NEWS - Accounting


	PwC Agrees to $25.5M Settlement 05-03-11 - PricewaterhouseCoopers has agreed to pay a $25.5 million in a class-action suit alleging that its audits did not prevent a large accounting fraud at Satyam Computer Services, The Wall Street Journal wrote Tuesday. PwC agreed last month to pay $7.5 million to... Read more...
	E-Filing ID Numbers Compromised 04-28-11 - Between 2005 and 2010, the Internal Revenue Service received reports of almost 1,200 Electronic Filing Identification Numbers that had been compromised so that a person could file a tax return using another person's ID, according to Accounting Today. A report by the... Read more...
	Goodwill Impairment Changes Proposed 04-25-11 - The Financial Accounting Standards Board wants to simplify goodwill impairment testing so that an entity would only have to calculate fair value of a reporting unit if qualitative assessments suggest fair value is less than the carrying amount. Those who wish to... Read more...
	FASB, IASB Want Input on New Rules 04-20-11 - The Financial Accounting Standards Board and the International Accounting Standards Board want input from companies and investors about the best way to roll out new accounting standards. FASB and the IASB have created an online survey asking for opinions on how... Read more...
	FASB, IASB to Miss IFRS Convergence Target 04-14-11 - The Financial Accounting Standards Board and the International Accounting Standards Board say they will not meet their June convergence goal, Accounting Today reported Thursday. The two entities say their work on revenue recognition, leasing, financial... Read more...
	Pass Rate on CPA Exam Hits 3-Year Low 04-14-11 - Statistics from the AICPA show that first-quarter passing rates for the CPA exam have reached a three-year low, according to Accounting Today. The biggest drop occurred in the Regulation portion of the exam. Passing rates for the REG section were 41.28% in the... Read more...
	FASB Finalizes New Guidance on TDRs 04-08-11 - The Financial Accounting Standards Board has finalized accounting standards that give banks new criteria for deciding whether a loan modification should be reported as a troubled debt restructuring, thus signaling to the bank that it should record an impairment loss... Read more...
	SEC Weighs Easing Share Rules for Private Firms 04-08-11 - The Securities and Exchange Commission is considering changing rules that limit how many shares private companies can issue, The Wall Street Journal reported Friday. Citing people familiar with the matter, the Journal said the SEC may raise the number of... Read more...
	SEC-Government Shutdown Scenario 04-07-11 - If legislators can't agree on a budget by Friday and the government shuts down as a result, what does that mean for Securities and Exchange Commission operations? Read more...
	Congress Votes to Repeal 1099 Rules 04-05-11 - The Senate has voted to repeal parts of last year’s health care reform and small business laws, including expanded 1099 reporting requirements, Accounting Today reported Tuesday. Read more...
	Office Depot to Restate Finances 04-01-11 - Office Depot announced Friday that it would restate its finances for 2010 after the Internal Revenue Service denied its claim for an $80 million tax-related benefit. Read more...
	Big 4 on Hiring Spree 04-01-11 - Despite a small uptick in jobs this month, the U.S. jobless rate is still 8.8 percent. One field that bucks the trend: accounting.Today’s jobs report showed a modest uptick in employment – the U.S. added 216,000 jobs in March – but the unemployment... Read more...
	AICPA Revises 'Cheap Stock' Practice Aid 03-30-11 - The American Institute of CPAs’ Financial Reporting Executive Committee has revised its practice aid for valuing privately held company equity securities that are part of executive compensation packages, Accounting Today reported Wednesday. The “... Read more...
	How Tech-Savvy Is Your CPA Firm? 03-25-11 - In its April 2011 issue, the Journal of Accountancy details the results from a recent survey of accounting firms meant to gauge how they’re incorporating technology into their business. Here are some of the most commonly used technologies, according to the... Read more...
	Fair Value, Comp. Income Rules Due Q2 03-24-11 - The Financial Accounting Standards Board is expected to release its final standards on fair value measurement and comprehensive-income statements in the second quarter, according to Compliance Week. Read more...