Audit & Accounting

The Financial Accounting Standards Board has issued a revised exposure draft of a proposed standard on earnings per share, along with a staff position on endowments for nonprofit organizations.

The Internal Revenue Service and the Treasury Department have issued a ruling to discourage companies from transferring pension plans to unrelated firms.

The Securities and Exchange Commission has issued a warning about the use of 401(k) debit cards that allow employees at some companies to borrow money from their retirement plans.

Admissions of material weaknesses in internal controls have declined in the filings of large U.S. companies in the past two years, showing the positive effects of Sarbanes-Oxley compliance, according to a newly released analysis.

The European Commission has decided to cut some of the red tape to allow audit firms from other countries, including the U.S., to operate in Europe.

The Internal Revenue Service has issued a guide sheet for organizations that maintain donor-advised funds to help safeguard against abuses.

Deloitte Financial Advisory Services has launched a new Electronic Discovery Solutions Center in the Nashville area to help with the evidence collection process for legal proceedings.

One of the speakers at the New York State Society of CPAs’ ethics conference last week told a series of alarming stories about accountants who had been sued by their own clients for not doing more to warn them about their own risky financial activities.

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UHY Advisors has named Tony Frabotta and Rick Stein as co-CEOs, replacing Steve Samek, who resigned from the firm last week.