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Finance & Accounting, and Sarbanes-Oxley
PCAOB Submit Bill for Public Hearings
The Public Company Accounting Oversight Board has written a draft bill to Congress that would amend the Sarbanes-Oxley Act to allow the PCAOB to make public its disciplinary hearings of accounting firms and auditors.
Web CPA –
9/3/2010
Will the SEC Require IFRS Switch?
Risk analysis indicates that the Securities and Exchange Commission is highly unlikely to require U.S. companies to use IFRS instead of U.S. GAAP if the two sets of standards remain substantially different.
CFO.com
9/3/2010
Contenders for FASB Chairman
The technical director of FASB is one of the lead contenders to take over to lead the organization now that the chairman is retiring. Robert Golden is being considered by the foundation that manages FASB appointments.
Accountancy Age
9/3/2010
New Proposal for U.S. GAAP Reporting
The Financial Accounting Foundation and the SEC have released a proposal for 2011 U.S. GAAP Financial reporting Taxonomy that public companies will be expected to use when filling their financial reports with the SEC.
Web CPA
9/1/2010
Nigeria: Are They Ready for IFRS?
Nigeria has announced intentions to adopt International Financial Reporting Standards by 2012, but will they be ready in time?
All Africa
8/29/2010
Canada's Switch to IFRS a Preview for U.S.
Canadian companies, who have to adopt international accounting standards by January 1, 2011, will offer a preview for American companies of what it will be like to switch.
CFO.com
8/25/2010
FASB Chairman to Retire
Bob Hertz, the chairman of FASB, who is leading the effort to converge with international standards, announced he is steeping down while the board of the US accounting standards setters will increase from five to seven.
Accountancy Age
8/25/2010
FASB to Vote on Controversial Rule
The Financial Accounting Standards Board is meeting to decide whether to give companies more time to vet a proposed update to the rules that govern how companies account for contingent liabilities. The controversial rule could open companies up to new lawsuits, making the FASB's decision weighty.
CFO.com
8/17/2010
Will FASB and IASB Meet the Convergence Deadline?
The recently updated work plan for FASB and IASB has raised concerns about the time required to review a number of exposure drafts to meet the June 2011 due date of completing major convergence projects.
Web CPA
8/16/2010
Didn't Like SOX? Wait for Dodd-Frank
For those who thought Sarbanes-Oxley changed the corporate world, they are in for an awakening with the new Dodd-Frank Act. The Dodd-Frank Wall Street Reform and Consumer Protection Act changes the balance of power between shareholders and corporations.
CNBC
8/16/2010
New SEC Rule Helps Firms Dispute PCAOB Findings
A new SEC rule, going into effect early September, allows accounting firms to dispute the PCAOB's findings during the inspection process. Firms have always had the ability under Sarbanes-Oxley, but lacked a formal appeals process which the SEC has now changed.
CFO.com
8/11/2010
PCAOB Stepping it Up
Now that the Public Company Accounting Oversight Board is freed of the threat of the Supreme Court putting it out of business, they are stepping it up. The board has already issued new and stricker risk assessment standards, has plans to impose more sanctions on accounting firms and managers, and has requested to Congress to have hearings public.
Web CPA
8/11/2010
IASB Chairman Warns U.S. to Adopt or Lost Influence
Sir David Tweedie, chairman of the International Accounting Standards Board, announced he believed U.S. influence on standard setting may diminish if it rejects international accounting rules next year.
Accountancy Age
8/11/2010
Congress Evaluating Fate of 1099 Requirements in Heath Care Bill
Congress is in negotiations to possibly ease 1099 requirements for small businesses outlined in the health care bill. The section was intended to be a fundraiser for the rest of the health care bill, but businesses have been protesting the requirement, saying it is "absolutely unmanageable."
The New York Times
8/9/2010
Congress Evaluating Fate of 1099 Requirements in Heath Care Bill
Congress is in negotiations to possibly ease 1099 requirements for small businesses outlined in the health care bill. The section was intended to be a fundraiser for the rest of the health care bill, but businesses have been protesting the requirement, saying it is "absolutely unmanageable."
