Securities


The SEC published for comment proposed regulation B, which would implement provisions of the Gramm-Leach-Bliley Act of 1999 (GLBA) that delineate the securities activities in which banks may engage without registering as brokers under the Securities Exchange Act of 1934 ( www.sec.gov/news/press/ ). GLBA introduced 11 functional exceptions to replace the act’s complete exception of banks from the definition of the term broker . The SEC proposal, which is based on interim rules the commission adopted in 2001, defines some of the statutory terms contained in the GLBA exceptions and recommends—with investor protection in mind—additional exemptions for certain other bank activities. Comments are due August 1, 2004.

Eugene D. O’Kelly, KPMG LLP chairman and chief executive, accepted the George Bush Corporate Leadership Award on behalf of his firm from former President George H.W. Bush and his wife, Barbara P. Bush, as Mary Pat McCarthy, KPMG deputy vice-chairman, looked on. The citation, shared with three other corporations, recognized the organizations’ leadership in providing 67,500 volunteers who contributed more than 100 million hours of community service in 2002—a contribution valued at $1.7 billion.

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.