Audit & Accounting

The Financial Accounting Standards Board has issued an Accounting Standards Update that would revise the rules for how companies can deal with repurchase agreements like the kind Lehman Brothers used to temporarily move billion of dollars of assets temporarily off its books before reporting its quarterly results.

Truck maker Navistar International has filed a $500 million lawsuit against its former auditor Deloitte & Touche alleging professional malpractice.

The American Institute of CPAs said Wednesday that it is expanding the registration and exam options for its specialty credentials, providing CPAs with more flexibility and opportunity to pursue designations that help differentiate them in the market.

Accounting and business consulting firm J.H. Cohn announced revenues of $236 million for the fiscal year ending Jan. 31, 2011.

The Securities and Exchange Commission has released a study recommending that the existing auditor attestation requirement in Sarbanes-Oxley be kept in place for companies with a public float of between $75 million and $250 million.

The International Public Sector Accounting Standards Board has published its 2011 Handbook of International Public Sector Accounting Pronouncements.

The Financial Accounting Standards Board has issued an exposure draft of a proposed Accounting Standards Update that aims to simplify how an entity is supposed to test goodwill for impairment.

The Financial Accounting Standards Board and the International Accounting Standards Board provided a progress report Thursday on the latest timeline for their major convergence projects.

United States District Court Judge J. Michael Seabright sentenced Kauai tax preparer Dennis Nimkie, age 66, to 18 months imprisonment for falsifying information on an income tax return he prepared for another person. Nimkie pled guilty to one of 26 charges but agreed that the conduct on the remaining charges could be considered in determining his sentence and the amount of restitution owed the government.

The American Institute of CPAs has included the latest guidance from the Financial Accounting Standards Board on accounting for mergers and acquisitions in the newest edition of its book Accounting Trends & Techniques.