The Securities and Exchange Commission is expected to drop the requirement for foreign companies that list on exchanges in the U.S. to reconcile their financial results to U.S. generally accepted accounting principles.

The Securities and Exchange Commission has received letters from accounting organizations and firms responding to its concept release on allowing public companies to prepare financial statements in accordance with International Financial Reporting Standards, some in favor and some opposed

Securities and Exchange Commission Chairman Christopher Cox met with securities regulators from Australia, Canada, China, Israel, Japan and South Korea to discuss the timeline for the implementation of interactive data for financial reporting.

The Financial Accounting Standards Board has decided to defer the effective date for FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes," for nonpublic entities.

The International Accounting Standards Committee Foundation, the oversight body for the International Accounting Standards Board, has taken several steps to enhance its governance structure and allow more input from government securities regulators, as well as investors.

The Securities and Exchange Commission has released a staff accounting bulletin that revises and rescinds some of the rules for written loan commitments to make them more consistent with recent accounting rules.

Small and midsized companies are facing increased scrutiny from tax authorities both in the U.S. and in foreign jurisdictions to ensure that the transfer pricing of transactions among their subsidiaries is treated as if they were at arm's length - or what two unrelated parties would pay."Transfer pricing is something that a lot of small and medium-sized companies need to be paying attention to and thought they were under the radar in the past," said Meril Markley, a principal at UHY Advisors in Houston. "But because of FIN 48, they're really going to have to take a close look for the first time."