Forensic services

A FASB report de-emphasizes “new economy” considerations and recommends cooperation among national and international standard setters to improve business and financial reporting. Comments are due by July 1 ( accounting.rutgers.edu/raw/fasb/sr_new_economy.pdf ). FASB plans to issue final statements in July on business combinations and intangible assets. The new rules likely will

New OCC guidance says the agency is not conducting “audits of the auditors” when it reviews banks’ external audits, but instead is assessing how and whether banks are meeting requirements ( www.aicpa.org/belt/notices.htm ).

A FASAB proposed standard would eliminate the requirement to report changes in certain receivables from the public as a resource on the statement of financing. Comments are due by June 8 ( www.financenet.gov/financenet/fed/fasab/pdf/ed_para80.pdf ). New FASAB guidance amends standards for direct loans and loan guarantees, effective for periods beginning after

A commission of business and government leaders will propose ways to make the Social Security program more modern and fiscally sound ( www.ssa.gov/ssacommission.htm ). The SEC launches an online margin calculator that helps an investor estimate the likelihood of his or her broker’s issuing a margin call—for insufficient account equity—in

Canada’s securities regulator requests opinions on the pros and cons of allowing Canadian and foreign equity issuers to file financial statements according to U.S. GAAP or international accounting standards. Comments are due by June 30 ( www.iasc. org.uk/news/cen8_195.htm ). IFAC exposes a draft statement on strengthening the relationship between bank

Treasury to garnish delinquent borrowers’ SSA benefits ( www.ssa.gov/enews/debtpayment.htm ). Bush plan to invest SSA funds gives SEC commissioner pause ( www.sec.gov/news/speech/spch459.htm ).

FASB decides to end pooling-of-interests accounting method ( www.rutgers.edu/accounting/raw/fasb/news/nr012401.html ).

Privacy advocates petition legislators for their support on tough standards ( www.epic.org/privacycoalition/coalition_press_release.html ).

Money launderers duping banks, says Senate report ( www.senate.gov/~gov_affairs/020501_psi_minority_report.htm ).

New charter for Public Oversight Board increases its powers, staff and funding (not yet posted on POB Web site). Effective February 9.

Debt requirements set for banks with financial subsidiaries ( federalreserve.gov/boarddocs/press/boardacts/2001/20010119/default.htm ). OCC releases privacy obligations advisory for banks ( www.occ.treas.gov/ftp/advisory/2001-2.doc ). Survey shows that banks are raising their loan standards ( federalreserve.gov/boarddocs/snloansurvey/200102/fullreport.pdf ).