Audit & Accounting

The Private Company Financial Reporting Committee discussed FIN 48, fair value and other matters at its latest meeting.

The Financial Accounting Foundation advised President Bush and other U.S. and world leaders attending the G-20 summit to safeguard fair value accounting and the independent standard-setting process in a strongly worded letter.

The Securities and Exchange Commission charged network security company Blue Coat Systems and its former CFO, Robert P. Verheecke, with allegedly backdating stock option grants and reporting false financial information, and he has settled the charges for $185,000.

When it comes to personal finances and investing, affluent women are hard working, smart, and self-driven, according to Women & Co., Citigroup’s resource program dedicated to helping women achieve their financial goals. The survey, Women and Affluence 2008: A Generational Study, reveals that affluent women are knowledgeable about investing, confident about their retirement, often the primary decision maker, and influencing the next generation of women to do the same. Lisa Caputo, founder and CEO of Women & Co. says that the study is part of the ongoing dialogue with women. “This survey is the latest example of how we listen to women and continue to learn about their distinct financial needs, attitudes, and perspectives. The results indicate that today’s affluent women have far surpassed their mothers in financial acumen, and decision making responsibility. Despite a lack of female financial role models, affluent women empowered themselves and are committed to being a positive financial role model for their daughters.” In fact, according to the survey, women stated they talk to their daughters more about money than any other topic. Why? The research shows that women are embracing their role as CFO (Chief Financial Officer) of the household and encouraging their daughters to do the same. Some key findings from the study include:

The Rehmann Group accounting firm said it plans to merge with another Michigan firm, Pridnia LaPres, effective Jan. 1, 2009.

The financial crisis will make it more difficult for businesses to comply with sales and use tax payments, according to a new survey.

The Center for Audit Quality defended the use of fair value accounting in a letter to the Securities and Exchange Commission as the standard comes under attack from banking interests.

Treasury Secretary Henry Paulson said the department's Troubled Asset Relief Program would begin to focus more on relieving tight consumer credit markets and shift away from the original plans to buy mortgage-backed securities.

KPMG International has appointed a new chief financial officer, Helen Spice, who will be relocating from the firm's London office to Toronto.

The House Committee on Oversight and Government Reform held hearings on the role of hedge funds in the financial crisis and whether they should be more strictly regulated.