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Global CPA and business advisory firm Grant Thornton has kicked off a sweeping growth initiative that seeks to balloon its annual revenues to $2 billion by 2015.

In a rough economy, when liability claims against accountants tend to rise, it's especially critical for CPA firms who expand their practices beyond their comfort areas to know exactly what their policy covers and to make any necessary adjustments. It's especially important considering that liability carriers treat issues differently in their policies, according to Gary Sutherland, chief executive of North American Professional Liability Insurance Agency, an independent broker.

Our column in the Feb. 11, 2008, issue addressed the pitfalls of pursuing off-balance-sheet financing. In light of the August 2010 exposure draft from the Financial Accounting Standards Board and the International Accounting Standards Board that proposes capitalizing all leases, we decided to republish it in order to help readers who might be baffled by this massive paradigm shift. In the next issue, we'll reprint a follow-up column in which we responded to criticisms from an individual who basically had no problem with operating lease accounting, to the point that he didn't even consider it as a way for management to deliberately mislead financial statement users.

A majority of members of the Blue Ribbon Panel on Standard Setting for Private Companies voted in favor of establishing a separate standard-setting board for private company accounting at a meeting Friday, but will wait until December to issue its final recommendations.

Prosecutors have charged rapper Beanie Sigel with three counts of failing to file federal income tax returns from 2003 to 2005, despite earning approximately $1.5 million.

Brooklyn attorney William Halby has lost his latest try at deducting his expenses for prostitutes, erotic massages, and pornography from his tax returns.

ADP has acquired MasterTax LLC and MasterTax Services, expanding the payroll giant’s array of payroll tax and compliance services.

Spreadsheet analysis and management application developer Incisive has released Concourse, spreadsheet collaboration and control software that gives audit teams the ability to use Microsoft Excel to proactively manage risk and exposure.

IMGCAP(1)] One of the only reasons I am writing for you today is because the accounting world finally awoke to the importance of physical well being and health and how it translates into workplace productivity.