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SEC Chief Accountant Jim Kroeker said the Financial Accounting Standards Board and the International Accounting Standards Board should proceed with their efforts to converge U.S. and international accounting standards, even though the SEC commissioners have not yet formally approved the proposed roadmap to International Financial Reporting Standards.

Here at Accounting Tomorrow, we like announcing events happening all over the country related to young CPAs networking and socializing – and now it’s Missouri’s turn to party.

IMGCAP(1)]The creation of a super agency to regulate banks is a beguilinglysimple idea. Sen. Christopher Dodd, D-Conn., chairman of the SenateBanking Committee, recently sent up a trial balloon, giving the ideanew life.

The news that the Financial Accounting Standards Board and the International Accounting Standards Board are going to meet on a monthly basis from now on to work out their differences is likely to mean that the U.S. will play an even more dominant role in setting the pace of international standardization.

The Justice Department has filed seven lawsuits around the country to stop a massive tax refund fraud scheme based on claims of large tax withholding.

The Treasury Department’s Inspector General for Tax Administration said the Internal Revenue Service should increase the effectiveness of its contract oversight.

Arkansas accounting firms Frost PLLC and Ervin & Co. plan to combine forces.

The International Accounting Standards Board and its U.S. counterpart, the Financial Accounting Standards Board, plan to meet on a monthly basis in order to achieve the goal of converging accounting standards by June 2011.

Seventy-one percent of U.S. CFOs and senior comptrollers surveyed by Grant Thornton believe that the Financial Accounting Standards Board should set U.S. accounting standards, instead of the International Accounting Standards Board, the Securities and Exchange Commission or Congress.

Thomson Reuters has joined with Palo Alto, Calif.-based Bill.com to offer accountants using Thomson’s CS Professional Suite software a way to handle bill payment workflow online and help clients stay organized.