Audit

The Public Company Accounting Oversight Board has voted to extend the deadlines for inspections of non-U.S. accounting firms to avoid conflicts with the laws in other countries.

The Financial Accounting Standards Board plans to introduce a new official accounting standards codification on July 1 that will supersede other sources, including the AICPA.

Prosecutors have decided not to appeal the dismissal of charges against 13 defendants in the KPMG tax shelter case to the U.S. Supreme Court.

XBRL US plans to soon publish an upgraded version of the Extensible Business Reporting Language interactive data tags for U.S. generally accepted accounting principles and is making the latest draft available for public review.

The American Bankers Association has written to Treasury Secretary Henry Paulson calling on regulators to make several immediate reforms to mark-to-market and fair value accounting rules before banks have to file their year-end financial statements.

Lawyers representing two former KPMG executives asked a judge overseeing their trial on tax charges to declare either a mistrial or dismissal in the tax shelter case.

The Public Company Accounting Oversight Board has approved a $157.6 million budget for calendar year 2009, a $13 million increase from the $144.6 million it approved for 2008.

CPA firm Cottrill Arbutina Professional Services has acquired an eight-person tax and audit group from S.R. Snodgrass, expanding its reach in Western Pennsylvania and its auto dealership client base.

CBiz has signed a deal to acquire Mahoney Cohen, a New York-based accounting firm that is expected to contribute about $55 million in annual revenue next year.

Reality TV addicts, here’s an interesting nugget for you. Rockville, Md.–based Aronson & Company sponsored one of their clients, Dan Ryan Builders, in a project with ABC’s Extreme Makeover: Rockville, Md.–based Aronson & Company sponsored one of their clients, Dan Ryan Builders, in a project with ABC’s Extreme Makeover: Home Edition television show, which remodels homes of struggling families.

For those who couldn’t find the proposed roadmap released by the SEC when they went to the Commission’s site last week, don’t blame yourself. You need an actual roadmap to find it.

The Internal Revenue Service is auditing the Mozilla Foundation, the nonprofit arm of the organization that develops the Firefox Web browser and Thunderbird e-mail software.

In the last of a series of roundtable discussions of mark-to-market accounting before issuing a congressionally mandated study, a panel of accounting experts told the Securities and Exchange Commission about the challenges of valuing assets in a rapidly sinking market.

I’ve known David Steinberg for some 20 years now. He was introduced to me by one of the major CPA firms in New York City as knowledgeable and honest mortgage broker. I’ve used him many times and have found him quite effective. So, when we hit this financial morass, I thought it might be interesting to see what he had to say while we are in this epic meltdown. “There is no telling where things are going,” says David. But I’d like to share some observations that I believe will withstand scrutiny regardless of where markets are by the time you read this.” The following is from David’s mouth: Cash is King. You’d be amazed how much easier you can sleep if you have that emergency fund to (at least) six months of living expenses. Cash is King II: That emergency fund must be liquid. Having a HELOC (Home Equity Line of Credit) doesn’t count because many banks are getting cold feet and cutting the lines back or eliminating them. So, even if you have perfect credit, there is no guarantee that your HELOC will be there when you need it. Cash is King III: Gains (or losses) are not real until you realize them, when you sell. For years Americans have been feeling rich because their houses and portfolios were appreciating. That wasn’t real. The losses we have experienced in recent weeks as our portfolios have fallen are no more real (unless you sold). If your initial choices were solid, your portfolio should come back when the market comes back. Buy Low and Sell High: I said, “If your initial choices were solid.” All too often people buy speculatively. How do you buy well? Watch Warren Buffett. He won’t buy unless he perceives value. Learn to sit on cash waiting for opportunities. Gotta Know When to Hold’em and Know When to Fold’em: These have been tough times for investors—tough figuring out whether to hold or sell. Stick to stock in good companies that have good management (Warren Buffett) and sell the rest. ‘When’ is the challenge! Sell on your terms—don’t get stampeded into selling at the wrong time. Volatility is a Fact of Life: Hold on! Volatility, which has been at record levels throughout 2008, is not going away any time soon. Get used to it. Strategize for it. Can’t Take the Heat: Get out of the market for the next six months or so if you can’t tolerate the swings. Be prepared to miss some of the glory if the market roars back. Gotta Know When to Buy: Me? I’m buying. Why? Because Warren Buffett is buying. Due to some luck 40 percent of my retirement funds were in cash as of October 10. I told my stock broker to start buying cautiously. (And, remember, it’s not polite to laugh at people.) There’s Gold in Them Thar Hills: Fortunes will be made by those with vision and courage to take advantage of the opportunities that will surely be present in the coming months. For more information, contact him at Dave@SummitFunding.com.

An advocacy group plans to bring a case challenging the constitutionality of the Public Company Accounting Oversight Board to the U.S. Supreme Court after an appeals court ruled against the plaintiffs earlier this week.

State and local governments could take advantage of the interactive data-tagging technology that the Securities and Exchange Commission plans to require public companies to begin using for their financial filings.

Baby Boomers planning for retirement need to stick to a budget, according to one tax expert.

Accounting students said career opportunities would be their primary consideration when choosing an employer, according to a new survey by KPMG.

Significant opportunities still exist for optimization of Sarbanes-Oxley Section 404 programs and reductions in compliance cost, according to a new report.

In an article entitled “Address Going-Concern Issues as Early as Possible,” in Camico’s Impact Fall 2008 newsletter, the professional liability insurer offers the following advice: “Going-concern issues should be addressed as early as possible in an engagement. …. Delay makes the necessary conversations more difficult, may impair your objectivity, and usually exacerbates the problem.”