According to the ancient legend of the Gordian Knot, whoever could untangle its complicated strands would rule the world.

The Public Company Accounting Oversight Board has published new guidance about the recent requirement for accounting firms to file annual reports about their audit clients, fees, staff disciplinary histories and other information.

The House passed legislation to incentivize community banks to increase their small-business lending.

McGladrey & Pullen mourned the death of retired partner Ray Krause, who spent about four decades with the firm.

.A new set of standards will allow accountants to explain exactly why their independence may have been impaired when performing compilation services for clients.

PricewaterhouseCoopers has surveyed a group of investors and analysts to gauge their attitudes toward the different approaches taken by the accounting standards boards to account for financial instruments, including loans.

IMGCAP(1)]Check out the digital edition of the June 21, 2010 issue of Accounting Today. The issue contains the following articles and more:

Fitch Ratings has issued a report on the Financial Accounting Standards Board’s recently unveiled proposal requiring most financial instruments, including loans, to be measured on the balance sheet at fair value.

NetSuite Inc. has launched a product to help businesses automate the complex process of complying with new rules from the Financial Accounting Standards Board for revenue recognition of multi-element sales.

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With myriad issues ranging from green accounting,differential standards, technology advancements tax preparer registration, IFRSadoption and regulatory reform, the role of the CPA will be even more criticalgoing forward, according to American Institute of CPAs chairman Robert Harris.

The Group of North American Insurance Enterprises, an association representing the CFOs of major life insurance companies in Bermuda, Canada, and the United States, has joined with four other insurance industry trade associations based in North and South America, to urge the International Accounting Standards Board to reconsider its decision to apply a single measurement model to both life and non-life insurance contracts.

The Association of Chartered Certified Accountants has released a new report urging businesses to focus more on their ethical responsibilities and prioritize the recruitment of senior executives and financial staff with strong ethical compasses.

The Financial Accounting Standards Board and the International Accounting Standards Board said they intend to prioritize the major convergence projects ahead of them as they try to reach the goal of melding U.S. and international accounting standards, with some projects pushed back further next year.

The American Institute of Certified Public Accountants has told the Internal Revenue Service it should withdraw its proposed rule that would require companies with more than $10 million in total assets to disclose uncertain tax positions on a new schedule.

The American Institute of CPAs’ Peer Review Board has released an exposure draft containing proposed revisions to the guidance for the standards governing CPA firm peer reviews.

Organizations worldwide lose an estimated 5 percent of their annual revenues to fraud, potentially amounting to over $2.9 trillion, according to a new study.

Goodwill impairments at U.S.-based companies fell dramatically last year, according to a new study.