Audit & Accounting

The Center for Audit Quality and the American Institute of CPAs have jointly issued a new member alert reminding audit firms of the independence rules required by the Securities and Exchange Commission and the Public Company Accounting Oversight Board.

As previously reported, Troy K. Lewis, chair of the Tax Executive Committee of the AICPA, spoke to a Senate panel on Tuesday, urging Congress to pass legislation that would give natural disaster victims access to permanent and prompt tax relief.

The Securities and Exchange Commission is taking a fresh look at the question of allowing U.S. public companies to use International Financial Reporting Standards.

The Financial Accounting Standards Board and the Securities and Exchange Commission have issued new guidance on so-called “pushdown accounting,” which occurs when an acquired organization uses the acquirer’s basis of accounting to prepare its financial statements.

BDO USA LLP has entered into an agreement to acquire Top 100 Firm UHY Advisor's Texas practice. The deal is expected to close on December 1.

The Financial Accounting Standards Board is doing more rigorous cost/benefit analyses of any new changes in accounting standards, and in some cases that is causing some of the divergence from the International Accounting Standards Board, according to FASB officials.

Jody Padar, CEO and principal of the New Vision CPA Group in the Chicago area, announced “The Radical CPA: New Rules for the Future-Ready Firm,” a new online workshop on "radical transformation of the accounting firm business model," as well as a book by the same name.

Troy K. Lewis, chair of the AICPA's Tax Executive Committee, is set to testify on Tuesday, November 18, at the Tax Relief after a Disaster: How Individuals, Small Businesses, and Communities Recover hearing, which will be held by the Senate Finance Subcommittee on Taxation and IRS Oversight.

The California Society of CPAs plans to move its headquarters from San Mateo to Burlingame.

A group of Russian lawmakers has introduced legislation that would prohibit foreign accounting firms from auditing Russian companies in which the government owns more than a 50 percent interest.