Audit & Accounting

CFOs at U.S. companies expect that the transition to International Financial Reporting Standards will give them the ability to transform their finance departments, according to a new survey, but the price tag could be high.

The Financial Accounting Standards Board has bowed to pressure from lawmakers and banking interests and put forward a proposal to relax fair value standards.

Nonprofit software provider Blackbaud Inc. has teamed with online payment concern PayPal to establish BlackbaudNow, a price-friendly Web site-building application to assist small and growing nonprofits publish their own Web sites and begin accepting online donations, manage constituent accounts and record donor giving histories.

The Congressional Research Service has found that both the Senate and House bills that seek to tax bonuses paid to employees of entities receiving assistance from the federal government under the Economic Stabilization Act of 2008 may have constitutional problems.

Accounting firm Vitale Caturano has changed its name to Caturano and Co. in a bid to distance itself from a scandal-tainted co-founder.

President Barack Obama has nominated a California professor, Helen Elizabeth Garrett, as his Assistant Treasury Secretary for Tax Policy.

In the current recession, an extended period of unemployment for top managers no longer carries the stigma it previously did, as a recent survey of executives said that on average, a senior manager could be jobless for as long as nine months before their careers became adversely affected.

The American Institute of CPAs has published Disaster Recovery: A Guide to Financial Issues, in cooperation with the American Red Cross and the National Endowment for Financial Education.

Executives from the nation’s largest banks pledged their cooperation and commitment to President Obama and his administration in order to begin the recovery process.

President Obama and his top economic advisors have determined that neither General Motors nor Chrysler have put forth acceptable plans to receive more bailout funds, which could effectively shut down the two auto giants.