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Resurgent House Democrats are on a collision course with the Securities and Exchange Commission over the need for restrictions on corporate executive compensation - an issue Republican lawmakers managed to keep bottled up despite repeated reports of corporate pay abuses during the last Congress.Leading the charge for reform is corporate America's worst congressional nightmare: Massachusetts Democrat Barney Frank, who has long championed legislation to force the SEC to take a stronger stance against excessive compensation for boardroom big shots.
February 12 -
If the plans of the Financial Accounting Standards Board come to fruition, 2007 will represent a historic year in international accounting - a giant leap forward in global financial efficiency.It was just four years ago that FASB and the International Accounting Standards Board decided to get serious about their efforts to converge U.S. and international standards. They planned to move ahead on two fronts: one toward the short-term convergence of relatively simple issues, the other toward convergence of issues that were either relatively complex or controversial.
February 12 -
A ballooning number of corruption scandals at non-profits may result in more NFPs adopting tighter policies and procedures according to global CPA and business advisory firm Grant Thornton.
February 12 -
Companies don’t believe broad-based tax reform is coming anytime soon, though they do think that the change of control in Congress will have a significant impact on tax policy, according to a survey conducted by a Washington law firm.
February 9 -
William H. Donaldson, who co-founded the investment bank Donaldson, Lufkin & Jenrette and later became chairman of the Securities and Exchange Commission, has joined Perella Weinberg Partners as chairman of its advisory council, the firm announced yesterday.
February 9 -
A jury in Cobb County, Ga., has levied a $10 million judgment against PricewaterhouseCoopers, finding that the firm was guilty of negligent misrepresentation during the 1996 merger of nursing-home companies Convalescent Services and Mariner Health Group.
February 8 -
The Public Company Accounting Oversight Board announced that it its Standing Advisory Group will meet on Feb. 22 in Washington.
February 8 -
Grant Thornton LLP announced it will take a new approach in serving private equity firms and their portfolio companies.
February 7 -
KPMG said that it would miss the upcoming Feb. 16 target to complete a long-overdue audit of San Diego's 2003 financial statements.
February 7 -
A class-action lawsuit filed on behalf of two institutional investors claims that computer manufacturer Dell Inc. inflated its profits with secret payments of about $1 billion a year from chip maker Intel Corp.
February 6 -
The Securities and Exchange Commission has appointed James L. Kroeker as deputy chief accountant in the agency’s Office of the Chief Accountant.Kroeker, 37, started work at the commission this week, where he will be responsible for resolving accounting issues and rulemaking projects, as well as oversight of private sector accounting standards-setting efforts.
February 6 -
The Internal Revenue Service’s Whistleblower Office opened for business this month. The congressionally mandated program is designed to receive information that helps uncover tax cheating and provide appropriate rewards to whistleblowers.
February 5 -
A federal judge threw out the conviction of Kevin A. Howard, the former chief financial officer for Enron’s Broadband unit, citing a ruling in a similar case in which the jury’s verdict was vacated.
February 2 -
In 2006, the U.S. personal savings rate hit its lowest level since the Great Depression, according to the Commerce Department.The agency said that the country’s savings rate for all of 2006 was a negative 1 percent -- meaning that not only did people spend all the money they earned throughout the year, but that they also dipped into savings, or increased borrowing to finance purchases.
February 2 -
A new industry group is looking to make inroads in building support for its policy positions in Washington.Launched on Tuesday, the Center for Audit Quality will focus on topics such as auditor protection from lawsuits, the Sarbanes-Oxley Act and how companies report financial information.
February 1 -
Canadian public accounting firms of all sizes need to do more to improve audit quality and adhere consistently to internal and professional standards, the Canadian Public Accountability Board said.
February 1 -
In an effort to explain by example, or at least by handpicked scenario, the Treasury Department has released more details outlining the possible application of President Bush’s plan for a standard health insurance deduction.
January 31 -
The odds are looking better for Senate approval of legislation to increase the minimum wage. But reconciling that bill with a House version -- containing no tax breaks for businesses -- figures to take some negotiating.Senate debate on the bill ended Tuesday with an 87-10 vote, and final Senate passage of the bill is expected this week.
January 31 -
Fannie Mae’s chief executive received a compensation bump of about 25 percent in 2006 -- including salary, stock and bonuses.
January 31 -
The American Institute of CPAs and the Canadian Institute of Chartered Accountants are gearing an expanded version of their 2003 Privacy Framework towards a broader business audience.
January 31