Audit

The Public Company Accounting Oversight Board held a daylong meeting to gauge reaction to its proposal for mandatory audit firm rotation.

The Financial Accounting Standards Board has proposed new standards to require companies to provide better disclosures of their liquidity and interest rate risks, as part of FASB’s financial instruments project.

The Maryland Association of CPAs launched its new Center for Transparency, Performance, Management and Accountability using XBRL (TPMAx), with a special XBRL Thought Leader Symposium today.

The International Accounting Standards Board has issued a request for information seeking suggestions on what amendments need to be made to International Financial Reporting Standards for Small and Medium-sized Entities.

Public companies saw a 5 percent increase in the fees they pay to external auditors last year, while private companies reported a 7 percent rise, according to a new survey from Financial Executives International.

The Governmental Accounting Standards Board voted Monday to approve two new standards to improve the accounting and financial reporting of public employee pensions by state and local governments.

The International Auditing and Assurance Standards Board has issued a new document outlining a possible approach to an improved auditor’s reporting model, while inviting the public to comment.

The diversity of cars, motorcycles, vans and commercial trucks on the roads reminded me how logical it is that states require different levels of testing to become a licensed driver of different kinds of automobiles.

The deadline to vote for Accounting Today’s inaugural Accountant of the Month contest is next Tuesday, June 26.

Securities and Exchange Commission Chief Accountant James L. Kroeker will leave his post in July to enter the private sector.

Top 100 Firm Marcum LLP has launched a new Lesbian, Gay, Bisexual and Transgender and Non-Traditional Family Practice Group, to help LGBT and non-traditional individuals and families navigate changing tax and financial laws.

Everything you need for the modern conference or accounting show adventure.

Submissions for Accounting Today's July Accountant of the Month will close at the end of the day

The Financial Accounting Standards Board and the International Accounting Standards Board said Wednesday they have agreed on an approach for accounting for lease expenses.

AICPA’s president and CEO Barry Melancon and chair Greg Anton offer an update on professional issues at annual conference

Grassi & Co. 488 Madison Avenue, 21st Floor New York City, NY 10022 t. 212.661.6166 f. 212.755.6748 E-mail: marketing@grassicpas.com PRESS RELEASE CONTACT: Teresa Hansen, (516) 918-5906 thansen@grassicpas.com DATE: June 12th, 2012 Grassi & Co. To Host First Annual Construction Executive Forum Hear From Experts in the Industry New York, NY – June 12th, 2012 – Grassi and Co. will be hosting their first annual Construction Executive Forum. The Grassi & Co. Construction Executive Forum is an industry-specific forum for owners and senior executives within the New York metropolitan region. The forum offers the opportunity to join with other industry executives and thought leaders to share and explore knowledge and experience of the industry. Topics to be covered include: Financial Management, Public-Private Partnerships (P3s), Risk Management and Tax Issues Impacting the Industry, among others. Registration is required for the event. Please see below for registration details. The three-day event will take place from Wednesday, June 20 through Friday, June 22, 2012 at the Westchester Country Club in Rye, NY. Speakers will include: •Richard T. Anderson, New York Building Congress, President •Milo E. Riverso, Ph.D., P.E., STV Group, Inc., President and CEO •Thomas D. Barr, Barr & Barr Inc., Chairman of the Board •Kenneth A. Durr, Durr Mechanical Construction, Inc., President •Hank M. Harris, FMI, President and CEO •Louis C. Grassi, CPA, CFE, Grassi & Co., Managing Partner and CEO •Geri A. Gregor, CPA, Grassi & Co., Business Advisory Practice Partner in Charge •Stephen J. Mannhaupt, CPA, Grassi & Co., Partner, Construction Practice •Richard E. Gavin, CPA, CCIFP, Grassi & Co., Partner, Chief Financial Officer •Paul Monte, Pecker & Abramson, P.C., Partner •Thomas Curran, Pecker & Abramson, P.C., Partner •David Marino, Aon Risk Solutions, Executive Vice President Construction Services Group •Bob Stuono, McGraw-Hill Construction, Senior Vice President and General Manager •David DiNitto, McGraw-Hill Construction, Sales Director, Research Analytics •Gregory A. Pulitano, CPA, Grassi & Co., Director, Business Advisory Practice The small group setting will provide construction executives with the opportunity to not only gain valuable knowledge and updates from top industry specialists, but also to interact and network with their peers in a relaxed environment. For more details, to register for the forum and to view the program, go to http://www.grassicpas.com/media/events/cef2012/. Sponsors of the forum include: Morgan Stanley/Smith Barney SHG Financial Group AON Bank of American Merrill Lynch Pecker & Abramson, P.C. Maxwell Systems ENR New York To register for the forum please contact the Grassi & Co. marketing team at marketing@grassicpas.com or via phone at 516-256-3500. ### About Grassi & Co.: Grassi & Co. is a premier professional service organization specializing in accounting, auditing, tax, technology, and business consulting. Based in Manhattan, NY the firm has been ranked as the 23rd largest firm in the New York Metropolitan area by Crain’s New York Business and is among the top 10 largest firms on Long Island by Long Island Business News. The firm has offices in Long Island and North Carolina, and includes 26 partners and a staff of nearly 200. Teresa L.Hansen Marketing & Communications Coordinator GRASSI & CO. t: (516) 918-5906 www.grassicpas.com e: thansen@grassicpas.com Join my LinkedIn network: linkedin.com/in/teresalh 488 Madison Avenue, 21st Floor, New York, NY 10022 t: (212) 661-6166 | f: (212) 755-6748 50 Jericho Quadrangle, Suite 200, Jericho, NY 11753 t: (516) 256-3500 | f: (516) 256-3510 Grassi & Co. has been ranked as #17 on the Top 50 Best Places to Work in New York City list by Crain’s New York Business for 2011. DISCLAIMER In accordance with requirements imposed by the IRS, we inform you that, unless expressly stated otherwise, any tax advice contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of 1) avoiding penalties under the Internal Revenue Code or 2) promoting, marketing or recommending to another party any transaction or matter addressed herein. The information contained in this transmission, and any accompanying attachments, is confidential information intended only for the use of the individual or entity named above. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by telephone.

I bet the whole world that we could find exciting, interesting accountants

A small city in the Chicago area has filed suit against an accounting firm that overlooked the embezzlement of over $50 million by the town’s former treasurer and controller.

The New York State Society of CPAs said it supports proposed changes from the Public Company Accounting Oversight Board in auditing standards for related-party transactions, although it stopped short of fully supporting the PCAOB’s proposals for auditing significant unusual transactions.