Regulatory actions and programs

Approximately 80 percent of companies are not ready for government or regulatory investigations, according to a new survey.

The Financial Accounting Standards Board has added a pair of agenda projects aimed at improving the application guidance used to determine fair values and disclosure of fair value estimates.

An international group of accountants, regulators, bankers and business luminaries met to discuss the impact of the financial crisis and the implications for financial reporting.

Online bookkeeping service IAC-EZ is offering one month’s free use of its online software and free tax filing for a few lucky small business entrepreneurs.

The International Accounting Standards Board wants the U.S. to remain committed to its roadmap for transitioning to International Financial Reporting Standards and is making the case directly to the new SEC chairman.

The Financial Accounting Foundation has chosen John J. Brennan, chairman of mutual fund giant Vanguard Group, as its new chairman and a member of its board of trustees.

The Securities and Exchange Commission has begun requiring 500 of the largest companies to start filing their financial statements in an interactive data format.

Treasury Secretary Timothy Geithner spelled out plans for how the government will spend trillions of dollars to deal with unfreezing credit and taking troubled assets off the books of financial institutions.

The Center for Audit Quality has published a free online reference source for public company auditors with lessons on performing audits of internal control over financial reporting.

Outright.com, an online bookkeeping service aimed at self-employed small businesses, has snagged $2 million in seed funding.

Securities and Exchange Commission Chairman Mary Schapiro announced plans to make it easier for SEC staff to bring enforcement actions and indicated that the Financial Accounting Standards Board would further modify fair value accounting standards.

The Securities and Exchange Commission has appointed Robert Malhotra as a senior advisor in the SEC’s Office of the Chief Accountant.

The Securities and Exchange Commission said that Bernard Madoff has consented to a proposed partial judgment imposing a permanent injunction on him.

As the economic crisis calls into question the financial statements of banks and companies, the head of Ernst & Young advocated greater regulation of all types of auditing firms.

A global alliance of the chief executives of 10 accounting institutes has issued a report advocating more useful and less complicated financial reporting requirements.

McGladrey & Pullen has been sued by a hedge fund for failing to detect red flags in Bernard Madoff’s investment schemes, leading the hedge fund to lose $280 million.

Accounting firm DeLeon & Stang has acquired Daniel G. Falk & Associates, expanding its service offerings.

Private sector employers slashed 522,000 jobs last month, according to the latest report by payroll giant ADP.

Accounting firm Barfield Murphy Shank & Smith has formed a group to help restructure struggling small companies.

A survey of small business owners showed signs that some are less worried about the economy than they were three months ago.