The New York Times
8/9/2010
Easier than Ever to Whistleblow
With the recent passage of three major pieces of legislation, employees have more protection, more options and more incentives to complain about their employers' illegal activities.
Star Tribune
8/8/2010
FASB, GASB and FAF Join Twitter to Reach Out to Consumers
The Financial Accounting Foundation, the organization that oversees both the Financial Accounting Standards Board and the Governmental Accounting Standards Board, announced it has joined the social networking site Twitter to expand its communications with consumers.
Web CPA
8/6/2010
PCAOB to Crack Down on Managers and Supervisors
The Public Company Accounting Oversight Board announced they plan to impose more sanctions on accounting firms and managers that dont sufficiently supervise their employees.
Web CPA
8/5/2010
PCAOB Requesting to Make Hearings Public
The chairman of the Public Company Accounting Oversight Board is asking Congress to consider a change to Sarbanes-Oxley to allow the PCAOBs disciplinary hearings of accountings and accounting firms to be made public.
Web CPA
8/5/2010
Former Tyco AP Manager Sues for Wrongful Firing
Tyco Electronics, whose ex-CEO is current in prison for stealing millions from the company, is in the spotlight again, now being accused of violating whistleblower protection policies. Jeffrey Wiest, former accounts payable manager for Tyco, is suing claiming he was fire for refusing to process a $350,000 trip to the Caribbean and for questioning two other high-priced company trips.
Penn Live
7/31/2010
Sarbanes-Oxley Birthday
On July 30th eight years ago the House and Senate came together and approved the Sarbanes-Oxley Act of 2002.
Going Concern
7/30/2010
Former Employee Claims His Termination was a Whistleblower Violation
A former Bayer AG employee is suing Germany's largest drugmaker, accusing it of wrongfully firing him. Ralph Fabiano claims his termination was in violation of the Sarbanes-Oxley whistleblower provisions, believing he was fired for refusing to manipulate test results.
Reuters
7/29/2010
More Opportunities than Threats with IFRS
While there has been much uncertainty about International Financial Reporting Standards in the United States, experts find there are few threats and many opportunities in the future of IFRS.
CFO.com
7/29/2010
SEC Welcoming Recommendations for PCAOB Members
The Securities and Exchange Commission, responsible for appointing chairs and members of the Public Company Accounting Oversight Board, is welcoming all suggestions for individuals who meet the requirements for being on the PCAOB.
Jr. Deputy Accountant
7/26/2010
Anonymous Whistleblower Claims Largely Ignored
According to a recent study by the Journal of Management Studies, most employers won't take action if whistleblower claims come from an anonymous source, no matter how serious the claims are.
CFO Daily News
7/22/2010
FASB Releases Standards on Financing Receivables
The Financial Accounting Standards Board released new standards to improve the transparency of financial reporting by companies holding financing receivables. Accounting Standards Update No. 2010-20 will require companies to provide more information in their disclosures about the credit quality of their financing receivables and the credit reserves held against them.
Web CPA
7/22/2010
Is the Government Protecting Whistleblowers?
Many officials are concern that the government is not doing enough to protect whistleblowers. Since Congress pass the Sarbanes-Oxley Act in 2002, the U.S. Department of Labor has upheld 25 whistleblower claims under the law - and tossed out 1,066 claims.
The Hill
7/22/2010
Financial Reform Bill Signed Into Law
On July 21, 2010 President Obama sign the Restoring American Financial Stability Act of 2010 into law. The bill was signed despite several remaining questions about the legislation's details.
Accounting WEB
7/21/2010
IFRS Must Pass U.K. Cost-Benefit Test
The U.K. government announced that the accounting board's plan to switch to international accounting standards still has to pass the government's cost-benefit test before it is official.
Accountancy Age
7/21/2010
Canadian Private Companies have a Choice on Accounting Standards
Private Canadian companies will have to make a choice next year as the new Canadian accounting rules launch. They will be able to choose from the simpler, more limited version of Generally Accepted Accounting Principles and International Financial Reporting Standards, which all publicly traded companies must adopt in 2011.
