The Latest

Total nonfarm payroll employment declined by 125,000 in June, according to the Bureau of Labor Statistics, largely due to a decrease of 225,000 temporary employees hired to work on the U.S. Census.

The Supreme Court’s much-anticipated Bilski decision earlier this week affirmed that business methods can be patented, although it rejected the specific patent at issue.

The Financial Accounting Standards Board and the International Accounting Standards Board have managed to agree on the latest set of proposed standards related to fair value measurement, even as they remain far apart on how those same fair value standards might apply to certain types of financial instruments.

The House has passed legislation to extend unemployment benefits through the end of November.

Cloud-based workflow management software provider XCM Solutions LLC has released XCM 8.0, which features enhanced usability, expanded integration, and new functionality that further extends XCM’s utility for all areas across public accounting firms as well as corporate tax, accounting and finance departments.

Koss released restated earnings for 2008 and 2009 after the headphone manufacturer’s vice president of finance was found to have embezzled about $31.5 million.

Rudolph J. Bilich Jr., a CPA from Pittsburgh’s Mt. Lebanon section, was elected 2010-2011 president of the Pennsylvania Institute of CPAs at its annual meeting and conference.

The Internal Revenue Service is asking for public comments on how to most effectively carry out a law that will require businesses to report a wider range of payments to contractors, vendors and others, usually on Form 1099, starting in 2012.

The Senate failed to pass a bill on Wednesday night to extend unemployment benefits and the closing date for home purchases that could qualify for the Homebuyer Tax Credit, although it later managed to pass the Homebuyer Tax Credit closing date extension separately.

Accounting firm Meyers Norris Penny has acquired PricewaterhouseCoopers’ Personal Insolvency practices in 11 regions of Canada.