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Approval of the $195 million settlement between KPMG and investors in possibly illegal tax shelters has stalled, as the sides reportedly renegotiate the terms of the deal.
February 10 -
The heads of the investor protection agencies for the United States and the European Union both said that they expect U.S. GAAP will ultimately be deemed equivalent to the E.U.'s International Financial Reporting Standards.
February 10 -
In one of the largest regulatory settlements ever, American International Group Inc. will pay more than $1.6 billion to settle allegations that it used deceptive accounting practices to mislead investors and regulators.
February 10 -
The American Institute of CPAs has released two new standards, one on auditing professional requirements, which includes a section on attestation engagements, and a second dealing with audit documentation.
February 9 -
The general counsel of the Public Company Accounting Oversight Board will leave his post in late March.
February 8 -
In a case that may wind up in the Supreme Court, an unnamed accounting firm is poised to lodge a legal challenge questioning the constitutionality of the Public Company Accounting Oversight Board.
February 8 -
Alongside the release of President Bush's budget proposal for 2007, the White House asked Congress to create a new regulator for home mortgage giants Fannie Mae and Freddie Mac. The regulator would be directed to cut the $1.4 trillion investment portfolios held by the companies.
February 7 -
Insurer American International Group is expected to announce a settlement with federal and state regulators requiring the company to pay $1.6 billion in order to settle charges covering a range of regulatory issues, according to reports.
February 7 -
Stricter pension accounting rules from the Financial Accounting Standards Board could cost billions for shareholders, HR company Towers Perrin said.
February 6 -
Five former executives at the reinsurance unit of Berkshire Hathaway Inc. and insurer American International Group Inc. have been charged in a fraud probe of the two companies, the Securities and Exchange Commission and Justice Department announced.
February 3