The Securities and Exchange Commission has established an advisory committee to gauge the impact of the Sarbanes-Oxley Act and other aspects of the federal securities laws on the nation's smaller public companies.

Thanks to some fast footwork by regulators at the Securities and Exchange Commission and the Public Company Accounting Oversight Board, accounting firms and many of their smaller audit clients gained an additional 45 days of breathing room to comply with complex new Sarbanes-Oxley Act internal control reporting rules.

Officials at the Public Company Oversight Board unveiled an aggressive agenda for the coming year that may result in as many as 11 new standards for auditors in areas ranging from corporate fraud detection and reporting, to wrestling with related-party transactions.

The Governmental Accounting Standards Board is wrapping up a year in which it has been simultaneously returning to basics and promulgating specifics - both of which include projects of long-term significance to government financial operations.

Concerns that the outsourcing of finance and accounting functions impedes the ability to control key processes related to compliance and governance appear to have abated, according to a survey commissioned by Accenture.

Following a review of Fannie Mae's accounting practices, the Securities and Exchange Commission said that the mortgage concern didn't comply with two major accounting rules and asked it to restate past earnings.

At long last, the Financial Accounting Standards Board has issued its final rule mandating that companies expense at fair value the stock options that they grant to their employees.

Despite acknowledging the impact of higher producer prices, chief financial officers expect higher capital and technology spending at their companies during the next 12 months, according to a recent survey.

Time Warner Inc. reached a $210 million settlement with the Justice Department to end a probe into whether its America Online unit improperly booked ad sales, and proposed a $300 million settlement with the Securities and Exchange Commission to end an investigation into accounting irregularities at AOL.

Triggered by congressional concerns over the marketing of abusive tax shelters by some accounting firms, the Public Company Accounting Oversight Board has proposed new rules restricting the ability of accountants to provide tax services to audit clients.

While a majority of financial executives polled feel that compliance with the sweeping Sarbanes-Oxley Act was beneficial for shareholders and has bolstered internal controls at their respective companies, just as many think Congress needs to revisit the legislation in the near future.

Krispy Kreme Doughnuts Inc. asked the Securities and Exchange Commission for an extra five days to file its 10-Q quarterly report, to give it time to complete an analysis of accounting related to "certain franchise matters."

The number of public companies that disclosed material weaknesses or significant deficiencies in internal controls during the month of November soared to 119, nearly double the 63 reported in October, according to a report by corporate governance and compliance newsletter Compliance Week.

The Governmental Accounting Standards Board has published an exposure draft that establishes guidance for termination benefits to state and local government employers.

The majority of tax professionals who enter the financial planning business do so by hooking up with an independent broker/dealer firm, according to a report by market research and consulting firm Tiburon Strategic Advisors.

While he conceded that the current financial reporting system needs lots of improvement, Financial Accounting Standards Board chair Robert H. Herz urged members of the profession to make changes at a measured pace.

On the heels of the Securities and Exchange Commission's decision to temporarily postpone the filing date for smaller accelerated filers' management reports on internal controls, the commission's chief accountant hinted this week that foreign issuers could also get a reprieve on implementing the new rules.

The Institute of Management Accountants has named Severin Wilson to lead its international endeavors in the newly created post of assistant vice president of international development.

As the Teachers Insurance and Annuity Association of America and the College Retirement Equities Fund deals with the backlash over the conflict of interest that led to the resignation of two of its trustees, the controversy could cost Big Four firm Ernst & Young its gig as TIAA-CREF's auditor.

Compliance and accountability software provider Paisley Consulting, has sealed a deal with The Alliance for SOX 404 Compliance to provide SOX solutions to its member accounting firms.