Audit & Accounting

Charles Grassley, R-Iowa, ranking member of the Senate Finance Committee, said he planned to co-sponsor a bill that will update the deductible cost of operating a vehicle for charitable purposes.

Comparatively few universities will be educating students in international accounting standards this academic year, despite plans by the Securities and Exchange Commission to impose the new standards on U.S. companies.

Technology hurdles are forcing the Internal Revenue Service to again delay the effective date of a revenue ruling that gave employers guidance on the use of smart cards, debit cards and credit cards to provide transportation fringe benefits to employees.

Generation X millionaires give nearly twice as much to charity on average compared to older generations, according to a new survey.

Joseph P. "Bo" Fitzpatrick has left his position running AuditWatch to join CPA firm Watkins, Meegan, Drury & Co. as director of business development and strategic planning.

Investment research firm Glass Lewis has named former Comptroller General Charles A. Bowsher as chairman of its advisory council.

The International Accounting Standards Committee Foundation has published a guide to the Extensible Business Reporting Language version of International Financial Reporting Standards.

For months, leaders in the accounting profession have been demanding that the Securities and Exchange Commission give them a "date certain" for the transition to International Financial Reporting Standards, and now they have it, though the date looks more than a little uncertain.

The American Institute of CPAs has written a letter to the Labor Department supporting a proposal to require retirement plan sponsors and administrators to annually disclose fees and expenses to participants.

Corporate tax executives need to closely watch other countries' transition to International Financial Reporting Standards as it could affect their global tax planning, warns a report issued by Deloitte.