The number of Securities and Exchange Commission settlements declined for the second consecutive fiscal year in 2009, with 626 defendants, compared to 673 in fiscal year 2008, according to a new report.

FASB Chairman Robert Herz and AICPA Accounting Standards Executive Committee Chairman Jay Hanson separately acknowledged that many assets and financial instruments do not need to be measured at fair value on the balance sheet.

Securities and Exchange Commission Chief Accountant James L. Kroeker told leaders of the accounting profession that independent auditors will be expected to consider the interests of the “investing public” — not just their audit clients — when performing their duties.

The U.S. Supreme Court heard oral arguments in a lawsuit challenging the constitutionality of the Public Company Accounting Oversight Board, with several justices appearing to take the plaintiffs’ side in the case.

The Trustees of the International Accounting Standards Committee Foundation, which oversees the International Accounting Standards Board, said they are seeking nominations to identify a successor to IASB Chairman Sir David Tweedie.

The Private Company Financial Reporting Committee met Thursday and Friday with the Financial Accounting Standards Board to hear about the progress of the latest projects affecting privately held and small businesses.

The White House convened a jobs summit in which President Obama heard from business and union leaders about various proposals for reducing unemployment, including tax incentives for job creation.

Leaders of the Senate Committee on Small Business and Entrepreneurship have introduced legislation that would make permanent the $250,000 Section 179 expensing limits for small businesses created under the Recovery Act.

The BDO International network of accounting firms blamed difficult market conditions for a slight decrease in annual revenues in dollar terms, although the network actually came out ahead in terms of euros.

A new survey of nearly 1,000 small business owners across the U.S. found that over three-quarters of them have not taken advantage of new deferred-payment loans guaranteed by the U.S. Small Business Administration, and more than half are not aware of the loans’ availability.

Officials from the Security and Exchange Commission and the Public Company Accounting Oversight Board cautioned a group of auditors against placing too much reliance on specialists hired for their expertise in areas such as fair value measurement.

Looking forward to 2010, the Public Company Accounting Oversight Board is bracing for a surge in litigation from the targets of its enforcement staff, a series of new regulatory responsibilities triggered by the Madoff Ponzi scheme, and corner-cutting by accounting firms squeezed by the ongoing economic crisis.

For the first time, the Securities and Exchange Commission has distributed more than $2 billion in a single calendar year to injured investors as a result of SEC enforcement actions and proceedings.

The Financial Industry Regulatory Authority has fined Terra Nova Financial $400,000 for making more than $1 million in improper “soft dollar” payments to hedge fund clients for accounting expenses, estate planning fees and more questionable expenses.

The International Public Sector Accounting Standards Board has published a paper questioning how financial statements can provide more information about the long-term sustainability of current government programs.

CCH and Grant Thornton have teamed up to produce IFRS Tax Manager, an online guide to International Financial Reporting Standards, aimed at helping tax, audit and accounting professionals comply with tax accounting and reporting standards under IFRS.

XBRL US Labs has issued a call for research partners to expand the research and development projects it already has underway and named its first three research fellows.

A new survey of corporate accountants found that 46 percent said their company could do more to prepare for recovery and another 8 percent believe their company is poorly prepared for recovery.

The Treasury Department and the Small Business Administration convened a Small Business Financing Forum in which they discussed ways to expand credit to small business.

Wayne Carnall, the chief accountant in the SEC’s Division of Corporate Finance, had some good advice to dispense to corporate accountants on keeping out of hot water with his department.