Regulatory actions and programs

The passage of the financial rescue plan by Congress last week depended in part on the insertion of a provision on reevaluating the fair value accounting standards, which could come back to bite the same lobbyists who urged its inclusion.

The International Accounting Standards Board said it is taking steps in conjunction with the U.S.'s Financial Accounting Standards Board to address the crisis in the credit markets.

New Jersey made the bottom of the list in a ranking of business-friendly state tax systems, while Wyoming ranked as the most friendly.

McGladrey & Pullen's Jacksonville, Fla., office has been chosen to provide audit services for the Jacksonville Transportation Authority.

A case currently on appeal to the Supreme Court could affect the tax-exempt status of thousands of nonprofit health maintenance organizations.Vision Service Plan, the largest not-for-profit vision benefits and services company, was initially granted a tax exemption in 1960 as a social welfare organization under Section 501(c)(4).

What's "dumping?"Depends on whom you ask. It could be an intentional policy, or it could just be a matter of how manufacturers cost their products.

Fees and partner income grew at CPA firms last year, but the declining economy is likely to take a toll this year, according to a new survey.

The Financial Accounting Standards Board has decided to shorten the comment period on its proposed guidance for determining the fair value of assets in inactive markets, even as Congress may allow banks to temporarily suspend mark-to-market accounting.

The House approved the $700 billion financial industry rescue package by a 263-171 margin on Friday, after defeating it on Monday.

Congress should consider making all taxpayers reporting rental real estate activity subject to the same information reporting requirements as other taxpayers with a trade or business, according to the Government Accountability Office.

The Center for Audit Quality has joined with the Council of Institutional Investors and the CFA Institute to come out in opposition of suspending mark-to-market or fair value accounting.

The Senate voted to reaffirm the Securities and Exchange Commission's authority to suspend mark-to-market accounting as part of its approval of the financial rescue plan, as fair value measurement comes under fire from banking groups.

A majority of tax and financial executives favor the research and development tax credit simplification proposed by the Senate, according to a survey by Grant Thornton.

The issuance of the so-called Final Report of the Advisory Committee on the Auditing Profession to the U.S. Department proves conclusively to me that many of the powers that be need to gain a better understanding of transparency. It isn’t what’s in the massive document that tells me this, but it is what is specifically left out of both the document and the press release announcing the report’s approval.

The Treasury Department's Advisory Committee on the Auditing Profession has approved and adopted a final report with recommendations on how to improve the sustainability of the profession, but not without some dissension.

The Financial Accounting Standards Board has decided to delay the implementation of a new standard on loss contingencies after receiving comments from organizations concerned that it would lead to increased litigation.

Jefferson Wells has introduced an online IFRS Readiness Calculator to help companies assess their preparedness for the transition to International Financial Reporting Standards.

Forty percent of CEOs surveyed by Grant Thornton agree with the Securities and Exchange Commission's decision to allow foreign firms listed on U.S. exchanges to file financial statements in accordance with International Financial Reporting Standards, without reconciling them to U.S. generally accepted accounting principles.

The New York State Society of CPAs plans to hold a conference next month on international accounting standards.

Testifying before the Senate Committee on Banking, Housing and Urban Affairs about the financial industry bailout package, Federal Reserve Chairman Ben Bernanke defended fair value accounting, but recommended that banks should be able to sell their assets at the "hold-to-maturity" value to the federal government.