Audit & Accounting

Over a third of U.S. CPAs said they want to become more familiar with international accounting standards, but most of them don’t know how much the standards will cost their companies to implement.

Five trade groups representing banks, financial service firms and insurance companies sent a joint letter to Congress registering continued displeasure with fair value and mark-to-market accounting and impairment rules, despite recent changes.

Research firm Audit Integrity issued a negative report to investors and auditing firms about Starbucks Corp., warning that the coffee retailer rates poorly on several risk factors, including equity risk, class-action litigation and financial restatements.

BDO Seidman memorialized the passing of former managing partner and FDIC Chairman L. William “Bill” Seidman, a member of the firm’s founding family.

NYSE Euronext CEO Duncan Niederauer thinks accounting firms are charging small companies too much to comply with Sarbanes-Oxley requirements and suggested the SEC may pressure the firms to reduce their fees.

A report by Fitch Ratings calls into question the cost-effectiveness of the improvements in financial statement presentation proposed by FASB and its international counterpart.

The International Public Sector Accounting Standards Board wants to know more about how government accountants in developing countries are using cash-basis reporting.

New accounting standards effective at the beginning of 2009 will impact the accounting for mergers and acquisitions.

Grant Thornton has sent a letter to federal officials proposing that banking regulators adjust capitalization requirements to take into account the broader economic environment.

The International Public Sector Accounting Standards Board has proposed new guidance to deal with the wave of government takeovers of private businesses.