CTV News
7/21/2010
Does Sarbanes-Oxley Reduce Fraud Risk?
Many companies wonder how well Sarbanes-Oxley reduces fraud risk, especially since there is no real evidence that fraud risk or actual fraud has been reduced because of Sarbanes-Oxley.
Daily Finance
7/16/2010
PCAOB Proposes New Rule for Auditing
The Public Company Accounting Oversight Board has proposed a rule that would expand the types of accounts that audit firms need to verify with a third party. This rule could help uncover a common corporate fraud practice of hiding the true amounts of accounts, such as receivables or cash balances.
CFO.com
7/16/2010
Senate Approves Financial Reform Bill
The U.S. Senate approved the major financial regulatory reform bill that President Obama is expected to quickly sign into law. The Dodd-Frank Wall Street Reform and Consumer Protection Act will create new regulations for companies that extend credit to consumers, exempt small public companies from SOX section 404(b), make auditors of broker-dealers subject to PCAOB regulation and change registration requirements for investment advisers.
Journal of Accountancy
7/15/2010
PwC Wants FASB and IASB to Slow Down
The Financial Accounting Standards Board and the International Accounting Standards Board should slow down the pace of their standard-setting work, PricewaterhouseCoopers said.
Web CPA
7/9/2010
Executives Using Sarbanes-Oxley as a Management Tool
Now that the Supreme Court has ruled that Sarbanes-Oxley is here to stay, many managers are trying to make the best of it. A recent Protiviti survey of U.S. executive's shows that the longer leaders are exposed to SOX compliance efforts, the more likely they are to see benefits from these activities.
Baseline
7/2/2010
U.K. Government Announces Two-Stage Finance Bill
The U.K. government announced a surprise two-stage approach to finance legislation that includes key tax measures being rushed through parliament while more technical issues take a consultation route.
Accountancy Age
7/1/2010
Much Uncertainty Remains in U.S. Switch to IFRS
Next year GAAP and IFRS are scheduled to complete an eight-year mission to develop one set of global accounting rules. With this deadline fast approaching, there is still much uncertainty surrounding whether American companies will be forced to make a wholesale switch to IFRS.
CFO.com
6/30/2010
Supreme Court Rules on PCAOB
The U.S. Supreme Court has ruled that the Public Company Accounting Oversight Board (PCAOB) violates the U.S. Constitution's separation of powers principle because board members are not appointed by the president. The courts decided that PCAOB board members will be removable by the SEC at will, rather than only for good cause.
CFO.com
6/29/2010
Accountants Not Prepared for iXBRL Switch
Accounting firms are not ready to switch over to the new online filing system to be brought in next year, according to a CCH survey. Accountants need to do more to prepare for the iXBRL switch and help clients understand the format for submissions.
Accountancy Age
6/29/2010
The Reform Will Not Solve Financial Problems
Critics of the financial reform bill say the regulations being proposed won't avoid another financial crisis. They believe another crisis will stem from problems the bill doesn't anticipate, and a recent poll shoes that 64 percent of Americans aren't confident the bill will prevent future meltdowns as well.
Market Place
6/28/2010
IASB Releases New Timetable for Convergence
The International Accounting Standards Board recently released a "modified" timetable which delays lower priority projects including work on financial instruments, financial statement presentation, insurance and emissions trading proposals. They have pushed these projects back in hopes of being able to complete convergence with US FASB by the June 2011 deadline.
Accountancy Age
6/25/2010
Will the Quality of IFRS Suffer Due to Time Crunch?
As the June 30, 2011 deadline for convergence fast approaches, many financial professionals worry that the quality of the accounting standards might suffer due the lack of time remaining. Even with the SEC continuing to strive for international standards adoption, some worry about the integrity of the standards.
Accountants World
6/25/2010
Former Manager Reinstated due to Whistleblower Provisions
OSHA has ordered U.S. Bank in Seattle to reinstate a former bank manager, who was fired in retaliation for filing an internal report alleging securities and bank fraud by company employees, for being in violation of the whistleblower protection provision of the Sarbanes-Oxley Act.
