Regulation and compliance
Regulation
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For most of my life, I have been a fairly liberal, loose-swinging person. I generally went against the mainstream and was comfortable seeking my own level and being relatively nonconformist. It served me quite well career wise.
February 23 -
Raymond James Financial will pay $2.75 million to a brokerage firm regulator for poor supervision of its more than 1,100 branch managers who manage their own offices.
February 23 -
The Internal Revenue Service and the Treasury Department announced that they will work on creating detailed LIFO guidance for automobile wholesalers, manufacturers and dealers.The accounting issue confronting the automobile industry -- which involves the proper treatment of the dollar-value, last-in, first out inventory method for pooling purposes of “crossover vehicles,” which have characteristics of both trucks and cars -- was selected for the Industry Issue Resolution Program, which provides guidance to help clarify complex tax issues
February 23 -
Microsoft Office Accounting Express 2007, a stripped-down version of the company’s Accounting Professional 2007 software, was downloaded more than one million times in its first three months as a free application.Targeting companies with 25 employees or less, Microsoft released the stripped-down version of its software last October in its latest attempt to become a player in the accounting software space -- targeting businesses that are late adopters and rely on pencil and paper, or Excel, for their bookkeeping needs.
February 22 -
Not even a year after pledging to stand by the side of its Japanese affiliate, PricewaterhouseCoopers announced that the doors to its Misuzu Audit Corp. firm would close, after revelations of the unit’s ties to a second scandal surfaced.
February 22 -
The International Accounting Standards Board has published an exposure draft of a slimmed-down handbook outlining its international financial reporting standard for small and midsized companies.
February 21 -
The Connecticut Society of CPAs is very, very good at disseminating specific financial planning and tax tips not only to CPAs but also to the general public. Some of those recently caught my eye as being particularly easy to understand and right to the point.The society sent out a notice on its Web site about how the public could get their money matters in order after popping champagne corks, tossing confetti, and making New Year’s resolutions.
February 16 -
The Financial Accounting Standards Board has issued a standard providing companies with an option to report selected financial assets and liabilities at fair value.
February 16 -
The Internal Revenue Service announced the selection of 16 new members for its advisory council. The appointees will join 11 returning members who are in the last year of a three-year term.The council members are scheduled to meet in Washington, D.C. several times in 2007, with a public report to be provided during a meeting open to the public on Nov. 15.
February 16 -
Retirement is the No. 1 personal financial planning concern, regardless of age, according to an informal survey at the American Institute of CPAs’ 2007 Personal Financial Planning Conference.The AICPA said that it was a surprised to see that retirement planning is a major concern for career builders -- classified as those between the ages of 25 and 34 -- who also have the seemingly more immediate pressures of education, home buying and debt management following close behind.
February 15 -
The Securities and Exchange Commission will hold a roundtable discussion next month concerning a plan to eventually allow companies based outside the United States to file financial results in the country using international accounting standards.Slated for March 6 in Washington, senior SEC staff members from the Office of the Chief Accountant, the Division of Corporation Finance and the Office of International Affairs will all participate. The roundtable will be open to the public and will focus on the effect such a change would have on U.S. companies and investors, as well as on U.S. capital raising and the capital markets.
February 15 -
Katherine Schipper, a recent member of the Financial Accounting Standards Board, has joined the advisory board for BNA’s recently launched Accounting Policy & Practice Series.
February 14 -
Having already made the leap from teenage heartthrob to Academy Award-winning thespian, it probably won’t be too much for Leonardo DiCaprio to again stretch himself -- this time producing and starring in a film based on the collapse of Enron Corp.DiCaprio, an Oscar nominee this year for his role as a morally-ambiguous diamond smuggler, will reportedly play a fictionalized new hire at Enron who uncovers an accounting scandal that eventually leads to the implosion of the energy giant.
February 14 -
The Securities and Exchange Commission is beginning to move to protect accounting firms from investor lawsuits that accuse them of fraud, according to published reports.The New York Times reported that last week, the SEC filed a brief in the Supreme Court asking the justices to consider the adoption of a legal standard to make it harder for shareholders to win judgments in fraud lawsuits against publicly traded companies and their executives.
February 14 -
A Florida auditing firm will pay $500,000 to avoid a lawsuit with officials in Nassau County, located in the northeast corner of the state.
February 13 -
Kintera Inc. has unveiled its first software as a service fund accounting system for nonprofits.
February 13 -
A study by audit research firm AuditAnalytics found that the number of restatements filed by large companies -- those with market capitalization of more than $700 million -- fell 20 percent in 2006, the first decline since 2001.
February 13 -
Internal Revenue Service Commissioner Mark W. Everson has announced the selection of a new chief human capital officer and a new chief of agency-wide shared services.Robert Buggs has served as the agency’s deputy chief human capital officer since 2004, though he has more than 15 years of experience with the IRS, working in areas ranging from labor relations to the Taxpayer Advocate Service. He has shared program oversight and responsibility for formulating and implementing human capital strategies, policies and programs for more than 100,000 IRS employees.
February 13 -
After serving as a regional managing partner with a national firm for several years, in the late 1970s Len Miller decided to find a new home for his technical expertise in accounting and consulting, as well as his firm administration skills. He co-founded his own firm in Phoenix, Miller Wagner & Co. Ltd., and ran the business for more than two decades before consolidating with CBiz Inc. in early 1999. Today, Miller serves as the president of CBiz Accounting, Tax & Advisory Services LLC.With over 40 years of experience, Miller is a recognized expert in the fields of finance, real estate, general business consulting and various litigation support matters -- but he still places an emphasis on the programs his firm has in place to retain and develop its own employees.
February 13 -
Mutual funds have something for everyone - at least Michelle Smith of the Mutual Fund Education Alliance thinks so."The industry has adjusted to the public's demand for choice," said Smith, who is managing director of the alliance, a nonprofit association that provides education to investors on mutual funds. "The public wants investment options, simplicity, low cost. They want help and advice and, in many cases, they want somebody to make it as simple for them as possible. It's a complete cafeteria of options."
February 12