The Securities and Exchange Commission has filed suit in a Massachusetts federal court against JBI Inc., a Canadian company that claims to be able to convert waste plastic into clean-burning oil.

New York State’s Accounting Reform law makes quality reviews of the attest services of accounting firms mandatory as of Jan. 1, 2012.

The Financial accounting Standards Board recently approved a revised accounting standard that requires contributing non-governmental employers to provide more information about their financial obligations to multi-employer pension plans.

AICPA SETTLES COPYRIGHT SUIT

Many of us on the Blue Ribbon Panel on Standard-Setting for Private Companies believed we were on the verge of an historic change that would have relieved millions of privatecompanies of accounting standards geared more to the needs of public companies and their financial statement users. That's why there is so much disappointment over the fact that the recent proposal by the Financial Accounting Foundation rejected the cornerstone of the panel's recommendations - to create a new standard-setting board that would have the authority to establish modifications in Generally Accepted Accounting Principles that reflect differences for private companies.

Fort Worth, Texas-based accounting firm Sanford, Baumeister & Frazier was recently awarded the inaugural Best Workplaces for Women award in the small business category by the Fort Worth Chamber of Commerce’s Women Influencing Business group.

In an effort to raise the troubling level of math proficiency among elementary school children, regional CPA and business advisory firm Parente Beard created "Making the Holidays Count," an instructional book that shows how important numbers are in many of the holiday activities such as baking and gift wrapping.

The Financial Accounting Foundation, overseer of the Financial Accounting Standards Board and the Governmental Accounting Standards Board, has pushed back to Jan. 6, 2012, the deadline for submitting applications to participate in private company accounting standards roundtable discussions scheduled for January, February and March.

The Financial Accounting Standards Board has deferred some of the rules it issued earlier this year to make the presentation of other comprehensive income more prominent on financial statements.

The Texas Society of CPAs’ Professional Standards Committee has sent a comment letter to the Public Company Accounting Oversight Board taking issue with the PCAOB’s proposed requirement for the lead auditor to sign off on an audit.

The Public Company Accounting Oversight Board released its latest inspection report of Ernst & Young on Thursday and found that some of the deficiencies it uncovered rose to the level of “audit failures.”

Congress has reauthorized the Small Business Innovation Research and Small Business Technology Transfer programs for another six years.

The International Auditing and Assurance Standards Board released a new assurance standard Wednesday on pro forma financial information included in a prospectus.

Accountants and tax practitioners had a busy time this past year keeping up with all the changes in the profession. Here’s our annual list of the top stories in the past year that kept our readers coming to the site for the latest developments:

The Public Company Accounting Oversight Board posted its 2010 inspection report on Deloitte & Touche on Tuesday, highlighting what it called “audit failures.”

The U.S. Public Company Accounting Oversight Board said Tuesday it has entered into a cooperative agreement with the Arab state of Dubai for the oversight of auditors in both countries.

The Public Company Accounting Oversight Board voted Tuesday to re-propose for public comment its proposed standards for how auditors should communicate with audit committees.

The Institute of Internal Auditors has sent a comment letter to the Public Company Accounting Oversight Board taking issue with the PCAOB’s proposal to require mandatory rotation of audit firms for listed companies, echoing concerns from the American Institute of CPAs and the New York State Society of CPAs.

The Committee of Sponsoring Organizations of the Treadway Commission has released for public comment an updated version of its internal control framework in response to changes in the business environment and their associated risks.

Jeffrey Thomson, president and CEO of the Institute of Management Accountants, worked for over two decades in the telecommunications industry and knows a thing or two about competition.