-retirement-age taxpayers who invested their traditional IRAs or Roth IRAs in stocks and mutual funds, since losses as well as gains are not recognized within either type of IRA.

• Outlook Dims for Recovery This Year

  March 31, 2009

• New Oversight Board Proposed

  March 31, 2009

• Firms Take Action on the Crisis

  March 31, 2009

  Many firms have found the financial crisis fertile ground for new client services.

• FASB Projects Aim to Improve Guidance on Fair Value Estimates

  March 31, 2009

• Financial Planning Briefs

  March 31, 2009

• AICPA Launches Economic Crisis Resource Center

  March 31, 2009

• Seniors Lack Economic Security

  March 31, 2009

• Watershed Era for Environmental Investing

  March 31, 2009

• RIA Ability to Monitor Data from Banks, Brokerage Houses

  March 31, 2009

  Financial advisors will get on-demand access to a complete view of their clients' financial portfolio, including assets held at competing brokerage firms.

• Saving More, Cutting Debt

  March 31, 2009

• Aiding 401(k) Filing Requirements

  March 31, 2009

• CCH Helps with Crisis, IRS

  March 31, 2009

• Recovery Act Moves

  March 31, 2009

• Intuit Offers Cash, Services to Firms

  March 31, 2009

  Intuit has launched a program offering $10,000 cash grants and up to $10,000 in products and services to 10 accounting firms.

• Report Recommends More Fair Value Disclosures

  April 1, 2009

  A new report suggests that companies adopting the Financial Accounting Standards Board's recent proposals on modifying mark-to-market and fair value accounting standards should provide more extensive disclosures to help investors make sense of the impaired assets.

• IRS Announces Tax Break on New Car Purchases

  April 1, 2009

  The Internal Revenue Service has begun spreading the word about a special incentive for taxpayers to buy a new car this year: a hefty deduction next year.

• Treasury Launches Financial Stability Site

  April 1, 2009

  The Treasury Department has opened its ballyhooed Web site that will allow ordinary citizens to keep an eye on efforts to stabilize the financial system.

• FASB Caves on Mark-to-Market

  April 1, 2009

  The Financial Accounting Standards Board has bowed to pressure from lawmakers and banking interests and put forward a proposal to relax fair value standards.

• Private Sector Lost 742,000 Jobs in March

  April 1, 2009

  Private sector employment declined by 742,000 jobs last month, according to the latest monthly report by payroll giant ADP.

• Blackbaud, PayPal Team to Help Small Nonprofits

  March 31, 2009

  Nonprofit software provider Blackbaud Inc. has teamed with online payment concern PayPal to establish BlackbaudNow, a price-friendly Web site-building application to assist small and growing nonprofits publish their own Web sites and begin accepting online donations, manage constituent accounts and record donor giving histories.

• Bonus Tax Bills May Be Unconstitutional

  March 31, 2009

  The Congressional Research Service has found that both the Senate and House bills that seek to tax bonuses paid to employees of entities receiving assistance from the federal government under the Economic Stabilization Act of 2008 may have constitutional problems.

• Top Managers Can Last Nine Months Unemployed

  March 30, 2009

  In the current recession, an extended period of unemployment for top managers no longer carries the stigma it previously did, as a recent survey of executives said that on average, a senior manager could be jobless for as long as nine months before their careers became adversely affected.

• Institute Guide Offers Disaster Recovery Tips

  March 30, 2009

  The American Institute of CPAs has published Disaster Recovery: A Guide to Financial Issues, in cooperation with the American Red Cross and the National Endowment for Financial Education.

Related Articles

• FAF Will Now Maintain XBRL GAAP Taxonomy

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• More Companies Preparing for XBRL Adoption

• Tomorrow's News

• AICPA Issues Compilation and Review Standard

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