Audit & Accounting

Proposed contract-based standards for revenue recognition are attracting some support, but also raising questions, according to a new survey.

The Financial Accounting Standards Board has released FASB Statement No. 165, “Subsequent Events,” setting standards for the disclosure of events that occur after the balance-sheet date, but before financial statements are issued or are available to be issued.

Rep. Hank Johnson, D-Ga., has introduced a bill that would ensure that small business government contracts go only to small businesses instead of the subsidiaries of large companies.

Members of the international Financial Crisis Advisory Group warned at a meeting in London that political pressure on accounting standard-setters posed a threat to “the very existence of international accounting standards.”

IMGCAP(1)] Think you know what young CPAs want from their firms? Think again. In November 2008, a group of 15 young staff from Chicago area firms got together for the Fourth Annual Rosenberg Associates Staff Forum to get candid about what it’s really like to be young and just starting out in an accounting firm. Here are some of the key realizations from that meeting:

Americans today are being forced to review their retirement planning goals with greater scrutiny. No one knows that more than Robert Fishbein, vice president and corporate counsel with Prudential Financial, Inc. He has now offered tips on how to get through this economic turmoil.

The Internal Revenue Service commemorated Small Business Week this week by calling attention to some recently enacted tax breaks for small businesses.

Three out of four audit committee members say they have increased their hands-on involvement with management, and are reassessing risk management and oversight as a result of the economic crisis, according to a new survey.

The Association of Certified Fraud Examiners wants top executives at public companies to open up their finances to scrutiny by auditors and regulators.

Employment search provider Monster Worldwide agreed to pay the SEC $2.5 million in penalties to settle stock option backdating charges.