FASB report recommends measures to lessen redundancies in GAAP, SEC disclosure requirements ( accounting.rutgers.edu/raw/fasb/news/nr030601.html ; accounting.rutgers.edu/raw/fasb/brrp/brrp3.html ). FASB offers guidance on accounting for transfers, servicing of financial assets ( accounting.rutgers.edu/raw/fasb/news/nr021501.html ). Corporate annual reports, disclosures to receive more SEC scrutiny ( www.sec.gov/news/speech/spch464.htm ). SEC to propose rule on electronic reporting
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TOPICS / TAX
International tax
Legal
BDO Seidman not liable under state law for its bankrupt audit client’s fraud, says New York Court of Appeals ( www.courts.state.ny.us/ctapps/decisions/11opn.pdf ).
FYI
SEC upgrades its Web site to include segment designed specifically for accountants ( www.sec.gov/news/press/2001-22.txt ). California state controller offers amnesty from interest due for unclaimed property ( www.sco.ca.gov/col/ucp/amnesty/index.htm ). Institute of Internal Auditors revises red book of standards, practice advisories ( www.theiia.org/ecm/guide-stand.cfm?doc_id=119 ). IFAC publishes acclaimed management accounting articles. Journal
International
IFAC issues public sector exposure draft on events that occur after the reporting date. Comments are due by May 31 ( www.ifac.org/Guidance/EXD-Download.tmpl?PubID=98044113798449 ). IFAC exposure draft addresses segment reporting for public entities. Comments are due by May 31 ( www.ifac.org/Guidance/EXD-Download.tmpl?PubID=980441403101013 ). Public sector disclosure of financial instruments is the subject
Government
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 ).
Mergers And Acquisitions
FASB decides to end pooling-of-interests accounting method ( www.rutgers.edu/accounting/raw/fasb/news/nr012401.html ).
Technology
Privacy advocates petition legislators for their support on tough standards ( www.epic.org/privacycoalition/coalition_press_release.html ).
Fraud
Money launderers duping banks, says Senate report ( www.senate.gov/~gov_affairs/020501_psi_minority_report.htm ).
Doing Business Internationally
As the business world goes global, CPAs are advising clients more frequently on how to take advantage of opportunities to market their products and services abroad. Here are some steps a company should take before entering the international market. CONDUCT PRELIMINARY MARKET RESEARCH Obtain information about foreign markets from the
Professional Issues
New charter for Public Oversight Board increases its powers, staff and funding (not yet posted on POB Web site). Effective February 9.
Banking
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 ).
Employee Benefits
Labor department rule bolsters security of small pension plans ( www.dol.gov/dol/pwba/public/media/press/pr101900.htm ). Effective April 17.
Financial Reporting
FASB issues employee compensation guidance ( www.rutgers.edu/accounting/raw/fasb/eitf/eitfissu.html#00-23 ). FASB issues an exposure draft on accounting for goodwill ( www.rutgers.edu/accounting/raw/fasb/news/nr021301.html ). The comment period ended March 16. Accounting for financial asset transfers, servicing addressed in FASB report ( accounting.rutgers.edu/raw/fasb/project/125summary.html#Q&A ). SEC issues final rule that says mutual funds must disclose after-tax
Auditing
For news from the AICPA and state societies, visit www.cpaweb.org , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. SBA earns high marks for internal control framework ( www.sba.gov/news/current01/01-08.txt ).
Legal
SEC adjusts civil penalty amounts for inflation ( www.sec.gov/rules/final/33-7946.htm ). Effective February 2.
Government Accounting And Auditing
GASB user guides explain government financial statements ( www.rutgers.edu/accounting/raw/gasb/pub/userguides.html ).
FYI
IIA sponsors report on audit committee best practices ( www.theiia.org/ecm/bookstore.cfm?doc_id=1257 ). GAO appoints new members to auditing advisory council (Not yet posted on GAO Web site). New members appointed to FASB ( www.rutgers.edu/Accounting/raw/fasb/news/nr_schipper.html ; www.rutgers.edu/Accounting/raw/fasb/news/nr_wulff.html ). Bush names SEC Commissioner Unger as acting chairman ( www.sec.gov/news/press/2001-20.txt ). Labor department sets
International
EU wants all listed companies to use international accounting standards by 2005 ( www.iasc.org.uk/news/cen8_193.htm ). G4+1 shuts down as IASB starts up ( www.rutgers.edu/accounting/raw/fasb/IASC/g4+1jan01.html ). IASC establishes international accounting standard-setting board ( www.iasc.org.uk/news/cen8_511.htm ). U.K.’s audit board seeks feedback on standards convergence handbook ( www.asb.org.uk/publications/publication320.html ). Comments are due by
Investments
SEC acts to improve mutual fund directors’ independence ( www.sec.gov/rules/final/34-43786.htm ). Effective February 15.
Mergers And Acquisitions
“Shadow panel” says more “financial modernization” legislation needed ( www.aei.org/shdw/shdw166.htm ).
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