Securities and Exchange Commission Chairman Christopher Cox said that data tags had been developed for the entire system of U.S. generally accepted accounting principles, advancing the use of the Extensible Business Reporting Language for automating financial reporting information.

The Internal Revenue Service has issued regulations governing practice before the agency.

SEC Chairman Christopher Cox is making a serious push to get more public companies and their accountants to start using Extensible Business Reporting Language, or XBRL, to publish their financial statements, and the day may soon be at hand when it's going to be required.

The Securities and Exchange Commission has charged Dwight Sean Jones, a former NFL player turned investment advisor, with failing to allow commission staff to examine his business records.

New proposed Internal Revenue Service regulations to determine the value of a taxable estate may create a series of traps for unwary executors and tax preparers, according to the American Institute of CPAs.Moreover, the regulations lead to the situation where an estate must be held open for a number of years to determine the amount of the deduction for a contingent obligation.

Things change. Even assumptions. When assumptions change - assumptions about interest rates, discount rates, actuarial projections, and the like - other things change as a result.It was the war in Iraq that indirectly brought the issue to light. To the surprise of the U.S. Treasury, the extent of the U.S. military's costs for pensions, other post-employment benefits, and health care costs associated with the Veterans Administration appeared to be lower in 2006 than in 2005, despite an ongoing war.

Japanese electronics giant NEC said it was unable to file its annual report from last year and would not be able to restate prior financial results going back to 2000 because of difficulties reconciling Japanese GAAP standards with U.S. GAAP standards.