Audit & Accounting

CCH has created a CCH Financial Crisis News Center with news about the financial crisis and links to the text of source documents.

The U.S. Chamber of Commerce has sent a letter to Congress signed by 27 U.S. companies asking for a two-year easing of taxes on debt purchases to be included in economic stimulus legislation.

Accounting firm Wipfli has created a task force to help companies cope with the financial crisis.

The Securities and Exchange Commission will make sure that companies are properly using fair value accounting and not deceiving investors, warned an SEC official.

Treasury Secretary-designate Timothy Geithner apologized for his tax mistakes and promised reforms of both tax policy and the controversial Troubled Assets Relief Program during a confirmation hearing.

An online survey of about 1,445 finance and technology professionals by Deloitte Financial Advisory Services found that 58.4 percent expect the recession to last for another two to three years.

The International Auditing and Assurance Standards Board has issued a practice alert to help auditors and management assess the impact of the credit crisis on going-concern assumptions.

KPMG has named a new chief information officer and a new leader of its tax restructuring and corporate recovery practice.

The House has approved legislation to close loopholes and provide more transparency in the controversial Troubled Assets Relief Program.

California Controller John Chiang said the state's budget crunch could force him to delay tax refunds and other planned expenditures.