Accounting standards

Former Federal Reserve Chairman Alan Greenspan tried to explain his version of the reasons for the global economic crisis to a congressional panel, while expressing shock and disbelief that the problems had spread so far.

Fifty-five percent of the 688 CFOs and senior controllers surveyed by Grant Thornton said U.S. companies should be permitted to use International Financial Reporting Standards instead of U.S. generally accepted accounting principles.

The New York State Society of CPAs and its Foundation for Accounting Education plan to hold an auditing conference on Oct. 27.

Barry Melancon, president and chief executive of the American Institute of CPAs, opened his annual remarks regarding the state of the profession at the Fall Meeting of Council and Members by addressing the current economic crisis and the controversy around fair value accounting.

Nearly half of U.S. companies have made no preparation to adopt International Financial Reporting Standards, according to a new survey.

Two recent reports suggest that the movement to register tax return preparers will continue.

Getting a handle on 2008 year-end tax planning is especially challenging this year because of several areas of uncertainty.

The Securities and Exchange Commission plans to hold the first of two roundtable discussions on mark-to-market accounting and current market conditions on Wed., Oct. 29, at 9 am ET.

The Financial Accounting Standards Board is considering delaying implementation of its controversial standard on accounting for uncertainty in income taxes for private entitiies.

The International Accounting Standards Board and its U.S. counterpart, the Financial Accounting Standards Board, plan to create a global advisory group to review financial reporting issues related to the credit crisis.

The Center for Audit Quality, the CFA Institute, the Council of Institutional Investors and the Consumer Federation of America have written to the Securities and Exchange Commission opposing demands for the SEC to override the Financial Accounting Standards Board's rules on fair value accounting.

Former Securities and Exchange Commission Chairman Arthur Levitt blamed recent SEC actions for contributing to the credit crisis and urged legislators to expand fair value accounting.

The American Bankers Association has written to the Securities and Exchange Commission demanding that it override the Financial Accounting Standards Board's guidance on fair value accounting.

The former CEO and CFO of drug store chain Duane Reade were indicted on fraud charges for allegedly inflating the company's income.

The Tax Court has amended its rules of rules of practice and procedure for whistleblower actions, making it easier for informants to keep their identities confidential.

The Securities and Exchange Commission named Dr. Amy Edwards to the post of Assistant Chief Economist for Markets and Intermediaries in the agency's Office of Economic Analysis.

The Trustees of the International Accounting Standards Committee Foundation gave the International Accounting Standards Board the go-ahead to suspend due process rules in order to accelerate their response to the credit crisis.

The Financial Accounting Standards Board issued two separate but related exposure drafts proposing standards on going concerns and subsequent events.

The Financial Accounting Standards Board has provided new flexibility to allow banks and other financial institutions to re-price their assets during the credit crisis by amending its standard on fair value measurements.

An 83 percent majority of CFOs favor separating the roles of CEO and chairman, according to a survey by Grant Thornton.