CCH
6/25/2010
Financial Reform Bill: Beneficial or Useless?
Several experts argue that the key and beneficial aspects of the financial reform bill have now been eliminated due to deal-making after it went through the Senate. Will the bill still be helpful?
The Wall Street Journal
6/24/2010
Financial Reform Bill Update
Congress is working hard on the financial reform bill, trying to get it passes as soon as possible. Some issues that have been decided include: the need for a consumer watchdog with the Federal Reserve Board, the need to permanently exempt non-accelerated filters from SOX, and wider audits of the Fed.
Fierce Finance
6/22/2010
Companies Indicate the Benefits of SOX Compliance Outweigh the Cost
According to research by Protiviti, a global business consulting and internal audit firm, attitudes toward Sarbanes-Oxley compliance and spending evolve significantly the longer a company is involved with the compliance process. Seventy percent of surveyed companies in year four or beyond in their SOX compliance indicated that the benefits of compliance outweighed its costs.
PR Newswire
6/18/2010
Committee Agrees on SOX Exemption
House and Senate lawmakers on a committee have joined together to reconcile bank-reform bills, voting to permanently exempt smaller public companies from audits of their internal controls from the Sarbanes-Oxley Act.
MarketWatch
6/16/2010
The Importance of Financial Accounting Standards
Many companies do not realize how important having financial accounting standards really is. One main reason is because investors need to assess the strength of a company based on common denominators; if company's financial reports are not based on the same methods and rules for reporting, then the results are not accurate for comparing.
FavStock
6/16/2010
Everclear Capital Adopts IFRS Early
Canadian company Everclear Capital Ltd. announced that it has decided to adopt international financial reporting standards (IFRS) six months earlier than needed. The Canadian Accounting Standards Board decided that IFRS will replace Canadian GAAP for all publicly accountable enterprises beginning on and after January 1, 2011.
Market Wire
6/14/2010
Court Ruling Due Soon on PCAOB Future
A Supreme Court decision is expected soon on the Free Enterprise Fund v. Public Company Accounting Oversight Board, which will decide the fate of Sarbanes-Oxley and the PCAOB.
Journal of Accountancy
6/6/2010
ABA Urges Members to Fight FASB's Fair Value Rules Proposal
The American Banking Association, which represents $13 trillion of the U.S. banking industry, has told its members to fight the proposed fair value rules that the U.S. Financial Accounting Standards Board has proposed.
Accountancy Age
6/4/2010
GAAP Verses IFRS Reporting
Will IFRS be better than GAAP reporting? Which is better for U.S. accounting firms? Money Control looks at the pros and cons of both accounting standards and how they will impact U.S. companies.
Money Control
6/4/2010
More Whistleblowers Needed
Whistleblowers are a major source for uncovering fraud and wrongdoing within companies, but many people have difficulties being a whistleblower because of the uncertain repercussions of outing their company. The SEC and OSHA are trying to make it easier for whistleblowers to reveal fraud, primarily due to the recent increase in fraudulent activity.
Accounting WEB
6/2/2010
FASB and IASB Announce Restructuring of Priorities
The Financial Accounting Standards Board and the International Accounting Standards Board announced they intend to prioritize their major projects ahead to try to reach convergence between IFRS and U.S. GAAP by the agreed due date, pushing some projects back until later next year.
Web CPA
6/2/2010
The IASB Considers Postponing Convergence
The International Accounting Standards Board has announced they are considering "re-jigging the work plan to limit the number of major consultations at one time and to prioritize the most important projects." Currently the deadline for converging with U.S. Financial Accounting Standards Board is set for June 2011, but they are considering pushing it back due to complaints from companies concerned with the amount of upcoming changes.
Accountancy Age
6/2/2010
JPMorgan Fights Whistleblower Case
JPMorgan Chase & Co is urging courts to dismiss a whistleblower case filed by former vice president Jennifer Sharkey. Sharkey is accusing JPMorgan of firing her because she urged JP to drop a client who was allegedly involved in fraud. JPMorgan says Sharkey is not covered by whistleblower protection because it was the client accused of fraud, not the bank.
