The Financial Accounting Standards Board and the International Accounting Standards Board plan to reconsider the standards for the types of repurchase transactions that Lehman Brothers used to shift $50 billion temporarily off its balance sheet before issuing its quarterly financial statements.

The Internal Revenue Service has updated its Web site to provide information to small employers regarding the new tax credit for providing health coverage.

The International Accounting Standards Board has published the results of an international research project on how to account for extractive activities in the oil, gas, and mineral industries.

The International Federation of Accountants has released two downloadable handbooks containing its 2010 code of ethics for professional accountants and pronouncements on auditing, review and other assurance services.

The International Ethics Standards Board for Accountants has released a draft plan setting out a proposed strategy for the next three years on ways for accountants to deal with conflicts of interest, suspected fraud and other issues.

Clarity Systems has issued a downloadable guidebook to help companies comply with the SEC’s recent requirements for public companies to begin filing their financial statements in Extensible Business Reporting Language format.

As large businesses continue to shed workers, small businesses are feeling more encouraged to hire, especially with recently passed tax incentives.

The House has approved legislation to provide tax cuts to small businesses and extend the Build America Bonds program to spur job creation.

The Internal Revenue Service has issued proposed regulations requiring paid tax preparers to furnish an identification number on tax returns and claims for tax refunds that they prepare.

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The House Financial Services Committee plans to probe the regulatory failures that led up to the collapse of Lehman Brothers after a bankruptcy examiner released a damning report last week on the investment bank’s accounting manipulations.

The House Ways and Means Committee has approved legislation to provide tax relief to small businesses and extend financing measures for creating jobs.

International Accounting Standards Board Chairman Sir David Tweedie told a group of European finance officials that the IASB and the U.S. Financial Accounting Standards Board are on track to converge their standards by June 2011, after which there will be a period of stability in accounting standards.

House Ways and Means Committee Chairman Sander Levin, D-Mich., has unveiled a draft of a new bill that would provide tax incentives to small businesses to spur job creation.

PCAOB OFFERS Q&AS ON SPECIAL REPORTING, SUCCESSION

Looking into my crystal ball for 2010, it looks like more companies will be making the most of a difficult regulatory situation. Let's face it, there's no escaping the regulatory reform being driven by the current state of the economy, the increase in governmental legislation, and the continuing ripple effects of the financial crisis that shook the world in 2008 and 2009.

AICPA PARRIES ATTACK ON ACCOUNTING STANDARDS

Once again, we're writing about convergence. But this time it's not about whether IFRS should replace GAAP or whether the IASB should replace FASB. Rather, we're writing an open letter to Mary Schapiro and the other SEC commissioners, as well as Chief Accountant Jim Kroeker, about the passel of standards on the front burner at the two boards.

Norwalk, Conn.-The Financial Accounting StandardsBoard and the International Accounting Standards Board reached some tentative decisions on how to revise fair value accounting standards.

OBAMA PROPOSES SMALL-BIZ TAX CUT