The Latest

Many tax professionals are experiencing clients coming out of the woodwork this year to discuss foreign bank accounts and what they should do about them. The clients have become concerned about publicity concerning accounts held by Swiss bank UBS for U.S. citizens and whistleblowers identifying holders of foreign accounts at UBS and in Liechtenstein.

Small-business owners and industry representatives told a House committee that the tax breaks in the stimulus package passed in February have helped some companies.

I cannot agree more with Eli Mason's commentary on "A mini shareholder's report," (Accounting Today, June 1-14, 2009). I hasten to add that my anecdotal statistics from an informal survey of sophisticated investor clients indicate that less than 5 percent read the annual report of any company.

When Richard Chambers became president of the Institute of Internal Auditors in January, the fears of financial depression and economic collapse were at their worst.

An overwhelming 85 percent of executives say that they need to overhaul their approach to risk management as a result of the economic downturn, according to a new survey.

FIRMS SEE YEAR-END RECOVERY

IASB PROPOSES FINANCIAL INSTRUMENT ACCOUNTING CHANGES

A flurry of legislative activity focuses on small businesses

With a certain prescient pessimism, the Governmental Accounting Standards Board has issued an exposure draft of a proposed standard that provides guidance for governments that file for bankruptcy protection under Chapter 9 of the U.S. Bankruptcy Code.

Much of the money went to early investors.