Reuters
6/1/2010
Progress Made in Financial Reform Bill
The Senate approved their version of the financial reform legislation, and are now headed into negotiations to iron out the differences between then Senate and House versions of the bill.
Las Vegas Sun
5/28/2010
FASBs Proposed Updates for Accounting Standards
The Financial Accounting Standards Board has released a draft of proposed accounting standards as an update for financial institutions, a significant move in the FASBs effort to converge U.S. GAAP with International Financial Reporting Standards. The proposed update seeks to bring more transparency into financial statements, to provide more timely information on anticipated credit losses to financial statement users; the update also seeks to better portray the results of asset-liability management activities at financial institutions.
Web CPA
5/26/2010
ACCA Releases New Report on Future of U.K. GAAP
The Association of Chartered Certified Accountants has published their first report comparing the differences between U.K. Generally Accepted Accounting Standards and the International Financial Reporting Standards. It explores the potential impact on reported profits of companies who currently use U.K. GAAP and will be affected by proposals resulting in U.K. GAAP evolving to reflect the IFRS.
PR Log
5/25/2010
Senate Financial Reform Bill Lags
The Senate was only three votes shy of 60 votes needed to end debates on the sweeping financial regulatory reform bill. They are likely to call for another vote within the week. Many small business owners are eager to see if the new bill will contain relief from the Sarbanes-Oxley Act.
IT Business Edge
5/20/2010
Two Major Accounting Standards Changes Due Back-to-Back?
Will American businesses have to go through two major accounting standards overhauls next year? Many finance executives believe so as the push for the adoption of international accounting standards may coincide with new FASB rules.
CFO.com
5/18/2010
More Financial Reporting From Healthcare Reform
The new U.S. health care reform bill will cause more financial reporting for corporate America. With the bill now passed, many worry about the extra compliance that will take place by 2014.
Web CPA
5/18/2010
Risks of Convergence
CFO.com looks at the commonly overlooked risks of U.S. companies converting to International Financial Account Standards from GAAP, and how to focus on these risks over other less urgent ones.
CFO.com
5/14/2010
Principle-Based Versus Rules-Based Accounting Standards
The debate over whether rules-based accounting standards are better then principles-based standards has had accountants divided for years. CFO.com looks at the pros and cons of each, and which way is more beneficial.
CFO.com
5/12/2010
Goldman to Settle with SEC?
Goldman Sachs has been in negotiations with the SEC on possible settlements for their outstanding federal fraud charges, but it could cost more than Goldman realizes. Experts estimate the settlement could exceed $1 billion.
CNN Money
5/12/2010
Financial Reform Proposals Being Considered
Now that the health reform bill is law, there are several financial reform proposals currently being considered in Washington. Some areas of change being considered include compensation committees, executive compensation disclosures and hedging disclosure.
Board Member
5/11/2010
Whistleblower Amendment Passes Senate
The new whistleblower amendment that will extend protection to credit rating agency employees has officially passed the Senate. The new amendment to the financial regulation reform bill will make employees of Nationally Recognized Statistical Rating Organizations eligible for protection under whistleblower protections.
Big News
5/9/2010
Should CFOs Serve on their own Companies' Board?
Partially due to the Sarbanes-Oxley Act, which requires boards to maintain a majority of independent directors, most CFOs no longer serve on their own companies' boards. A new study looks at the benefits of having the CFO on the board for financial reporting.
CFO.com
5/6/2010
IASB Releases Proposed Rules on Pension Accounting
The International Accounting Standards Board has released its anticipated proposed rules for pension accounting. The new proposed rules could mean good news for companies by dampening the effect of asset gains and losses on the bottom line.
CFO.com
5/4/2010
Health Care Reform Compliance
CIO Magazine looks at the new health care reform bill from a compliance perspective, and looks at the issues in reporting under the new laws.
CIO
5/3/2010
Panelists Discuss Potential Effects of IFRS
Panelists at a recent accounting conference discussed the effects that switching to international financial reporting standards will have on companies. The conclusion was that, financially, it should not have a big impact.
CFO.com
4/30/2010
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