The Latest

Like others, we've watched a slowly developing controversy over the question of whether accounting standards should be "principles-based" or "rules-based." When Sarbanes-Oxley was passed, it required the Securities and Exchange Commission to produce a report on the difference, which the commission completed in July 2003.

The Finer Print

Better Workmen

Washington, D.C. - In a case that carries the potential to reshape the regulatory landscape of the accounting profession, the U.S. Supreme Court last month heard oral arguments in a lawsuit challenging the constitutionality of the Public Company Accounting Oversight Board - with several justices appearing to take the plaintiffs' side in the case.

A bill signed into law by New York State Governor David Paterson provides an exemption from the state's new tax preparer registration requirements for CPAs, including those who hail from outside the state.

The partners at McGladrey & Pullen ended a five-month legal imbroglio and voted to accept a revised services agreement that would re-unite them with H&R Block subsidiary RSM McGladrey, ending a litigious struggle that began in July when M&P voted to terminate a 10-year services agreement between the two firms.

While the use of client portals is most frequently associated with the transfer of tax documents, their potential scope extends far beyond that.

The drumbeats in the jungle are getting louder: Like Paul Revere's midnight ride, the drums are booming out lyrics to an unfamiliar tune that sounds like: "IFRS is coming! IFRS is coming!"

FINANCIAL EDUCATOR LAUNCHES ADVOCACY PORTAL

The recent implosion of the major stock market indices has hit Baby Boomers pondering retirement particularly hard - right in the proverbial nest egg. Many people are opting to remain in the workforce longer given the loss in their retirement portfolios. With this longer work horizon, planning for retirement and the location of retirement is still a goal for many.