As the auditor of Lehman Brothers, Ernst & Young approved the use of Repo 105 transactions. These transactions were characterized as sales of assets and created a misleading picture of Lehman's financial position during the financial meltdown.
The AICPA and the London-based Chartered Institute of Management Accountants (CIMA) are proposing the formation of a joint venture to develop and promote a new global management accounting designation.
As health care reform marks its one-year anniversary, a new Deloitte report reveals that consumers are spending $363 billion, or 14.7 percent more, on health care than traditionally reported in official government accounts.
Mobile computing is one of the hottest trends in the consumer sector today. Driven largely by video, web-browsing, gaming, and other just-for-fun applications, it has quickly moved from gadget status to a must-have for consumers.
The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the formation of a Trustee Working Group to address the important topic of accounting standard setting for nonpublic entities.
Last week, the U.S. House of Representatives passed H.R. 4, a bill repealing the health care reform law provision that requires businesses to furnish 1099 statements to corporate vendors. The House bill has been returned to the Senate where it faces an uncertain fate.
The Department of Labor's (DOL) Employee Benefits Security Administration (EBSA), the government group responsible for educating Americans about how retirement and health and certain welfare plans work, has proposed that the definition of the term "fiduciary" be updated.
The Public Company Accounting Oversight Board has announced the 2011 schedule for its Forum on Auditing in the Small Business Environment. The first of seven events will be held in Boston, MA, on Thursday, April 28.