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The American Institute of CPAs has agreed to lend its support to the new Private Company Council established by the Financial Accounting Foundation after opposing an earlier version proposed by the FAF last year.

The Public Company Accounting Oversight Board has revoked the registation of an upstate New York firm for relying on outside firms in China and Taiwan to audit three companies in those countries while exercising little supervision.

The Financial Accounting Foundation’s board of trustees has voted to establish a new Private Company Council that will determine whether exceptions or modifications to U.S. GAAP for privately held companies are necessary.

The New York State Society of CPAs said the Internal Revenue Service should provide safe harbor guidelines for transferring property from one irrevocable trust to another, a process known as a trust decanting.

Cloud accounting service Xero has purchased practice management suite provider WorkFlowMax, effectively adding tools for accountants to track leads, jobs, invoices and time.

The Pan African Federation of Accountants has approved a resolution to adopt international accounting and auditing standards.

The Congressional Budget Office has issued a report warning that the economy could slip into a recession unless policymakers decide what to do about the steep tax increases and spending cuts that are scheduled to take effect next year.

Financial advisors believe traditional diversification and portfolio construction techniques need replacement, and are questioning the relevance of time-honored asset allocation strategies that rely on a 60/40 mix of stocks and bonds and long-term, buy-and-hold approaches, according to a new study.

Private equity firms are helping with employment growth, according to a new survey by accounting firm McGladrey LLP.

The Tax & Accounting business of Thomson Reuters has released Workpapers CS workflow software for managing workpapers and source documents.

John Johnson will join the National Association of State Boards of Accountancy as director of legislative affairs, effective June 1. He will be working to create a national legislative program to assist NASBA's 55 member boards.

A group of 60 members of Congress, led by two CPAs turned lawmakers, have written a letter to the Financial Accounting Standards Board warning of “disastrous consequences” for American businesses and the real estate industry if FASB’s proposed changes in lease accounting standards are approved.

The Internal Revenue Service plans to shed more than 1 million square feet of office by closing 43 of its smaller offices and consolidating other offices.

Custom communications services developer R. R. Donnelley & Sons Co. has signed a definitive agreement to acquire Edgar Online, a financial data, analytics and disclosure management services provider, for approximately $70.5 million.

Two of the largest accounting firms in the U.S., J.H. Cohn LLP and Reznick Group P.C., said Tuesday they plan to merge in September.

Now that tax season is safely out of the way, it's a good time to examine how to make it better next year.

The Internal Revenue Service has taken some initial steps to implement the Foreign Account Tax Compliance Act, but it still has a long way to go, according to a new government report.

Far fewer small employers claimed the health insurance tax credit for small businesses in the health care reform law than were eligible, according to a new government report.

New York-based accounting firm Raich Ende Malter & Co. LLP has merged in the New Jersey-based firm Trien Rosenberg Weinberg Ciullo & Fazzari LLP, along with Trien’s New York-based affiliate Todman & Co., expanding Raich’s presence in the Mid-Atlantic region.

The Financial Accounting Foundation is looking for accountants who are interested in participating in a post-implementation review of how well an accounting standard for reportable operating segments has worked.