Audit & Accounting

A group advocating the First Amendment right of pastors to endorse political candidates plans to stage a protest this Sunday encouraging clergymen to defy the rules governing tax-exempt organizations.

The Financial Accounting Standards Board has decided to delay the implementation of a new standard on loss contingencies after receiving comments from organizations concerned that it would lead to increased litigation.

Jefferson Wells has introduced an online IFRS Readiness Calculator to help companies assess their preparedness for the transition to International Financial Reporting Standards.

The American Institute of CPAs has expanded its financial literacy campaign, Feed the Pig, with a new educational program aimed at tweens.

The Internal Revenue Service issued a revenue procedure that provides guidance on the treatment of taxpayers who accept certain types of settlements of potential legal claims relating to auction rate securities.

Wolters Kluwer Tax and Accounting has acquired CI Consultancy Limited, an Irish developer of operational risk control systems for financial institutions and corporations.

Forty percent of CEOs surveyed by Grant Thornton agree with the Securities and Exchange Commission's decision to allow foreign firms listed on U.S. exchanges to file financial statements in accordance with International Financial Reporting Standards, without reconciling them to U.S. generally accepted accounting principles.

The New York State Society of CPAs plans to hold a conference next month on international accounting standards.

Neil Romano detests the word "accommodation" when it refers to people with disabilities.

Testifying before the Senate Committee on Banking, Housing and Urban Affairs about the financial industry bailout package, Federal Reserve Chairman Ben Bernanke defended fair value accounting, but recommended that banks should be able to sell their assets at the "hold-to-maturity" value to the federal government.