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Barry Melancon, president and chief executive of the American Institute of CPAs, opened his annual remarks regarding the state of the profession at the Fall Meeting of Council and Members by addressing the current economic crisis and the controversy around fair value accounting.

“As the financial crisis on Wall Street unfolds with intense media coverage, we are losing sight of another crisis: more than a million families across the United States will face foreclosure in the next six months as the last of the subprime mortgages contracted in 2006 and early 2007 reset. Accelerating job losses and low wages aggravate the lives of tens of millions of families. In the rush to focus on Wall Street, these are the families whose lives must not be forgotten.”

Cindy McCain has released the summary pages of her recently filed 2007 federal tax return.

The American Institute of CPAs' Fall Council meeting kicked off Sunday with commentary from the chairman of the board, a presentation of distinguished service awards and updates from the National Association of State Boards of Accountancy and the "Feed the Pig" campaign.

The recent surge in financial institution failures has sparked an uptick in governmental investigations into the imploding entities.

BNA said its vice chair, Sandra C. Degler, has died of cancer.

An Internal Revenue Service employee has been sentenced to one year's probation for improperly accessing tax information about one of his acquaintances.

Portals are an increasingly convenient and secure way of exchanging documents with clients.

Nearly half of U.S. companies have made no preparation to adopt International Financial Reporting Standards, according to a new survey.

Claims against accountants typically pick up in tough times, which makes professional liability insurance all the more crucial, according to observers.