An Ohio jury ruled that Fifth Third Bancorp is not entitled to a $5.6 million tax refund for its 1997 tax year after the bank sought to take tax deductions related to complex leasing transactions involving passenger rail cars.

The European Commission said it would propose a law allowing U.S. and Japanese companies with listings on European exchanges to file financial statements in accordance with U.S. generally accepted accounting principles without first reconciling them with International Financial Reporting Standards.

The Internal Revenue Service has withdrawn proposed regulations that would have treated mortgage loans as capital assets and restricted the deductibility of mortgage defaults.

The Office of Federal Housing Enterprise Oversight has issued examination guidance regarding Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities.”

James K. Smith, chief financial officer of Phonom Corp., and James Stevenson, CFO of ABS Capital Partners, have joined the Private Company Financial Reporting Committee.

KPMG has established an IFRS Institute to address the needs of companies, investors and academics affected by the transition to International Financial Reporting Standards.

The Private Company Financial Reporting Committee, a joint effort of the Financial Accounting Standards Board and the American Institute of CPAs, is set to meet later this month.