A&A news March 2011

A&A

Student tax preparers perform 'marriage' ceremony

Accounting students preparing tax returns at Northeastern State University's VITA clinic got to say, "I now pronounce you... Married Filing Jointly."
A&A

Did Ernst & Young really assist financial fraud?

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.
A&A

AICPA, CIMA joint venture would promote global management accounting designation

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.
Practice

Year one, ObamaCare report card shows health care costs rising

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.
A&A

Federal contracts: Unallowable costs explained

Certain expenses are legitimate costs of doing business, but the federal government won’t reimburse them as part of a federal contact.
A&A

James Doty: New PCAOB chairman works to increase audit enforcement initiatives

To say that James Doty has had a lot on his plate during his first six weeks as chairman of the Public Company Accounting Oversight Board (PCAOB) would be an understatement.
A&A

Understanding, preparing for IFRS now eases transition anxieties

While a migration to IFRS from U.S. GAAP represents a significant departure from a long-established standard, companies that take the following steps now will face a smoother transition.
A&A

Mobile computing takes accountants to a new level of productivity

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.
A&A

Standard setting for private companies on the docket of Financial Accounting Foundation

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.
Practice Management

Don’t go another year without a succession plan!

If a key partner decided to retire or became disabled, would your firm have a plan for transitioning clients, choosing a replacement leader, and ensuring continuity of firm vision and strategy?
Tax

House and Senate spar on repeal of 1099 reporting rule

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.
A&A

Department of Labor, SEC prepare to change definition of 'fiduciary' while AICPA balks

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.
A&A

Coming to a town near you: PCAOB forum series addresses emerging small business audit issues

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.

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