Audit & Accounting

The Securities and Exchange Commission is expected to give small public companies another extension to comply with the internal control rule outlined in the Sarbanes-Oxley Act, according to published reports.

Krispy Kreme Doughnuts Inc. will delay the earnings report for its most recent fiscal quarter while continuing to evaluate its accounting practices, the company announced in a filing with the Securities and Exchange Commission.

Moving on from its recent legal troubles, KPMG named vice chairs for its tax services and tax services operations.

New guidance from Securities and Exchange Commission regulators sets limits on ways to determine the cost of stock options, though the new SEC chairman said that the report was "tentative."

Although Congress has authorized tens of billions of dollars in tax breaks to help American families cope with rising college costs, millions of taxpayers are failing to cash in on this government assistance.

The Internal Revenue Service said victims of Hurricane Katrina will have until Jan. 3, 2006 to file any returns, pay any taxes, or make any deposits due -- extending an earlier announced reprieve.

A federal judge dismissed a Securities and Exchange Commission complaint accusing the former chief financial officer at Halliburton Co.

The Securities and Exchange Commission will soon give companies more guidance on how to value stock options, according to published reports.

New accounting rules from the Financial Accounting Standards Board will require companies to treat stock options and grants as expenses after Jan. 1, although some companies ending their fiscal year in June will start expensing options against income in this quarter.

The American Institute of CPAs and the Internal Revenue Service launched a partnership aimed at providing assistance to taxpayers at local disaster recovery centers established by the Federal Emergency Management Agency.