Regulatory actions and programs

The Financial Accounting Standards Board has issued new standards that increase the disclosure requirements that public companies need to make about their financial asset transfers and variable-interest entities.

To mark World Accountancy Week, the International Federation of Accountants has released the results of a survey that sought the views of leaders of accounting institutes worldwide on the current credit crisis and other top issues for the profession.

International Accounting Standards Board Chairman Sir David Tweedie said that the U.S. Financial Accounting Standards Board would still continue to play an important role in the standard-setting process, even after the transition to International Financial Reporting Standards in the U.S.

The College for Financial Planning plans to add renewal requirements to some of its professional designations starting next spring.

An Ernst & Young survey of internal auditors found more of a need for specialty skills, especially in focusing on operational risks.

The Public Company Accounting Oversight Board has issued an alert highlighting how the current economic crisis could increase various audit risks such as fraud.

Accountants and banking industry officials hoping for looser financial reporting standards in response to the economic downturn received a reality check from the keynote speakers at the American Institute of CPAs’ National Conference on Current SEC/PCAOB Developments.

The Public Company Accounting Oversight Board has released a report summarizing its inspection findings between 2004 and 2007 of eight of the largest domestic accounting firms, outlining the many problems it has found with their audits.

The Public Company Accounting Oversight Board has voted to extend the deadlines for inspections of non-U.S. accounting firms to avoid conflicts with the laws in other countries.

Accountants in the U.S. are increasingly starting to prepare for the transition to International Financial Reporting Standards, according to a new survey by the American Institute of CPAs.

The Financial Accounting Standards Board plans to introduce a new official accounting standards codification on July 1 that will supersede other sources, including the AICPA.

President-elect Barack Obama has quietly dropped his original proposal for a windfall profits tax on oil companies, according to a spokesperson.

Employment in the private sector fell by 250,000 in November, according to the latest monthly report by payroll processor ADP.

A federal grand jury has indicted a man after he crashed a motor vehicle twice into the side of a building that contains the offices of both the Internal Revenue Service and the Small Business Administration.

Securities and Exchange Commission Chief Accountant Conrad Hewitt intends to leave the agency in January.

XBRL US plans to soon publish an upgraded version of the Extensible Business Reporting Language interactive data tags for U.S. generally accepted accounting principles and is making the latest draft available for public review.

The American Bankers Association has written to Treasury Secretary Henry Paulson calling on regulators to make several immediate reforms to mark-to-market and fair value accounting rules before banks have to file their year-end financial statements.

Companies in the U.S. and Europe generally favor the move to International Financial Reporting Standards, but European companies are much more skeptical about the process.

A small business advocacy group is accusing President-elect Barack Obama of backing away from his campaign promises before he even takes office.

The Public Company Accounting Oversight Board has approved a $157.6 million budget for calendar year 2009, a $13 million increase from the $144.6 million it approved for 2008.