April 2009

April 3, 2009

G-20 Committed to Global GAAP, Independence of Standard Setters

Meeting in London, the Group of 20 on Thursday reaffirmed its commitment to strengthening the financial system and again weighed in on accounting issues as it did last November in Washington. The primary communiqué released at the end of Thursday’s summit said the G-20 would “call on the accounting standard

April 2, 2009

FASB Approves New Mark-to-Market Guidance

Exactly three weeks after FASB Chairman Robert Herz’s March 12 testimony before a rancorous House Financial Services subcommittee, the independent standard-setting board voted Thursday to release three new pieces of guidance to address concerns over the application of fair value accounting standards in current market conditions. All three new pronouncements

April 2, 2009

FASB to Take Up Fair Value Proposals

FASB board members meet today to consider proposed fair value guidance. On the agenda for the meeting are two proposed FASB Staff Positions (FSPs): FAS 157-e, Determining Whether a Market Is Not Active and a Transaction Is Not Distressed, and FAS 115-a, FAS 124-a, and EITF 99-20-b, Recognition and Presentation

April 2, 2009

FDIC Orders Bank to Modify RAL Program

Republic Bank & Trust Co. has consented to the issuance of a cease and desist order with the FDIC for its refund anticipation loan (RAL) program. The order gives the bank 120 days to establish an adequate compliance management system for its RAL program and sets various deadlines of up

April 1, 2009

President Signs Bill Extending Aviation Taxes

On March 30, President Obama signed into law the Federal Aviation Administration Extension Act of 2009, PL 111-12. This act extends the taxes that fund the Airport and Airway Trust Fund through the end of September. The taxes had been scheduled to expire on March 31. Specifically, the fuel excise

April 1, 2009

Client Communication After an M&A Deal – Sample Client Letters

The letters you send to clients announcing a merger or acquisition should reassure in order to retain. These samples suggest what to say to clients of the predecessor and successor firms: Letter to Clients of the Predecessor Firm Dear [client]: We are pleased to announce our forthcoming merger with ABC

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.