Finance

Financial Accounting Standards Board Chairman Robert Herz was pressed to make changes in mark-to-market accounting standards in as soon as three weeks during a contentious congressional hearing.

The adoption of International Financial Reporting Standards in the U.S. looks to be increasingly in doubt.

An Ohio CPA urges the National Taxpayer Advocate to lobby elected officials to do their own taxes.

Tennessee Governor Phil Bredesen has tapped a CPA, Charles L. Harrison, to lead the state’s “implementation” of the stimulus funding it receives.

Accounting firm BDO Seidman anticipates that shareholder meetings this year will be dominated by concerns about excessive executive compensation, recession plans and credit concerns.

Federal Reserve Chairman Ben Bernanke said that accounting standards need to be modified to deal better with valuing illiquid assets.

The Association of Chartered Certified Accountants wants world leaders who attend the G20 summit next month to endorse International Financial Reporting Standards, and to leave fair value accounting alone.

Multiple generations are handling the economic crisis in very different ways.

The Internal Revenue Service has decided not to renew its contracts with two private debt collection agencies.

The internal audit function has become crucial to helping companies cope with the economic crisis and complex regulatory requirements, according to a new guidebook.

Two members of the House Financial Services Committee have introduced a bill that would establish a new Federal Accounting Oversight Board and probably loosen mark-to-market accounting standards.

Treasury Secretary Timothy Geithner told lawmakers that he was open to finding other ways to close the budget deficit besides limiting tax deductions for charitable contributions and mortgage interest for high-income taxpayers.

The American College has introduced a video-on-demand Web site that will provide information for financial planners on wealth management and related topics.

A UBS executive told a congressional committee probing tax shelter abuses that approximately 47,000 U.S. customers had accounts with the Swiss bank, but declined to release the names of the vast majority of them.

The Obama administration’s stimulus bill and budget proposal are going to require the outlay of not only trillions of dollars, but the hiring of a lot more accountants to keep track of all that money.

Private sector employment decreased by nearly 700,000 in February, according to the latest report from payroll giant ADP.

The economic crisis is choking off cash flow at many companies, but invoicing problems are hurting cash flow too, according to a new study.

American International Group, which is receiving between $152 billion and $163 billion so far in taxpayer bailout funds, has sued the federal government to recover over $306 million for 1997 taxes, penalties and interest that the insurance company claims it was illegally charged.

About 86 percent of CFOs report a desire to maintain their current staff levels in the next three months, but 2 percent predict decreases in accounting and finance personnel in the second quarter, according to a survey by staffing services company Robert Half International.

Ron Kirk, the Obama administration’s nominee for U.S. Trade Representative, has agreed to pay $9,975 in back taxes he owed on $37,750 in speaking fees.