Cain to Chair Leading Edge Alliance
R. Michael (Mike) Cain, CPA/PFS, has been elected chairman of The Leading Edge Alliance, a multibillion-dollar international association of 140 major regional CPA firms across the U.S. and in over 80 countries worldwide. Cain (pictured) is a founder and co-managing partner of Nashville-based Lattimore Black Morgan & Cain. He is also president elect of the Tennessee Society of CPAs. Maryland Passes CPA Mobility Legislation
The Maryland Senate has passed a CPA mobility bill just in the nick of time. The bill passed unanimously by 47-0 just a little over an hour before midnight on the final day of the Maryland General Assembly's 2008 session. The bill makes it easier for Maryland CPAs to do business in other states. It awaits the governor's signature. For more info, check out the report on the MACPA CPA Success blog.
Treasury to Release Financial Restatement Study The Treasury Department plans to release a study tomorrow on the changing nature and consequences of public company financial restatements. Treasury Secretary Henry Paulson requested the study, which was conducted by University of Kansas professor Susan Scholz, as part of the capital markets competitiveness initiatives he announced in May 2007. AICPA Revises Peer Review Standards
The American Institute of CPAs recently issued revised Standards for Performing and Reporting on Peer Reviews and interpretations of those standards. The document outlines the standards for administering, planning, performing, reporting on and accepting peer reviews of CPA firms and individual CPAs enrolled in the AICPA Peer Review Program. The standards are effective for peer reviews commencing on or after Jan. 1, 2009.
SEC Charges Former San Diego Officials
The SEC filed securities fraud charges yesterday against five former San Diego officials who failed to adequately disclose problems with the city's municipal bonds in 2002 and 2003. The SEC accused the former officials of not disclosing funding problems with San Diego's pension and retiree health care violations that placed the city in financial jeopardy.
IASC Trustees Launch Constitution Review
The Trustees of the International Accounting Standards Committee Foundation, the oversight body of the International Accounting Standards Board, have agreed on the process for the second five-yearly Constitution Review. Interested parties will be able to raise issues they want the trustees to consider and will have the opportunity to comment on proposals.
Court Orders Former Gemstar CEO to Pay $22.3M
Former Gemstar-TV Guide International Chairman and CEO Henry Yuen has been ordered by the U.S. Court of Appeals for the Ninth Circuit to pay $22.3 million in disgorgement, penalties and interest after he was found liable for securities fraud, according to the BNA Daily Tax Report. The SEC contended in a lawsuit that Yuen and another former Gemstar official inflated the company's revenue by at least $223 million between March and Septermber 2002.
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