Audit & Accounting

Washington D.C. –President Obama is expected to outlinenext week a proposal for a financial regulatory overhaul, a revamp designed toboth bolster investor protection while streamlining the current structure.

Oldwick, N.J. - A new report from global rating agencyA.M. Best said that the mark-to-market guidance recently adopted by theFinancial Accounting Standards Board would not impact the balance sheets ofinsurance companies despite claims to the contrary by the those in the capitalmarkets sector.

I have a friend with an accounting degree and a law degree whocomplained about the length and complexity of the annual reports,including those of General Electric (108 pages), Citigroup (242 pages),Warner Music Group (142 pages), Pfizer (170 pages) and Bank of America(192 pages).

Mark Olson, chairman of the Public Company Accounting Oversight Board, said he is resigning his post at the end of July, but did not elaborate on the reasons.

A new academic study takes issue with claims that U.S. companies would benefit from adopting International Financial Reporting Standards.

The Financial Accounting Standards Board voted Wednesday to approve the FASB Accounting Standards Codification as the single authoritative, nongovernmental source of information on GAAP, with an official launch date set for July 1.

Companies paid a bit more in audit fees in fiscal year 2008 compared to the previous year, according to a new survey.

The Supreme Court has agreed to rule on the question of whether the Public Company Accounting Oversight Board as established under Sarbanes-Oxley violates the separation-of-powers doctrine and appointments clause of the Constitution. It’s not likely this is going to be one of those controversies that nominee Sonia Sotomayor will have to worry about discussing at great length during her confirmation hearings, but how about after she gets confirmed? One can only imagine how the transcript of the oral arguments might go.

The International Accounting Standards Board has published draft guidance to try to settle the controversial issue of fair value measurement and calm some of the recent political pressure.

Three former senior finance executives with medical supply company Cardinal Health have agreed to pay $245,000 in civil penalties to settle SEC charges that they engaged in a fraudulent earnings and revenue management scheme.