Audit & Accounting

The American Institute of CPAs has recommended that the Securities and Exchange Commission permit public companies in the U.S. to adopt International Financial Reporting Standards on an optional basis.

The Public Company Accounting Oversight Board voted Tuesday to issue a concept release that proposes requiring public companies to change their auditing firms after a certain number of years.

The Public Company Accounting Oversight Board plans to hold an open meeting next Tuesday to discuss its proposed regulations calling for greater auditor independence and mandatory rotation of audit firms.

The Securities and Exchange Commission’s new whistleblower program took effect Friday, and the SEC has created a new Web page where people can report a violation of the federal securities laws and apply for a financial award.

The Treasury Department proposed regulations Friday for a Premium Tax Credit for buying health insurance as part of the effort to implement the health care reform law.

Check out the digital edition of the August 2011 issue of Accounting Today.

IMGCAP(1)]Try typing the word “outsourcing” into Google and you’ll receive a list of over 122 million Web sites in the U.S. alone. Why is one word used so frequently in various publications?

The Financial Accounting Standards Board has approved an updated accounting standard to simplify how an entity should test goodwill for impairment.

The International Federation of Accountants’ Professional Accountants in Business Committee has published a new paper on the changing expectations of employers for professional accountants in the business world.

States are coping with revenue shortfalls by getting rid of sales tax holidays and ratcheting up their audits of corporate sales and use taxes, according to new research.