Audit & Accounting

The Securities and Exchange Commission has voted to remove the requirement for non-U.S. companies to reconcile their financial statements to U.S. generally accepted accounting principles.

The Financial Accounting Standards Board reaffirmed an earlier vote against a blanket deferral of Statement 157, "Fair Value Measurements," but granted a deferral for some assets and liabilities.

A recent study found that some companies are more effective at controlling fraud and have different perceptions of what needs to be done to prevent abuse.

The Securities and Exchange Commission is expected to drop the requirement for foreign companies that list on exchanges in the U.S. to reconcile their financial results to U.S. generally accepted accounting principles.

Two firms in South Florida said they were merging, with Berenfeld, Spritzer, Shechter & Sheer LLP, expanding by combining with Lefcourt, Billig, Tiktin & Yesner.

The Securities and Exchange Commission has received letters from accounting organizations and firms responding to its concept release on allowing public companies to prepare financial statements in accordance with International Financial Reporting Standards, some in favor and some opposed

Southern accounting firm Carr, Riggs & Ingram has acquired Bumpus Hall, allowing the firm to expand into the Nashville area.

KPMG Chairman Timothy P. Flynn told the China Chamber of Commerce that his firm has been growing dramatically in China.

Microsoft has debuted a blog, Money Insider, focusing on the latest news about its Microsoft Money personal finance software and MSN Money site.

Mixing a fixed-income annuity into a retirement income account provides greater long-term wealth for investors than a portfolio of equity and bond investments alone, according to a study by MassMutual Financial Group.