The Institute of Certified Management Accountants (ICMA), the certification division of the Institute of Management Accountants (IMA), on Wednesday announced the top scoring performers for the Certified Management Accountant (CMA) and Certified Financial Manager (CFM) examinations for the Winter 2006 period.

A report by the Government Accountability Office (GAO) has found that the Department of Veteran Affairs (VA) has used untested management efficiencies in their budget calculations for the VA health care system, according to the Molokai Island Times. Senator Daniel Akaka (D-HI) is the ranking member of the Senate Veteran’s Affairs Committee. The Molokai Island Times reports that he and his House counterpart, Rep. Lane Evans (D-Ill.) initially requested the audit to confirm the VA funding process.

The South Dakota Supreme Court last week upheld a Circuit Court decision allowing a jury to award damages to Doug O’Bryan Contracting Inc. for interest expense on underpayment of taxes that resulted from an error made by his accountant. The state’s high court had not previously allowed recovery of interest expense in lawsuits against tax advisers, the Associated Press reports.Bruce Ashland, a certified public accountant, understated O’Bryan’s income for 1995.

Alabama, South Carolina and New Mexico have joined the list of states offering accountants the option of renewing their CPA licenses online. New Mexico provided CPAs with registration codes in their license renewal letters that they will need to access the state’s database.

“This latest release builds on the leading-edge concepts of CCH@Hand,” Nancy Zukowski, director of product management for CCH publishing, said in a prepared statement announcing the enhancements.

The Board of the International Federation of Accountants (IFAC) has announced an extension to the contract of Chief Executive Ian Ball through December 2009.Advertisement

An ongoing strong market for corporate mergers and acquisitions (M&As) should mean continued steady business for CPA firms providing due diligence and related M&A and tax consulting services, according to a report from KPMG.Advertisement

“Congress has passed a tax law – TIPRA – that affects the alternative minimum tax, as well as the tax treatment of capital gains and dividends,” Peter Newkirk, President of Newkirk, a nationally known provider of communications for Certified Public Accountants (CPAs) and Certified Financial Planners (CFPs), said in a prepared statement. “Moreover,” Newkirk continued, “Congress is not through legislating. There’s a so-called ‘trailer’ bill being considered, which contains extensions for many popular tax provisions.

BKD LLP, the 12th largest accounting firm in the U.S., with total revenue of $258 million, according to Accounting Today, announced Wednesday that it had acquired Lisle Compton Cole & Almen LLP in Oklahoma City and Gaither Rutherford & Co. LLP in Evansville, Ohio. The two acquisitions will bring $10 million in additional revenue to the firm. Earlier this month, BKD acquired Grant Thornton LLP’s Colorado Springs Office, the Wichita Business Journal reported.