The Latest

The International Accounting Standards Board has published a proposed set of changes to insurance contract accounting in an effort to impose a single standard upon all insurers in all jurisdictions that would apply to all types of insurance contracts on a consistent basis.

Chief financial officers expressed less confidence and more caution about the economy and capital spending in the second quarter, according to a new survey.

Deloitte & Touche LLP has resigned as the auditor for American Apparel and has been replaced with the troubled garment retailer’s former auditor Marcum LLP.

Benjamin Bankes should be proud. More kids are being exposed to some kind of financial learning these days and that’s good news, according to Money Management International, a nonprofit credit counseling agency that just released the results of its 2010 Kids and Money Survey.

Senior financial executives and tax directors say they lack formal policies and procedures to manage the IRS exam process effectively, despite reporting a noticeable increase in Internal Revenue Service corporate audit activity over 2008 levels, according to a recent survey by KPMG LLP.

Scott Brubaker was recently hired as principal at the professional services firm of UHY Advisors in the business development area of the firm’s Sports and Entertainment Practice with the goal of engaging professional sports organizations and college athletic departments in a variety of service offerings, including vendor and construction audits, internal audits and process reviews.

McConnell & Jones LLP, one of the largest African-American owned and operated CPA firms in the nation, has added Knoel Kambak as the audit supervisor to the firm’s Dallas/Fort Worth team.

CPA and business advisory firm Argy, Wiltse & Robinson announced that Johnson Advisors LLC has changed its name to Argy Accounting Solutions LLC and Argy’s Family Wealth Management Group has changed its name to Family Tax Advisory Group.

The Internal Revenue Service has been tangling with Los Angeles sports and entertainment mogul Phil Anschutz and former Minnesota Vikings owner Billie Joe “Red” McCombs in a couple of high-profile tax cases involving a strategy that had been marketed to billionaires just like them by Wall Street investment banks.

The House ethics committee laid out a series of charges against Congressman Charles Rangel, D-N.Y., on Thursday, including his failure to pay taxes on rental income he earned from a vacation villa he owns in the Dominican Republic.