The Financial Accounting Standards Board issued an interpretation that clarifies the way companies account for uncertainty in income taxes.

Natural gas distribution company Nicor Inc. will reportedly pay a $10 million fine to settle charges of deceptive accounting practices brought by the Securities and Exchange Commission.

Last week, the Financial Accounting Standards Board and the International Accounting Standards Board each published for public comment a consultative document setting out their preliminary views on the first two chapters of an enhanced conceptual framework. The draft chapters define the objective of financial reporting, and the qualitative characteristics of decision-useful financial information.

As part of its broader initiative to improve financial reporting for insurance accounting, the Financial Accounting Standards Board is seeking constituent comment and perspective on the potential bifurcation of insurance and reinsurance contracts into insurance components and financing components.FASB said that the invitation to comment aligns with the standards-setter's concerns about a potential lack of transparency in the financials of both policyholders and reinsurance companies.

The Securities and Exchange Commission requested that the Public Company Accounting Oversight Board delay issuing guidance related to backdating stock options.According to The Wall Street Journal, the PCAOB had planned to issue an alert to accounting firms about the front-burner topic, which would have advised auditors about grant issues they should examine in audits.

Don't expect many heavy pronouncements from the Financial Accounting Standards Board during the second half of 2006, but behind the scenes there will be a lot of progress and a good number of lesser documents on technical implementation.The only final statement on accounting standards projected for the remainder of the year is on post-retirement benefit obligations, including pensions. A comment period on the proposed standard ended in May; roundtable discussions were scheduled for the end of June.

Congressional investigators have uncovered a new breed of tax chiselers - deadbeat charities that shortchange the government and their own employees by failing to pay millions of dollars in payroll taxes.As tax-exempt organizations, or EOs, charities are excused from income tax liability, but are required to withhold and pay employment taxes for their workers. With one in 12 U.S. civilian workers now employed by exempt organizations, even a small percentage of non-compliance by charities can add up to a significant drain for federal tax collectors.