President George W. Bush designated Cynthia A. Glassman as acting SEC chairman until the Senate confirms a successor to William H. Donaldson, who stepped down in June. The president has nominated Rep. Christopher Cox (R-Calif.) to replace Donaldson.

The Financial Accounting Foundation named Keith L. Johnson, CPA, chairman of the Governmental Accounting Standards Advisory Council for a two-year term. The council consults with GASB on technical issues, project priorities and other matters.

Michael G. Gaynor and Joseph D. McGrath began two-year terms as professional accounting fellows in the SEC’s Office of the Chief Accountant. Both were senior managers in public practice—Gaynor in KPMG’s New York office and McGrath in Ernst & Young’s Cleveland office. They will develop rule proposals under federal securities laws, communicate with professional accounting and auditing standard-setting bodies and consult with SEC-registered companies on accounting and reporting matters.


6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.


How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.