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The Financial Accounting Standards Board and the American Institute of CPAs issued a proposal aimed at improving the financial reporting process for private companies.
June 8 -
The profits of companies with difficult-to-read annual reports are lower in following years, according to a study by a University of Michigan business professor.
June 7 -
The Securities and Exchange Commission has filed securities fraud charges against three former executives of national restaurant chain Buca Inc., which operates the Buca di Beppo and Vinny T's of Boston national restaurant chains.
June 7 -
The Big Four are looking to add to their staff numbers in China, according to a published report.
June 6 -
The Securities and Exchange Commission announced that securities lawyer Andrew N. Vollmer will serve as the agency's deputy general counsel.
June 6 -
KPMG LLP received federal court approval for a $153 million settlement with more than 200 wealthy investors who bought questionable tax shelters from the Big Four firm.
June 5 -
Outside of tax preparation, few facets of accounting are as complicated and change as frequently as retirement and estate planning. Partly that is because of the enormous implications of taxes on these two areas. But it is also due to the changing demands of clients with each new generation of retirees.At this, the outset of the Baby Boomer generation, it is clear that clients are less responsive to complex reports and more interested in simple processes which they can participate in and understand via their own computers or over the Internet. Vendors of retirement and estate planning systems have responded to this need with a host of new collaboration tools and a dramatic improvement in comprehension for both the process and its reports.
June 4 -
A plan participant sometimes wants to provide a survivor annuity for a non-spouse beneficiary who is a child or other close relative of the participant, or a significant other who is not a spouse.Caution: If the participant has a spouse, a survivor annuity for a non-spouse beneficiary can be provided only if the spouse consents.
June 4 -
TRADING FUTURES ON DEBT SECURITIES: The Securities and Exchange Commission and the Commodity Futures Trading Commission have jointly proposed rules that would permit trading of futures on debt indexes in an effort to create a new class of tradable derivatives contracts.Futures contracts on debt indices that are allowed under the proposed rules would trade on futures exchanges subject to regulation by the CFTC. Securities futures on debt securities could be traded on futures exchanges and securities exchanges subject to regulation by the CFTC and the SEC. Under current regulations, trading futures on debt indices is essentially prohibited.
June 4 -
Ernst & Young has reportedly lost client data containing financial data from more than 240,000 Hotels.com customers.
June 4