Accounting standards

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

To assist companies in dealing with the plunging markets and subsequent fallout, Protiviti, a provider of internal audit and risk advisory services, has assembled a Financial Crisis Team.

The Securities and Exchange Commission said it has started work on a study of mark-to-market accounting authorized by the financial rescue bill that was approved last week.

Participants in a Securities and Exchange Commission roundtable discussed how the credit crisis would affect the SEC's plans for an improved financial disclosure system.

The Internal Revenue Service issued a notice late last week that allows U.S. corporations to get more tax-free loans from their foreign subsidiaries.

The Treasury Department's Advisory Committee on the Auditing Profession has released its final report outlining recommendations on how to improve the sustainability of the audit profession, including a dissenting statement from one of its members.

The Internal Revenue Service issued a notice aimed at calming fears that it would act against insurance-dedicated money market funds that take advantage of a new temporary guarantee program.

The International Auditing and Assurance Standards Board has released an audit practice alert to help auditors deal with the controversial issue of fair value accounting estimates.

The passage of the financial rescue plan by Congress last week depended in part on the insertion of a provision on reevaluating the fair value accounting standards, which could come back to bite the same lobbyists who urged its inclusion.

The International Accounting Standards Board said it is taking steps in conjunction with the U.S.'s Financial Accounting Standards Board to address the crisis in the credit markets.

A case currently on appeal to the Supreme Court could affect the tax-exempt status of thousands of nonprofit health maintenance organizations.Vision Service Plan, the largest not-for-profit vision benefits and services company, was initially granted a tax exemption in 1960 as a social welfare organization under Section 501(c)(4).

What's "dumping?"Depends on whom you ask. It could be an intentional policy, or it could just be a matter of how manufacturers cost their products.

The Financial Accounting Standards Board has decided to shorten the comment period on its proposed guidance for determining the fair value of assets in inactive markets, even as Congress may allow banks to temporarily suspend mark-to-market accounting.

The House approved the $700 billion financial industry rescue package by a 263-171 margin on Friday, after defeating it on Monday.

Congress should consider making all taxpayers reporting rental real estate activity subject to the same information reporting requirements as other taxpayers with a trade or business, according to the Government Accountability Office.

The Center for Audit Quality has joined with the Council of Institutional Investors and the CFA Institute to come out in opposition of suspending mark-to-market or fair value accounting.

The Senate voted to reaffirm the Securities and Exchange Commission's authority to suspend mark-to-market accounting as part of its approval of the financial rescue plan, as fair value measurement comes under fire from banking groups.

A majority of tax and financial executives favor the research and development tax credit simplification proposed by the Senate, according to a survey by Grant Thornton.

The issuance of the so-called Final Report of the Advisory Committee on the Auditing Profession to the U.S. Department proves conclusively to me that many of the powers that be need to gain a better understanding of transparency. It isn’t what’s in the massive document that tells me this, but it is what is specifically left out of both the document and the press release announcing the report’s approval.

The Financial Accounting Standards Board has decided to delay the implementation of a new standard on loss contingencies after receiving comments from organizations concerned that it would lead to increased litigation.