Audit & Accounting

Only 6 percent of companies have assessed how statement No. 157, “Fair Value Measurement,” will impact the valuation of their assets and liabilities, according to a recent online poll conducted by Deloitte Financial Advisory Services LLP.

The Securities and Exchange Commission will drop its fight against a court decision putting more restrictions on Wall Street brokers who oversee $300 billion in clients' cash.

Churches, charities and other tax-exempt organizations that paid the federal excise tax on long-distance or bundled telephone service qualify for this year’s one-time telephone excise tax refund, according to the Internal Revenue Service.

Penthouse International Inc. has settled charges of accounting fraud and financial reporting violations, the Securities and Exchange Commission announced last week.Former Penthouse executive Charles Samel and former shareholder Jason Galanis will both pay $60,000 to settle accounting fraud charges and be barred for five years from serving as officers or directors of any public company, although neither man admitted or denied wrongdoing as part of the settlement.

Like many of you who were once college freshman, I can vividly recall my first formalized session of “orientation,” those mandated get-togethers where a group of impressionable 17-and 18-year-olds receive a veritable laundry list from upperclassman and administrators of the do’s and don’ts in academe.

Treasury Secretary Henry Paulson is set to act more formally on efforts to make the United States an easier place to do business, according to published reports.

The Securities and Exchange Commission's Office of the Chief Accountant announced the selection of three academic accounting fellows, who will serve one-year terms beginning this summer.

Prabhat Goyal, the former chief financial officer of software manufacturer McAfee Inc., was convicted on 15 counts of securities fraud last week.

Crowe Chizek and Co. LLC announced that it intends to combine practices with New Jersey-based Enterprise Financial Consulting Group LLC.

Just saw a demo of a rather interesting idea. Of course, it is not unique, but the demo is rather good. Now what is this all about?