Audit & Accounting

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.

One third of public companies did not satisfy the minimum requirements of disclosure of their tax reserves last year as required by new rules put in place by the Financial Accounting Standards Board.

The Public Company Accounting Oversight Board has re-proposed for comment a standard for auditing firms to use for reviewing their audit reports internally by a second or concurring partner before they are issued.

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.

Securities and Exchange Commission Chairman Mary Schapiro has been under pressure not to appoint a leading critic of International Financial Reporting Standards as a permanent chief accountant, according to a former official who filled that post.

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.