EUROPE MOVES TO ACCEPT U.S. GAAP
Brussels - An official with the European Union said that U.S. companies with stocks listed on European exchanges will not be forced to conform to International Financial Reporting Standards, even as IFRS moves closer to convergence with U.S. generally accepted accounting principles. The EU's internal market commissioner, Charlie McCreevy, told a European Federation of Accountants conference that he will propose that U.S. companies be able to file financial statements in accordance with U.S. GAAP without first reconciling them with IFRS. The U.S. Securities and Exchange Commission recently decided to allow non-U.S. companies to file their financial statements in IFRS without reconciling them with GAAP.
In addition, McCreevy said there is no need for European regulators to provide new guidance at this time on auditing companies hit by the crisis in the U.S. subprime mortgage market. He noted that the major auditing firms were already discussing how to assess the accuracy of a company's exposure to such investments. However, Mark Olson, chairman of the Public Company Accounting Oversight Board, said that guidance might still be needed to evaluate the fair value of assets such as bonds tied to subprime mortgages.
KPMG INT'L REVENUES RISE 17.4%
Amsterdam - KPMG International saw its combined revenues from its member firms rise 17.4 percent to $19.8 billion in fiscal year 2007. The company's audit business grew 13.3 percent to $9.39 billion, adding more than 300 new audit clients in the U.S. The firm's advisory services business grew 22.2 percent to $6.43 billion, with growth fueled by merger and acquisition activity. KPMG's tax business increased 20 percent to $3.99 billion. In the Americas region, KPMG's annual revenue grew 10.6 percent to $6.59 billion. KPMG's U.S. member firm also posted double-digit growth.
EVERSON FIRED BY RED CROSS
Washington, D.C. - Former Internal Revenue Service Commissioner Mark Everson has been ousted by the American Red Cross board as its president and CEO after the organization learned of a relationship between Everson and an employee. The Red Cross said the board acted quickly "after learning that Mr. Everson engaged in a personal relationship with a subordinate employee. It concluded that the situation reflected poor judgment on Mr. Everson's part and diminished his ability to lead the organization in the future."
Everson is married and has two children. He joined the American Red Cross on May 29, 2007, after resigning as commissioner of the IRS.
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