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Newswire

• PCAOB Thwarted on Foreign Audit Firm Inspections

  February 9, 2010

  At least a dozen major nations – including several of the USA’s top international trading partners – are continuing to slam the door on efforts by the Public Company Accounting Oversight Board to conduct cross-border inspections of non-U.S. audit firms as required by the Sarbanes-Oxley Act.

• IRS Drops Schwarzenegger Tax Lien

  February 8, 2010

  The Internal Revenue Service has lifted a $79,064 tax lien on California Governor Arnold Schwarzenegger.

• Obama Proposes Expanding SBA Loan Limits

  February 8, 2010

  President Barack Obama has called for expanding the size of loans made through the Small Business Administration’s SBA Express program from $350,000 to $1 million.

• AICPA Forms Task Force on IRS Proposal

  February 8, 2010

  The Tax Division at the American Institute of CPAs has created a task force to respond to a recent IRS proposal that would require companies to disclose their uncertain tax positions.

• Internal Auditors Urged to Heed New SEC Proxy Disclosure Rules

  February 8, 2010

  The SEC’s recently issued proxy disclosure rules provide chief audit executives with opportunities to help companies improve their governance and risk management practices, according to the Institute of Internal Auditors.

• AccuFund Enhances Loan Tracker

  February 8, 2010

  AccuFund has upgraded the Loan Tracker module in the latest version of its accounting software for nonprofit, municipal and government organizations.

• 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.

• NetSuite Sees Revenue Increase for Year and Q4

  February 5, 2010

  Cloud computing business software developer NetSuite reported revenue increases for both 2009 and the fourth quarter.

• Watch Maker Pleads Guilty to Hiding $10M at UBS

  February 5, 2010

  A former UBS client who owned and operated several businesses that manufactured and sold watches has pleaded guilty to tax charges related to concealing over $10 million in secret Swiss bank accounts.

• Notaries Subject to Stiffer Requirements

  February 5, 2010

  The National Notary Association has published a much-anticipated revision of its Model Notary Act with fraud deterrence, identity theft, and electronic document protection rules, to improve the standards of care for notaries.

• Auditors See Increase in Fraud

  February 5, 2010

  Fraudulent acts by employees and outsiders have risen since the beginning of the recession, and internal auditors predict the trend will continue through the rest of the year, according to a new poll of nearly 300 chief audit executives by the Institute of Internal Auditors.

• AICPA Issues Practice Aid on Subsequent Events

  February 5, 2010

  The American Institute of CPAs has released a technical practice aid outlining the accountant’s responsibilities for subsequent events in compilation and review engagements.

• Tech CFOs Anticipate Revenue Growth

  February 5, 2010

  Over two thirds of CFOs at leading U.S. technology businesses expect sales revenue at their companies to increase this year, according to a survey by accounting firm BDO.

• IRS Suspends CPA for Preparing False Tax Returns

  February 5, 2010

  A CPA has been suspended for 12 months from practicing before the Internal Revenue Service for providing false or misleading information when preparing his clients’ tax returns.

• Brady Ware Merges in Marsh & McConnell

  February 4, 2010

  Ohio-based accounting and consulting firm Brady Ware is expanding to Georgia by merging with Atlanta-based Marsh & McConnell.

• U.S. Inks Tax Treaty with Chile

  February 4, 2010

  Treasury Secretary Tim Geithner and Chilean Finance Minister Andrés Velasco signed a new income tax treaty between the United States and Chile to provide certainty and stability of tax treatment for U.S. and Chilean cross-border investors.

• PCAOB Redesigns Web Site

  February 4, 2010

  The Public Company Accounting Oversight Board has launched a redesigned and expanded Web site.

• CPA Financial Planners Find Clients Wary of Markets

  February 4, 2010

  More than half of CPA financial planners say their wealthy clients are not confident in the stock market, according to a survey by the American Institute of CPAs.

• U.S. Signs Income Tax Treaty with Hungary

  February 4, 2010

  The United States and Hungary have signed a new income tax treaty that brings an existing agreement signed by the two countries in 1979 into closer conformity with current U.S. international tax policy.

• IASB Appoints Two New Members

  February 4, 2010

  The International Accounting Standards Board has named two new board members from Germany and South Africa to replace a pair of departing members.

• Financial Services School Waives New-Student Fee

  February 4, 2010

  The American College, a nonprofit educational institution that offers various financial services certification programs, is waiving its new-student fee of $130 for anyone who registers for their first course by Feb. 26.

• Salesorder Targets Small Business Channel Partners

  February 3, 2010

  Salesorder.com is offering a white label version of its Web-based accounting, enterprise resource planning and customer relationship management software for small businesses to entice reseller channel partners to rapidly enter the cloud computing market.

• Deacom Updates ERP Software

  February 3, 2010

  Deacom has issued a new version of its enterprise resource planning software with new menuing and usability features.

• IPSASB Publishes Intangible Asset Standards

  February 3, 2010

  The International Public Sector Accounting Standards Board has published a new standard that covers the accounting for and disclosure of intangible assets: IPSAS 31, “Intangible Assets.”

• Lyquidity Offers Spreadsheet Monitoring Software

  February 3, 2010

  Lyquidity Solutions has introduced the Spreadsheet Usage Monitor, a free tool that organizations can use to control and manage their corporate spreadsheets.

• Coda Financials Renamed as Unit4 Coda

  February 3, 2010

  Accounting software developer Coda Financials has changed its name to Unit4 Coda Inc.

• Tax Court Allows Deduction for Sex Change

  February 3, 2010

  The U.S. Tax Court has ruled in favor of a Massachusetts taxpayer whose deduction for her sex change operation was rejected by the Internal Revenue Service.

• Small-Business Jobs Losses Moderating

  February 3, 2010

  Small businesses with less than 50 employees slashed 12,000 jobs last month, the smallest decline since July of 2008, but businesses in the service sector actually added jobs for the second consecutive month.

• NetSuite Teams with Hein & Associates

  February 3, 2010

  NetSuite is partnering with accounting firm Hein & Associates to provide companies with accounting and regulatory compliance systems using Web-based technology.

• 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.