Accounting Today

Accounting Newswire

• FAF CEO Terri Polley Explains How New Private Company Council Will Function

  May 23, 2012

  Financial Accounting Foundation CEO Terri Polley explained to Accounting Today some of the thinking behind the new Private Company Council that the FAF Board of Trustees voted to create on Wednesday.

• AICPA Says It Supports FAF’s New Private Company Council

  May 23, 2012

  The American Institute of CPAs has agreed to lend its support to the new Private Company Council established by the Financial Accounting Foundation after opposing an earlier version proposed by the FAF last year.

• PCAOB Sanctions Firm and CPA for China Audits

  May 23, 2012

  The Public Company Accounting Oversight Board has revoked the registration of an upstate New York firm for relying on outside firms in China and Taiwan to audit three companies in those countries while exercising little supervision.

• New Private Company Standards Council Established

  May 23, 2012

  The Financial Accounting Foundation’s board of trustees has voted to establish a new Private Company Council that will determine whether exceptions or modifications to U.S. GAAP for privately held companies are necessary.

• New York CPAs Back Safe Harbor Rules for Trust Decantings

  May 23, 2012

  The New York State Society of CPAs said the Internal Revenue Service should provide safe harbor guidelines for transferring property from one irrevocable trust to another, a process known as a trust decanting.

• Xero Buys WorkflowMax, Adds Practice Management

  May 23, 2012

  Cloud accounting service Xero has purchased practice management suite provider WorkFlowMax, effectively adding tools for accountants to track leads, jobs, invoices and time.

• Pan African Accountants Adopt International Standards

  May 23, 2012

  The Pan African Federation of Accountants has approved a resolution to adopt international accounting and auditing standards.

• Financial Advisors Question Traditional Portfolio Mix

  May 22, 2012

  Financial advisors believe traditional diversification and portfolio construction techniques need replacement, and are questioning the relevance of time-honored asset allocation strategies that rely on a 60/40 mix of stocks and bonds and long-term, buy-and-hold approaches, according to a new study.

• McGladrey Finds Private Equity Firms Aid Job Growth

  May 22, 2012

  Private equity firms are helping with employment growth, according to a new survey by accounting firm McGladrey LLP.

• Thomson Reuters Releases Workpapers CS

  May 22, 2012

  The Tax & Accounting business of Thomson Reuters has released Workpapers CS workflow software for managing workpapers and source documents.

• Congressmen Urge FASB to Reconsider Lease Accounting Changes

  May 22, 2012

  A group of 60 members of Congress, led by two CPAs turned lawmakers, have written a letter to the Financial Accounting Standards Board warning of “disastrous consequences” for American businesses and the real estate industry if FASB’s proposed changes in lease accounting standards are approved.

• IRS to Close 43 Offices

  May 22, 2012

  The Internal Revenue Service plans to shed more than 1 million square feet of office space by closing 43 of its smaller offices and consolidating other offices.

• RR Donnelley to Acquire Edgar Online for $70.5M

  May 22, 2012

  Custom communications services developer R. R. Donnelley & Sons Co. has signed a definitive agreement to acquire Edgar Online, a financial data, analytics and disclosure management services provider, for approximately $70.5 million.

• Securities Class-Action Filings over Accounting Increase

  May 22, 2012

  Securities class-action filings that involve accounting allegations increased in 2011 from 2010, which had the lowest number of accounting case filings in recent years, according to a new report.

• J.H. Cohn and Reznick Group to Merge

  May 22, 2012

  Two of the largest accounting firms in the U.S., J.H. Cohn LLP and Reznick Group P.C., said Tuesday they plan to merge in September.

• FATCA Requirements a Work in Progress for IRS

  May 21, 2012

  The Internal Revenue Service has taken some initial steps to implement the Foreign Account Tax Compliance Act, but it still has a long way to go, according to a new government report.

• Few Small Businesses Claim Health Insurance Tax Credit

  May 21, 2012

  Far fewer small employers claimed the health insurance tax credit for small businesses in the health care reform law than were eligible, according to a new government report.

• Raich Ende Malter Merges in Trien Rosenberg and Todman

  May 21, 2012

  New York-based accounting firm Raich Ende Malter & Co. LLP has merged in the New Jersey-based firm Trien Rosenberg Weinberg Ciullo & Fazzari LLP, along with Trien’s New York-based affiliate Todman & Co., expanding Raich’s presence in the Mid-Atlantic region.

• FAF Examines Effectiveness of Business Segments Standard

  May 21, 2012

  The Financial Accounting Foundation is looking for accountants who are interested in participating in a post-implementation review of how well an accounting standard for reportable operating segments has worked.

• IRS Provides Automated Tax Data Input for FAFSA Form

  May 21, 2012

  Students completing the Free Application for Federal Student Aid form can now skip the time consuming process of copying their tax data onto the form.