Regulatory actions and programs

A trio of related companies have filed suit to stop the Securities and Exchange Commission from infringing the trademark of their auditing software product. Former SEC Chairman Christopher Cox said last August that the SEC would develop a new interactive financial statement filing system to replace its old Edgar system. The new system, known as Interactive Data Electronic Applications, or IDEA, would rely on Extensible Business Reporting Language, or XBRL, data tag technology, which the SEC is beginning to require large public companies to use for their filings.

American Institute of CPAs’ president and chief executive Barry Melancon reiterated his organization’s stance that fair value accounting was not a primary cause of the current economic distress and that the private sector — rather than Congress — should continue to set accounting standards.

Financial Accounting Standards Board Chairman Robert Herz was pressed to make changes in mark-to-market accounting standards in as soon as three weeks during a contentious congressional hearing.

The adoption of International Financial Reporting Standards in the U.S. looks to be increasingly in doubt.

Tennessee Governor Phil Bredesen has tapped a CPA, Charles L. Harrison, to lead the state’s “implementation” of the stimulus funding it receives.

Michigan CPA firms Frank & Freedman and Hirsch, Subelsky & Associates have merged to form Frank, Hirsch, Subelsky & Freedman.

Accounting firm BDO Seidman anticipates that shareholder meetings this year will be dominated by concerns about excessive executive compensation, recession plans and credit concerns.

Federal Reserve Chairman Ben Bernanke said that accounting standards need to be modified to deal better with valuing illiquid assets.

Many financial executives in the U.S. have begun the initial stages of convergence with International Financial Reporting Standards at their companies, but early adoption in 2009 for qualifying companies will be difficult, if not impossible, due to the significant time requirements, according to a new report.

To help small and midsized accounting firms cope better with implementing international auditing standards, the International Federation of Accountants has published a “Guide to Quality Control for Use by Small- and Medium-sized Practices.”

The Association of Chartered Certified Accountants wants world leaders who attend the G20 summit next month to endorse International Financial Reporting Standards, and to leave fair value accounting alone.

The internal audit function has become crucial to helping companies cope with the economic crisis and complex regulatory requirements, according to a new guidebook.

All taxpayers dread the prospect of facing an Internal Revenue Service audit. Here is some advice from the New Jersey Society of CPAs on some steps taxpayers can take to minimize the likelihood they will be audited or ensure a more positive experience if they are:

Two members of the House Financial Services Committee have introduced a bill that would establish a new Federal Accounting Oversight Board and probably loosen mark-to-market accounting standards.

One third of public companies did not satisfy the minimum requirements of disclosure of their tax reserves last year as required by new rules put in place by the Financial Accounting Standards Board.

The Public Company Accounting Oversight Board has re-proposed for comment a standard for auditing firms to use for reviewing their audit reports internally by a second or concurring partner before they are issued.

Private sector employment decreased by nearly 700,000 in February, according to the latest report from payroll giant ADP.

Securities and Exchange Commission Chairman Mary Schapiro has been under pressure not to appoint a leading critic of International Financial Reporting Standards as a permanent chief accountant, according to a former official who filled that post.

Are you able to get what you need from reviewing financial statements? Do you think there are ways to enhance the usefulness of the presentation of the information?

The International Auditing and Assurance Standards Board has completed a project aimed at updating and clearing up ambiguities in auditing standards.