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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.

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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.

Public Company Accounting Oversight Board chairman James Doty discusses how firms can recruit new auditors even as new standards get finalized, in an interview with AccountingToday.com editor-in-chief Michael Cohn in the PCAOB offices in Washington, D.C.

The International Auditing and Assurance Standards Board has released a new standard to assure public confidence in reliable emissions reporting.

While the average reported salary of management accountants declined slightly last year, their average total compensation with bonuses increased, according to a new salary survey from the Institute of Management Accountants.

A new analysis of inspection findings from the Public Company Accounting Oversight Board indicates that the percentage of audits with deficiencies has more than doubled since 2009, largely due to problems with fair value measurement and asset impairment.

The International Auditing and Assurance Standards Board has released its strategy through 2014, with the main goal of enhancing auditor reporting standards.

The Financial Accounting Standards Board intends to issue a discussion paper in the next few weeks to solicit feedback on the disclosure framework it has been preparing, followed by roundtable meetings and workshops later this year to talk with financial statement preparers and users.

A decade since the enactment of the Sarbanes-Oxley Act of 2002, the majority of executives and other professionals agree in a new survey that internal control over financial reporting structure in their organizations has significantly or moderately improved since compliance with the legislation became a requirement.

Governance, risk and compliance software developer MEGA has combined the internal audit management functions of its MEGA Suite with industry best practices in a pre-packaged offering.

Public Company Accounting Oversight Board chairman James Doty said Monday the board plans to issue a proposed standard on changes in the auditor’s reporting model in the third quarter, with other standards making progress this year as well.

Accounting firm Mayer Hoffman McCann has agreed to pay a $300,000 penalty to the California Board of Accountancy, plus investigation costs of up to $50,000, and be subject to two years’ probation, for its audits of the California city of Bell, where a number of officials have been accused of fraud and public corruption.

International Accounting Standards Board chairman Hans Hoogervorst said the IASB and the U.S. Financial Accounting Standards Board are making progress on an expected loss model for banking assets that will provide a more forward-looking model than the incurred loss model.