Regulatory actions and programs

Labeling it the “Mother of all Tax Reforms,” Rep. Charles Rangel, D-N.Y., chairman of the House Ways and Means Committee, has introduced a bill aimed at repealing the alternative minimum tax and cutting the top corporate tax rate while raising taxes in other areas, including on the salaries of hedge fund and private equity fund managers.The $1 trillion plan would reduce the top corporate rate from its current 35 percent to 30.5 percent.

A jury trial is scheduled to begin Monday in hedge fund Costa Brava's lawsuit against accounting firm Goodman & Co. over its audits of defense technology contractor Telos.

The Governmental Accounting Standards Board has issued a statement that requires government endowments to report their land and other real estate investments at fair value.

The Public Company Accounting Oversight Board has approved a budget for calendar year 2008 that predicts the board will outlay approximately $144.6 million, compared to $136.4 million in 2007.

The Securities and Exchange Commission has appointed two executives to prominent positions in its Division of Corporate Finance.

The Securities and Exchange Commission has weaknesses in its internal controls, according to a report by the Government Accountability Office.

The International Accounting Standards Board has decided to postpone the effective date of its new accounting standard for business combinations until July 1, 2009.

Wolters Kluwer Tax and Accounting announced that it has closed its acquisition of the TeamMate software business from PricewaterhouseCoopers.

The International Auditing and Assurance Standards Board is looking for a new chairperson.

The Securities and Exchange Commission has voted to remove the requirement for non-U.S. companies to reconcile their financial statements to U.S. generally accepted accounting principles.

The Financial Accounting Standards Board reaffirmed an earlier vote against a blanket deferral of Statement 157, "Fair Value Measurements," but granted a deferral for some assets and liabilities.

The Securities and Exchange Commission is expected to drop the requirement for foreign companies that list on exchanges in the U.S. to reconcile their financial results to U.S. generally accepted accounting principles.

Two firms in South Florida said they were merging, with Berenfeld, Spritzer, Shechter & Sheer LLP, expanding by combining with Lefcourt, Billig, Tiktin & Yesner.

I visited Grand Central Terminal in New York last week to check out an unusual display by software vendor Intuit as it tries to get more small businesses to adopt its QuickBooks accounting software, even businesses that aren’t really businesses yet.

The Securities and Exchange Commission has received letters from accounting organizations and firms responding to its concept release on allowing public companies to prepare financial statements in accordance with International Financial Reporting Standards, some in favor and some opposed

Southern accounting firm Carr, Riggs & Ingram has acquired Bumpus Hall, allowing the firm to expand into the Nashville area.

The American Institute of CPAs has begun shipping its 2007 AICPA Audit and Accounting Guides, updated for the risk assessment standards issued by the Auditing Standards Board.

Securities and Exchange Commission Chairman Christopher Cox met with securities regulators from Australia, Canada, China, Israel, Japan and South Korea to discuss the timeline for the implementation of interactive data for financial reporting.

Sarbanes-Oxley compliance has provided competitive advantages to companies such as Intel, Microsoft, Marathon Oil and WellPoint, according to a newly released study.

The Financial Accounting Standards Board has decided to defer the effective date for FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes," for nonpublic entities.